Tenon warned that, although insolvency numbers are likely to drop during the summer months, it expects a rash of 3,000 failures in October, up 43% on the same time last year.

The turnaround, restructuring and insolvency specialist identified printing as one of five sectors most at risk in its report, together with leisure, manufacturing, property development and retail.

Carl Jackson, national head of Tenon Recovery, said: "Owners neglecting key issues combined with the difficult economic climate could send the number of business failures spiralling to unprecedented levels this autumn.

"Entrepreneurs who fail to deal with crucial business issues before they go on holiday could return to a nasty surprise. Ignored, these issues can escalate, posing a serious threat to the viability of that business."

Tenon has issued a 'factor eight checklist' to highlight actions that business owners should take to minimise any threats to their company.

The list includes accurate cashflow forecasting and ensuring there is sufficient contingency headroom to avoid any unexpected problems, authorising key payments in advance and negotiating early settlement of large invoices to improve cashflow.

Tenon said that the print sector was particularly at risk due to factors such as the removal of credit insurance limits and the fact that it is a highly leveraged industry.

Tenon warned that failure to prepare for the difficult months ahead could have a direct impact on the wider economy.

Jackson said: "The next few months may well define how long the downturn will last. There are some 4.5m SMEs in the UK, making up a significant proportion of the UK economy - a considerable increase in the number of small business insolvencies would be hugely detrimental and could prolong what has already been a very painful recession.

"By developing a pre-holiday checklist, we hope to impress on entrepreneurs the need to plan - a proactive approach is vital in this climate. It could be the difference between survival and collapse."

SME's factor eight checklist

1. Ensure accurate cashflow forecasting

2. Authorise key payments in advance

3. Liaise with debtors to improve cashflow

4. Make key stakeholders aware of any absence

5. Review continuity planning

6. Review recent performance and business actions to assess whether a holiday is realistic

7. Provide emergency contact details to key staff

8. Clear time before and after a holiday in order to address any potential problems