The research released yesterday by funds4growth.com, a website enabling companies to source relevant providers of both finance and advice, found over two thirds of small businesses felt that with more advice the sector would thrive.
According to the findings, small businesses could also be more profitable if they had a better understanding of the impact of the chancellor’s Budget.
In particular, 70% stated that if they had a better understanding of the budget, their company would be more profitable.
The research, undertaken amongst 300 MDs and owner-managers in small businesses (turnovers up to Pounds 1m) also found that it is government that is letting them down.
The responses did offer one suggestion for improvement – 81% agreed the minister for Small Business should partner more private firms to improve advice given by the government’s Small Business Service.
Steve Anstey, founding director of funds4growth said: ‘This research demonstrates why small businesses need quick access to support from advice and finance providers. The lack of easy access to advice is alarming, as it is significantly increasing the risk of failure and inhibiting growth.’
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