With the UK now officially in recession and unemployment creeping ever nearer the two million mark, these are undoubtedly tough times for businesses in the UK. However, small firms should avoid being too downcast as the recession has brought with it great opportunities, and firms that survive will emerge stronger in the long run.

In a bid to ensure that small firms do see out the current financial crisis the Institute of Chartered Accountants in England and Wales (ICAEW) has issued an eight-point survival guide.

‘Eight Strategies for Surviving the Downturn' includes business survival strategies , activities, practical advice and helps to identify various key areas that all small firms should address.

"As November's ICAEW Business Confidence Monitor showed, business confidence dropped to its lowest recorded level since the survey began. Few businesses think the recession will be short lived and are looking to take steps to ensure they get through the current economic slowdown," said ICAEW chief executive Michael Izza.

"The vast majority of businesses will emerge from the downturn. However, it is important to seek advice and support from business professionals early, before difficulties become insurmountable."

The eight strategies outlined in the guide are:

1) Manage risk and uncertainty

2) Think cash

3) Secure your funding

4) Review your structure and cost base

5) Seek advice and support early

6) Manage your year end

7) Recognise the value of your employees

8) Plan ahead

Izza added: "By planning effectively, communicating honestly, reviewing continuously and following these strategies, businesses will be taking the right steps to help survive. It will also ensure they are better placed to take advantage of the recovery when it comes and the opportunities that this will bring."

For more information and to download the eight point survival plan visit www.icaew.com\creditcrunch