The main purpose of this study was to analyse what strategies small and medium businesses actually adopt when confronted with a major crisis such as a fire, flood or similar catastrophe, and determine what factors proved vital to the survival of the business. Up until this study, the research in the area has been focused on large public companies. This study extends the earlier research in a number of areas, including the Resource Based Perspective Model, Dynamic Capabilities Theory, Business Continuity Planning, Benchmarking, and Stakeholder Theory, as well as Risk Diversification and Insurance, but with a strong focus on small and medium enterprises