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Small and medium-sized manufacturers are "shedding staff" at their fastest pace in nearly 20 years – meaning both self certified and soon-to-be self employed people should be reassessing their financial options.

Small and medium sized business is making staff redundant at the fastest rate since the early 1990s, as demand for UK-based goods continue to fall rapidly in the deepening recession, according to the survey by Confederation of British Industry.

The quarterly small and medium business trends survey showed that during the last quarter of 2008, employment along with the volume of total new orders and output plummeted – it also said that firms should expect the next quarter "to be even tougher".

CBI found that out that about 38% of the businesses they surveyed had reduced staff numbers.

Russel Griggs, CBI SME council chairman says: "The jobs picture among smaller manufacturers has deteriorated markedly since last July in the face of rapidly declining demand for UK-made goods at home and abroad. As a result, job losses are expected to accelerate among SMEs."

If you are a small business owner who has had to begin cutting staff, it's crucial you make sure you are saving all you can on your mortgage and loans – saving on your finances may help you avoid the pain of firing good staff.

And if you have been recently been made unemployed, it's time to get a financial check-up, especially if you are considering becoming self employed. You are now a self certified borrower, so will have a whole new experience in finding finance. A professional adviser can help steer you through this minefield and help you get past this difficult period.

SOURCE: CBI, 31/01/09

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