Chief executive of the National Federation of Enterprise Agencies (NFEA) George Derbyshire predicts that those exposed to the fluctuations in the property market such as estate agents may suffer during the economic downturn, whereas DIY firms might benefit as people seek to improve their existing homes.

Sales of luxury items such as restaurant meals, fashion, entertainment and holidays may reduce whereas companies providing staples such as groceries will not experience the same kind of downturn, Derbyshire said.

Some businesses will benefit from the crunch, Derbyshire predicts. “If, for example, people can't afford a new car, then they might turn to the second-hand market," he says.

This week the NFEA will be running a range of tailored events such as seminars, surgeries and workshops for business owners.

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