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 ... »

Two Thirds of Small Businesses Prioritise Investor’s Advice over Finance

A quarter of small businesses who successfully obtain finance get refused investor’s advice A new survey by Angel’s Den revealed that 64% of small businesses prioritised mentoring over cash when seeking investment for their company. The research, which was conducted with 613 small business owners, found that the majority wanted both, with 76% of small businesses pursuing finance with mentoring and business advice, but only 12% stating that they were looking for money alone. The report also found that of the 80% of small firms that requested advice from their investors, 26% were refused and 34% only received “minimal or very brief advice and mentoring”. The survey highlighted that business investment is moving away from the traditional finance-alone funding but that investors were failing t... »