Almost half of Britain’s small businesses feel their financial advisers are not doing enough to help them secure the funding needed for growth, new research has found.
The research, conducted by GE Commercial Finance, found that just over a fifth of small firms would like more advice on the funding options available to them.
According to GE Commercial Finance, small businesses across the UK are missing out on business opportunities worth an estimated £52bn due to a lack of funding to support them.
The survey revealed that 13% of small and medium-sized businesses in Britain had lost an average of £1.39m in additional sales due to a lack of funding, and 18% had missed out on five or more revenue-generating opportunities.
Financial advisers such as accountants need to improve their support services to small businesses to prevent deals being missed through lack of finance, the organisation said.
John Jenkins, chief executive of GE Commercial Finance, Business Finance, commented: “Professional advisers have a big role to play in supporting firms by ensuring that they can understand and access the right funding solutions appropriate to their business and, crucially, at the right time.
“With firms across the country predicting a healthy year of growth, it is vital that they secure the right amount and type of funding early on if they are to achieve their goals and minimise missed opportunities.”
Businesses in the North West were found to be the worst affected, with 15% of companies annually missing out on business prospects worth £6m each.
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