SMEs not seeking expert advice

SMEs are not making use of expert advice when starting their business, research by Aviva has found.

The survey of more than 1,500 business owners shows that just 13% turn to financial advisers for support, while 9% use legal advisers and 6% go to insurance providers.

The top 3 obstacles faced by business owners when setting up their business are:

  • financial administration (32%)
  • marketing and sales (31%)
  • legal employer obligations (30%).

Many businesses have little or no expertise in these areas. Three quarters of survey respondents knew little about marketing or bookkeeping while 85% did not understand their legal obligations as an employer.

This lack of marketing, legal and financial knowledge can often continue to affect SMEs beyond their initial starting period. The top 3 problems for established business owners are:

  • marketing and sales (26%)
  • getting financial help (18%)
  • legal employer obligations (18%).

Angus Eaton, managing director of commercial lines at Aviva, said:

“Making the time to balance the management of day to day customer, employee and supplier demands with protection against nasty surprises is a perpetual challenge for any business. Great advice helps.

“Whether it’s getting hands-on help with bookkeeping, or getting to grips with the legal obligations associated with being an employer, there is a wealth of advice and material designed to support SMEs along every step of the way.”

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