How small businesses are keeping it in the family

Small businesses are more likely to seek help and advice from family members and friends than from a professional, a new survey has claimed.


The research from Growth Vouchers discovered that 69% of decision makers have approached someone in their personal life for assistance with their business. That compares with 57% who have taken advice from a professional and been recorded in spite of the fact that 36% of business owners say they would trust a professional more than another source of advice.


Business leaders said they believed they would benefit from some form of professional advice in 60% of cases, showcasing that such assistance can be beneficial when required.


In terms of where advice may be most beneficial, 30% of firms said help with sales and marketing would boost their company while 26% wanted assistance on making the most of digital technology to aid them in the long term.


Cost was a major factor behind SMEs decisions not to seek professional advice, highlighting the importance of finding a balance between costs and potential benefits.


Of the 1,000 small businesses surveyed, 43% of decision makers said they took advice from family and friends as it was free while 40% revealed professional advice was not sought as it was deemed too expensive.


A lack of time to adequately chase professional help was listed by 12% of firms as another barrier to accessing advice while 9% revealed they were unsure of who to ask.


Business advice or financial help could prove invaluable for some firms, especially those that are facing financial troubles or stresses.


In these instances, seeking help from an insolvency practitioner may help to identify potential problems within a business while also suggesting possible solutions.


For smaller firms, seeking the best available advice could make all the difference to their long term success – especially when looking to reach their potential. Seeking support from the right places can ensure businesses of any size act in ways that promote growth and prosperity while also reducing any possible financial risks that they may face.


By Phil Smith


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