Small and medium-sized enterprises have bee advised to take a look at all the possible risks that could affect their business.

Ian Fraser, marketing manager for the Institute of Risk Management, a professional education body, said that knowing what to do in a crisis can help a business plan for the future.

Despite admitting that SMEs may prefer to "concentrate on just doing what it is that they do", Mr Fraser said: "Although there's no legal requirement for a small business to manage its risks, they should do so."

Key areas of concern for small businesses include finance, supply and safety, as well as planning how to get a business and its IT systems back up and running following a natural or man-made disaster or emergency.

"You look at the risks that are pertinent to your business, judge them accordingly and think how you would respond to them," Mr Fraser explained.

This follows last month's comments from Lee Tricker, director of insurance management specialists Thomas Miller, who said that all small firms need a risk management strategy as they can be just as affected as bigger companies if they fail to plan for the worst.