Threats to their reputation is seen as one of the biggest concerns for SMEs, according to new research from Broker Network.
The report, which surveyed 500 small businesses across the country, found that 30 per cent of small and medium-sized enterprises (SMEs) felt that a threat to their good name was their most important business concern. They said that losing a solid reputation was dangerous for a firm as it was almost impossible to gain back. However, they felt far less concerned about a poor online reputation.
Twenty-four per cent said that regulatory changes were their biggest threat, while 17 per cent of those surveyed reported that employee issues were a high risk.
In terms of the lowest concerns, 13 per cent said that supply chain issues were of concern to their firm, while 11 per cent cited legal issues.
Andy Fairchild, the chief executive at Broker Network, said: "The findings will allow our members, all SMEs themselves, to engage with and build stronger relationships with their customers by understanding them and their risks and concerns."
However, despite the findings regarding reputational and business risk, 35 per cent of survey respondents said that they had no insurance in place to protect them.