SMEs Trust Friends And Family Most For Business Advice

 

I read a report yesterday on a study carried out by Bibby Financial. The study focused around the question; where do business owners do for advice?  I was quite shocked by the answers ….

 

Business Advice …

According to the survey, friends and family are the most trusted sources of business advice for small business owners, that’s more so than accountants, financial advisers and solicitors!

I can understand the trust issue – but does taking business advice from friends and family really work? I know that the question said ‘who do you trust the most’, and of course, like I tell all my clients, people take advice from people they trust, but really … business advice from a family member or friend who may know very little about business?

 

In the study, Bibby found that a massive one in four (23%) of small and medium sized enterprises (SMEs) said they trust friends and family the most when seeking guidance, this was followed by financial advisers at 18%, the internet at 14%, accountants at 14% and solicitors 9%.

So the first question that springs to my mind is that maybe the UK small business market is missing a huge resource for business focused groups where experienced business owners can help and advise less experienced business owners.

 

Where Small business owners look for advice

 In the study, when asked where they look for advice most often, almost a quarter of business owners (24%), said that they turn to online resources, with friends and family (19%) the second most-frequented source of business advice. Financial advisers (14%), accountants (14%) and solicitors (six %) came lower down the list, with advice offered through social media trusted by only 1% of business owners.

 

Face To Face Advice

Although the internet is the most frequented source of business advice, over half (52 %) of SMEs admitted that they prefer to receive face-to-face advice, with only 14 per cent stating that browsing the internet was their favoured way of finding information.

 

Goes without saying that better small business support is needed – and it needs to be delivered in a more suitable way than it currently is being offered.

The Bibby report finishes with the stats on the topics businesses most frequently seek advice on, and hey are:

Tax payments (24 %), sales and marketing (14 %) and funding (14 %)

 

Amanda Murdoch Marketing offers face to face sales and marketing advice to small business owners – its the way I prefer to do business – and I do this through event talks, marketing reviews,  training workshops and one to one business coaching and mentoring.

 

If you would like to talk about how you can grow your business with sales and marketing, give me a call on 0161 669 6291 – or email me at
Email Amanda Murdoch

 

You can also join one of the business groups I host on Facebook – get in touch to find out more …