David Frost told Sky News: "In many ways this couldn't have come at a worst time.
"After a dramatic decline in the economy there is a touch more confidence coming back.
"But if swine flu does really take off then it will act as a major dampener on any upturn as we pull out of this recession. Small businesses are particularly vulnerable."
He also said small businesses should read all the advice and help being offered on government and business web sites.
Ian O'Donnell who runs Real Point, an IT and web design company in Meriden, near Coventry, has already put plans into force to help stay in business.
He said:" We have provided the five staff with laptops and mobile phones, so if they think they do have flu symptoms they can work from home rather than coming in and spreading it.
"At least they will still be able to deliver the work and there is no risk of them coming in and affecting others. In theory clients could take legal action if we break agreements."
Analysts from Oxford Economics forecast that a six-month pandemic could cost the economy around £60bn.
They suggest that it could extend the recession by as much as two years and see the economy shrink by 7.5% next year.
Tim Daffurn the Managing Director of Factory Reconstruction Ltd in Oldham, which produces pallets and boxes for a range of industries, has serious concerns.
"If there are more than five people off at one time, whilst we're still busy before holidays kick in August, it could very easily be that our biggest customer would say 'if you can't deliver we'll go elsewhere'.
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