A Third of Small Businesses Seek Advice via Social Media

78% of businesses using online media rely more on social networks for business advice than traditional and professional services

The latest Close Brothers Business Barometer (CBBB) has revealed almost a third of small and mid-sized businesses access advice through social media.

The CBBB report, a quarterly poll that reveals the opinions of business owners and senior staff from across the UK, also found that of the business owners that use social media to seek support, 78% rely on it more than traditional methods like their accountant or legal representatives.

Despite this increase in the use of social media to access advice, overall businesses remain reliant on traditional means for advice, such as a mentor or professional consultant, with half of small firms emphasising that they had not lost their value.

Furthermore, 32% of the business owners surveyed remain less trusting of online advice in general with many concerned over the origin of the content as it is difficult to identify how reliable the source is.

CEO of Close Brothers Invoice Finance, David Thomson, commented on the findings:

“It is easier than ever before for small business owners to connect with their peers and social networks allow access to a growing platform for discussion and debate. They can use it to help develop both their business strategies and knowledge, and significantly, there are minimal costs involved.

“Traditional sources remain highly trusted […] particularly when it comes to financial guidance, business owners should seek professional advice.”

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A Third of Small Businesses Seek Advice via Social Media

78% of businesses using online media rely more on social networks for business advice than traditional and professional services

The latest Close Brothers Business Barometer (CBBB) has revealed almost a third of small and mid-sized businesses access advice through social media.

The CBBB report, a quarterly poll that reveals the opinions of business owners and senior staff from across the UK, also found that of the business owners that use social media to seek support, 78% rely on it more than traditional methods like their accountant or legal representatives.

Despite this increase in the use of social media to access advice, overall businesses remain reliant on traditional means for advice, such as a mentor or professional consultant, with half of small firms emphasising that they had not lost their value.

Furthermore, 32% of the business owners surveyed remain less trusting of online advice in general with many concerned over the origin of the content as it is difficult to identify how reliable the source is.

CEO of Close Brothers Invoice Finance, David Thomson, commented on the findings:

“It is easier than ever before for small business owners to connect with their peers and social networks allow access to a growing platform for discussion and debate. They can use it to help develop both their business strategies and knowledge, and significantly, there are minimal costs involved.

“Traditional sources remain highly trusted […] particularly when it comes to financial guidance, business owners should seek professional advice.”