To start this week’s Bulletin, we take a look at whether we are going to see another Credit Crunch in 2021? The signs are starting to emerge that we may and if so, what can you do now to avoid getting caught out?

Getting the right support and advice can help you navigate these turbulent times. If you value advice as you plan your recovery, then there’s good news in the form of the launch of a free advice hub hosted by Enterprise Nation. We review the types of support you can access.

To close, a review by the Chartered Institute of Credit Management has revealed the impact on those businesses offering payment holidays. How can you manage this?

If you would prefer to listen to the podcast version you can click below or download to listen to later via our Soundcloud, Google, Spotify, Stitcher or itunes channel.

In the latest Business Finance Bulletin episode Rob Warlow discusses two surveys which touch upon the subject of seeking out advice and support from professional advisors. The first survey looks at how many businesses are currently looking to sell up and why that is. In terms of the start up market Rob talks about another survey from Aviva and the support and advice start ups seek.

Invoice discounting continues to grow in popularity but Rob looks at news from Market Invoice about the lack of transparency and hidden fees which are prevalent in the invoice discounting industry.

Rob also discusses the news that BrewDog, the craft beer brewer is looking to raise £25m to fund its expansion but doing it on their own under their ‘Equity for Punks’ scheme and so bypassing the industry stalwarts.

In the Business Finance Tip of the Week a clip from a live seminar in which Rob talks about the impact on cashflow of carrying too much stock.

If you would to listen to this episode in the podcast version click below to listen or to download to your computer or phone.

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.