SMEs are not making use of expert advice when starting their business, research by Aviva has found.
The survey of more than 1,500 business owners shows that just 13% turn to financial advisers for support, while 9% use legal advisers and 6% go to insurance providers.
The top 3 obstacles faced by business owners when setting up their business are:
- financial administration (32%)
- marketing and sales (31%)
- legal employer obligations (30%).
Many businesses have little or no expertise in these areas. Three quarters of survey respondents knew little about marketing or bookkeeping while 85% did not understand their legal obligations as an employer.
This lack of marketing, legal and financial knowledge can often continue to affect SMEs beyond their initial starting period. The top 3 problems for established business owners are:
- marketing and sales (26%)
- getting financial help (18%)
- legal employer obligations (18%).
Angus Eaton, managing director of commercial lines at Aviva, said:
“Making the time to balance the management of day to day customer, employee and supplier demands with protection against nasty surprises is a perpetual challenge for any business. Great advice helps.
“Whether it’s getting hands-on help with bookkeeping, or getting to grips with the legal obligations associated with being an employer, there is a wealth of advice and material designed to support SMEs along every step of the way.”