business consultancy

Small Businesses Admit They’ve Wasted £12.6bn On Bad Consultants

Small Businesses Admit They’ve Wasted £12.6bn On Bad Consultants

UK small businesses have admitted they’ve wasted £12.6bn on consultants that didn’t improve the performance of their business. According to a report by Zeqr, UK enterprises spent £60bn on external experts last year – though an estimated one million small firms didn’t get value for money. Accounting was the most sought after area for advice, with businesses forking out £9.1bn for help with their numbers. This was closely followed by insurance (£5.3bn), IT (£4.1bn), payroll and pensions (£3.3bn), and website building (£3.1bn). Despite the high costs, its suggested that 49% of small businesses avoid hiring external consultants because of over inflated costs, with 36% citing scepticism about their level of expertise as a barrier. Dr David Fraser, business expert and author, said: “Smaller orga... »

Third of Small Businesses Rely on the Internet for Financial Advice

Third of Small Businesses Rely on the Internet for Financial Advice

Small businesses risk coming into financial problems with 30% having admitted to using unregulated information on Google and social media for essential financial advice, according to a new survey by IGF Invoice Finance. The report found that only 4% of small business owners currently use an accountant or other trained expert for financial advice and, while the internet can offer a range of useful business information – the report warned that small business owners need to ensure they are “obtaining sound advice from trusted, reliable sources.” The findings are subsequent to a report by Direct Line for Business which found that poor consultancy resulted in a £6.4bn loss for micro and small firms – affecting an estimated 320,000 enterprises. Managing director of IGF Invoice Finance, Tra... »