Do You Trust Your Friends and Family Most for Business Advice?

Posted on 07.11.2013, by Rob Warlow

We all like to turn to friends and family to bounce an idea around or to seek feedback but are they really the best source of advice?

According to new research from Bibby Financial Services friends and family are the most trusted sources of business advice for small business owners, even in preference to accountants, financial advisers and solicitors.

The research found that 23% of small and medium sized business owners said they trust friends and family the most when seeking guidance, followed by financial advisers (18%), the internet (14%), accountants (14%) and solicitors (9%).

However, when asked where they search out for advice most often 24% said they turn to online resources, with friends and family coming in at the second most-frequented source at 19%.

Although the internet is the most frequented source of business advice, 52% did admit that they would prefer to receive face-to-face advice, with only 14% saying that browsing the internet was their favoured way of finding information.

Whilst the findings don’t come as a surprise in that it’s easier and less threatening to speak those closest to you than turning professional advisors you need to carefully decide whom you’re asking advice from. Are your friends best placed to pick holes in your plan? Are they willing to step up and challenge your grand ideas for world domination or are you likely to get a simple ‘sounds good to me’ response?

Friends and family advice will get you so far but you’ll travel further with the right advice.

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