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Distance Learning Trade News
Financial advice crucial for small business survival
Financial advice will be crucial for the survival of small businesses in the recession, according to the Federation of Small Businesses (FSB).
Access to advice will be particularly important, according to the organisation's national chairman John Wright.
Recent research by the Department for Business Enterprise and Regulatory Reform (BERR) found that many businesses lack the confidence and trust to make use of free advice resources.
Around £100 million is spent on advice by small businesses every year, despite much of it being available for free from the government.
Four in ten (39 per cent) businesses have spent money on calculating National Insurance contributions, while three in ten (30 per cent) have paid for help writing business contracts.
Mr Wright explained that one of the main problems for businesses at the moment is a lack of finance.
He said: "In a recent poll of FSB members, one in five said they are struggling to gain access to credit.
"In these testing times, it is crucial that small businesses have simple and accessible advice on access to credit to guide them through the difficulties and frustrations."
