UK businesses must do more to provide customers with easy online access to their goods and services in order to ensure long term survival, according to RSM Tenon, the UK’s seventh largest accountancy and business advisory firm.

Only half of small businesses have a website despite around 33 million consumers having used the internet to make a purchase last year, an increase of 21% on 2008 figures. As a result, firms could be losing out on as much as 37% in additional annual revenue.

High-street retailers have found conditions particularly tough – figures from RSM Tenon Tracker show that the retail sector accounted for 6% of insolvencies in 2009.

RSM Tenon estimates that businesses which do not embrace the online revolution are 30% more likely to fail. With the economy continuing to struggle and a prolonged downturn a serious possibility, RSM Tenon is encouraging all businesses to review the services they offer and embrace ‘clicks’ over ‘bricks’ in order to maximise online opportunities.

Sandy Kinninmonth, director of recovery at RSM Tenon in Southampton, said: “Even a basic online service can make a considerable difference to businesses – online operations are cost-efficient to run and can substantially increase a firm’s revenue stream by expanding its customer base. Consumers are not only looking for the best bargains but are using the internet to find goods and service providers that fit in with their own hectic lifestyles. However, many firms have underestimated the importance of the internet and neglected to build sufficient online offerings.

“The recession may have officially ended but conditions remain tough for businesses. It is vital that owners-managers take advantage of every opportunity to increase cashflow levels in order to weather the difficult year ahead.”