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Small Business Owners Prefer Seeking Banking Advice from Financial Advisers and Accountants, Study Shows

Businesses are more likely to seek business banking assistance from their accountants or financial advisers than from banks themselves, according to research undertaken by the Business Banking Resolution Service (BBRS), an impartial and free dispute resolution service. The survey, which was based on the opinions of 750 small company owners, discovered that 44% of SMEs turn to their accountants, 35% to financial consultants, and 33% to banks for business banking assistance. Lawyers (22%) and online research (17%) are other resources for information on business banking guidance.

The survey also discovered that small firms have a significant need for a specialised complaints service, but few are aware of all of their possibilities. The majority (91%) of small company leaders are unaware of any alternatives to the Financial Ombudsman for such complaints, despite the fact that nearly three-quarters (73%) of them would utilise a complaints agency if their business banking issue had not been addressed satisfactorily.

Accountants, financial advisors, lawyers, and other professional services businesses may have dealt with SMEs that have closed down, amalgamated, or sold over this time period and are still eligible because the BBRS' Historical Programme includes complaints submitted as far back as 2001. A simple online tool allows directors, shareholders, and other business owners to quickly check their eligibility.

The BBRS is an independent, nonprofit organisation with the mission of resolving disputes between participating banks and qualified bigger SMEs according to what is fair and reasonable in each situation. Companies using the service will have a conflict resolution professional allocated to them who will serve as a single point of contact and provide helpful assistance. If a complaint is upheld, the BBRS may impose a monetary or non-monetary compensation of up to £600,000 for contemporary cases and £350,000 for historical cases.

The BBRS research report emphasises how crucial it is for SMEs to consult their accountants and financial consultants for assistance with business banking issues. Professional services companies are invited to think about whether their present and former clients may benefit from the BBRS' service, and SMEs are urged to find out whether they are eligible and to sign up as soon as possible. The BBRS's services are an invaluable tool for Businesses seeking fair and reasonable resolutions to banking issues.

According to recent research, financial advisers and accountants are the preferred choices for small and medium-sized enterprises (SMEs) seeking banking advice. SMEs make up a significant proportion of the UK economy and often require banking services to help them grow and prosper.

The study found that SMEs are more likely to seek advice from financial advisers and accountants because they value the expertise and knowledge that these professionals bring to the table. Financial advisers are typically well-versed in financial planning and investment strategies, while accountants are skilled in financial management and tax planning. Furthermore, the research highlights the importance of building strong relationships between SMEs and their banking providers. SMEs are more likely to trust and rely on banking advice from professionals with whom they have an existing relationship. This underscores the value of providing high-quality customer service and building a solid reputation within the SME community.

Overall, the research indicates that financial advisers and accountants are highly regarded by SMEs when it comes to banking advice. By leveraging their expertise and building strong relationships with SMEs, these professionals can play a crucial role in helping businesses succeed and thrive.