Research released yesterday by RSM Tenon suggests that SMEs are becoming increasingly unclear as to where to go and who to consult when seeking financial advice.
Almost 1 in 10 SME owners said they do not where to go to get financial advice, whilst surprisingly only 5% stated they would use the internet to search for help.
13% would speak to peers in their industry, whilst a mere 5% would actually go and visit their bank or building society.
In Scotland, 4% revealed they would consult only friends and family for help, as the research indicated an apparent reluctance amongst SMEs to use traditional professional sources.
Just over half of entrepreneurs surveyed would seek out a qualified view and visit an accountant or financial adviser.
The overall results will still come as a worry to the financial services industry, which may be viewed as a hindrance more so than a help when it comes to advice on finances, as SMEs do not prioritise sources which are most likely to provide the most credible and appropriate advice.
Perhaps financial providers should be looking to facilitate dialogue with owners at the earlier stages of decision making on finance, so as to do more to gain trust and build bridges with companies possibly justified in their current reluctance to deal with banks and finance providers.