A recent survey by a leading financial services provider came up with the interesting finding that many small business owners would first turn to friends and family for business advice, rather than seeking professional guidance. The survey claimed that 23% of SMEs trust their nearest and dearest to give them precious nuggets of business wisdom; more than solicitors, financial advisors, accountants and the internet.
However, when asked where they look for advice most often, almost a quarter (24 per cent) said they turn to online resources, with friends and family (19 per cent) the second most-frequented source.
Although the internet is the most frequented source of business advice, over half (52 per cent) of SMEs admitted that they prefer to receive face-to-face advice, with only 14 per cent stating that browsing the internet was their favoured way of finding information. Tax payments (24 per cent), sales and marketing (14 per cent) and funding (14 per cent) are the topics businesses most frequently seek advice on.
While SME's - especially start-ups - must be strategic in the way they allocate finance, paying for business advice from experienced solicitors like Blair Cadell will be money well spent. We not only help businesses avoid common mistakes we may also be able to point out how to increase revenue - whether that be through tax planning or developing a new business strategy.
If you are starting up a new business venture, looking at buying premises or taking on a commercial lease please don't hesitate to get in touch.
Blair Cadell specialise in advice on tax returns, payroll, bookkeeping and tax planning for personal tax payers, sole traders, partnerships, and limited companies alike - on income, capital gains, inheritance, partnership, corporation, executry and non-residents landlord taxes, as well as VAT. If you are looking for sound advice at a competitive cost Blair Cadell are here to help.
(Bibby Financial Services surveyed 1,000 SMEs in September and October 2013)
Contact our team of Edinburgh Solicitors for a personalised quotation of costs including flexible payment options. An Initial Consultation is FREE of charge.