Friends and family are the most trusted sources of business advice for small business owners, more so than accountants, financial advisers and solicitors, new research from Bibby Financial Services reveals.
The independent invoice finance provider – which is today hosting an event for business advisers – found that 23% of small and medium sized enterprises (SMEs) said they trust friends and family the most when seeking guidance, followed by financial advisers (18%), the internet (14%), accountants (14%) and solicitors (nine%).
However, when asked where they look for advice most often, 24% said they turn to online resources, with friends and family (19%) the second most-frequented source.
Financial advisers (14%), accountants (14%) and solicitors (6%) came lower down the list, with advice offered through social media trusted by only one% of business owners.
Although the internet is the most frequented source of business advice, 52% of SMEs admitted that they prefer to receive face-to-face advice, with only 14% stating that browsing the internet was their favoured way of finding information.
Tax payments (24%), sales and marketing (14%) and funding (14%) are the topics businesses most frequently seek advice on.
David Postings, chief executive for Bibby Financial Services, said: “Undoubtedly friends and family are always on hand to lend an ear, and the internet can be a quick way to get some general advice, but we would encourage business owners to plan time to speak to their funding partners and professional advisers when big decisions are being made.”
Today’s ‘Fit for the Future’ conference at The Brewery, Chiswell Street brings together over 200 accountants, solicitors, financial advisers and finance brokers, focusing on how the adviser community can help UK SMEs get into shape for the future.