Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Survey Finds Most SMEs Shun Professional Advice

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Survey Finds Most SMEs Shun Professional Advice

Article excerpt

SMALL business owners are prone to a C[pounds sterling]lone wolfC[yen] approach in decision-making, according to new research.

The vast majority are more likely to trust their own instincts over advice from family, friends, their business partner and even professional advisers.

The research revealed what SMEs (small-to-medium enterprises) see as the reasons for small business failure. The inability to manage or anticipate rising costs is seen as the main reason, followed by inexperienced management, a bad business model and lack of access to capital.

The findings are based on a survey of more than 1000 Australian owners of small-to-medium enterprises commissioned by accounting software provider CCH, a unit of global information services group Wolters Kluwer.

With ABS data showing that more than half of small businesses in Australia do not survive beyond their first four years, the CCH survey revealed a cavalier attitude among SME owners toward the value of professional business advice.

Only 26% of respondents considered the failure to seek professional advice to be a factor in business failure, while 70% trusted their C[pounds sterling]gut instinctC[yen] over any professional advice. …

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