business consultancy

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

Shane Donnelly April 21, 2017 News

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

Natasha Mc Gowan August 28, 2015 News

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... »