Third of Small Businesses Rely on the Internet for Financial Advice

Almost as many business owners depend on social media and Google for financial advice as they do trained accountants

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, Tracy Ewen, added:

“No two businesses are the same, so using tactics or applying advice that has worked for another company does not mean it will work for you.

“For small businesses to flourish, revitalise the economy and create more jobs, they must be developed sustainably with the advice of experts close at hand.”

For advice and tips on managing and obtaining business finance, check out our financial section and Startups’ raising investment category.

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