Small Business Owners Most Likely to Seek Advice from Family and Friends

A new study has shown Axis for Business that the owners of small businesses are most likely to seek advice from their family and friends.

The Burden of a Small Business Owner

Because Axis for Business is a telecoms and energy provider that strives to deliver competitively priced services to small businesses throughout the UK, we understand the burden of a small business owner.

To be the owner of a small business is to be responsible for its success. That is why it’s not surprising that SME owners need to seek out advice from time to time. What is surprising is who they’re seeking advice from.

Professional Advice is Too Expensive

A new study conducted by Growth Voucher, a government SME growth programme, has shown that 69% of SME decision makers revealed that they’ve sought out professional advice from family and friends. In contrast, only 57% have taken advice from a professional.

Furthermore, the survey showed that 36% of SME owners would be more likely to trust advice from a professional, and 60% said they would like to source advice from this particular avenue. Meanwhile, 43% of people said that they don’t choose to do so because it is too expensive.

Making it Easier for SMEs to Access Support

In other words, small business owners are turning to friends and family rather than professionals for advice because theirs is the only advice they can afford. Business Minister Mark Hancock recently spoke out on this finding, as well as what the government are doing through Growth Vouchers to make advice more readily available to SMEs:

“Expert business advice is incredibly important for many of the UK’s smaller firms and helps make sure they reach their potential. We know professional advice can be costly and that there is a lot of choice out there, so we are simplifying the government’s businesses support schemes to make it easier to find and access the right support at the right time.”

No SME Owner is an Island

If anything this survey should tell you how important it is to seek out sound advice. No SME decision maker is an island – you’ll need help at some point to ensure your small business stays in the red.