Friends and family are the most trusted sources of business advice for small business owners in Yorkshire – more so than accountants, financial advisers and solicitors.
That’s the main finding of a survey by Bibby Financial Services.
The UK’s largest independent invoice finance provider found that one in four small and medium sized enterprises in the region said they trust friends and family the most when seeking guidance, followed by accountants (20%), financial advisers (16%), the internet (11%) and solicitors (4%).
When asked where they look for advice most often, more than a quarter said they turn to online resources, with friends and family (22%) the second most-frequented source. Accountants (17%), financial advisers (8%) and solicitors (2%) came lower down the list.
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.”
Despite frequent use of the internet, 55% of those polled 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% stating that browsing the internet was their favoured way of finding information.
Tax payments (28%), sales and marketing (16%) and funding (15%) are the topics on which businesses most frequently seek advice.