Business owners actually prefer to get financial advice from their peers than from a bank!

Financial Advice: Business Owners Trust Peers More Than Banks

One in ten small business owners don’t know where to turn for financial advice, and those that do are more likely to trust their business peers than their banks, research from RSM Tenon has found. Professional services firm RSM Tenon’s quarterly Business Barometer of senior management in small and medium-sized enterprises found that 13 per cent of respondents would turn to their peers for financial advice, while only 5 per cent would go to their bank or building society. The survey also revealed that just over half of managers would visit their accountant. John White, head of financial management at RSM Tenon, said the survey highlighted an alarming trend. “The need for business owners to seek good, sound financial advice has never been greater. Worryingly, these results ... »