Many SMEs lack business advisors

Almost two in five small business owners say they have no trusted business advisors, according to a new national survey.

Not only that, a third of SME owners are not clear on the fundamental drivers of their business, while one in five nominated good luck as a key driver.

The second Scottish Pacific SME Growth Index surveyed more than 1200 SME senior managers and CEO Peter Langham says the survey reflects the fact that many SMEs are so focused on daily issues like cashflow and staff management that they may not take time to look at the big picture.

“SME owners also indicated they are broadly untrusting of outside advice, with 38.6 percent nominating no trusted business advisor,” he says.

“This cohort was larger than those who did name trusted business advisors: the top three sources were trading partners (26.6 percent), friends (9.7 percent) and accountants (9 percent). 4.2 percent nominated their bank manager.”

“The fact they were more likely to trust a friend to provide advice about their business than their well-qualified banker or accountant shows there is a real opportunity for brokers, accountants and lawyers to step up and fill this gap for SMEs, to make the process easier for them.”