Small business leaders are more likely to seek business advice from family and friends than they are to ask for help from a professional, according to a new survey.
The research carried out for Growth Vouchers – a Government programme that helps businesses towards the cost of professional advice in areas including finance and cash flow, management skills and sales & marketing – found that 81% of decision makers in the East of England have approached someone in their personal life for help, compared to 57% who have taken advice from a professional.
This is despite 37% of business leaders in the East of England saying they are most likely to trust guidance from a professional above other sources of advice.
Furthermore, 19% of small business leaders said they would gain from some form of professional advice, with sales and marketing reported as the area that most businesses think they would benefit from support in (35%). This is closely followed by making the most of digital technology, which 27% of business leaders said they would benefit from advice on.
Expense was highlighted as the most common reason why people do not seek professional business advice. Of the small business decision makers surveyed, 56% of those who have taken advice from friends and family said they did so because it was free; and 25% that haven’t taken professional advice felt that it is too expensive.
Other barriers to accessing professional advice were not having the time (reported by 21% of respondents) and not knowing how to access advice (reported by 11% of respondents)
Business Minister Matthew Hancock said: “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. This is all part of our plan to make the UK the best place in the world to start and grow a business.”
Shirley Gabriel, Growth Vouchers Adviser, Siz Marketing commented: “It’s great that our small businesses are talking about growth and development. They are a vital part of the East’s economy and, as they grow, they create jobs and benefit the community.
“I realise that small firms are unlikely to have huge budgets for professional business advice, but the Government’s Growth Voucher programme can help them bridge this gap and access the wide range of strategic support available. I’d urge all business owners in the East of England to consider applying for a Growth Voucher to help them take their business to the next level.”
Small businesses must be based in England and employ fewer than 250 staff in order to be eligible for a Growth Voucher worth up to £2,000 to cover half the cost of professional advice.
For more information on Growth Vouchers and how to apply, visit https://www.greatbusiness.gov.uk/growthvouchers/
