Friends and family are the most trusted sources of business advice for small business owners in Yorkshire and the Humber, more so than accountants, financial advisers and solicitors, new research from Bibby Financial Services reveals.
The UK’s largest independent invoice finance provider found that one in four (25 per cent) of small and medium sized enterprises (SMEs) in the region said they trust friends and family the most when seeking guidance, followed by accountants (20 per cent), financial advisers (16 per cent), the internet (11 per cent) and solicitors (four per cent).
Mike Day, spokesman for Bibby Financial Services in Yorkshire, 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.”
However, when asked where they look for advice most often, more than a quarter (26 per cent) said they turn to online resources, with friends and family (22 per cent) the second most-frequented source.
Accountants (17 per cent), financial advisers (eight per cent), and solicitors (two per cent) came lower down the list.
Although the internet is the most frequented source of business advice, more than half (55 per cent) of SMEs in Yorkshire admitted that they prefer to receive face-to-face advice, either in a one-to-one meeting or in a group setting, with only 20 per cent stating that browsing the internet was their favoured way of finding information.
Tax payments (28 per cent), sales and marketing (16 per cent) and funding (15 per cent) are the topics businesses most frequently seek advice on.