A majority of UK business leaders rely on accountants when making funding decisions for their company, according to a poll by MarketInvoice.
The London and Manchester-based business finance specialist conducted a survey online and by email last month, canvassing the opinions of managers, directors and C-level post holders at 3,874 UK businesses, with 56% agreeing that accountants are their most important external advisers when considering business finance options.
By contrast, only 23% said that commercial finance brokers were their most important source and advice, while only 6% would consider speaking to a bank directly.
The survey also found that 38% of the businesses surveyed anticipate a cash squeeze within the next six months. Asked what source of additional funding they would resort to 35% said they would turn to invoice finance, while 30% would chose bank overdrafts and 7% would look to their business credit card.
Those businesses unable to remedy their cash squeeze acknowledge compromises will have to be made. The research shows that 34% would forfeit expansion plans, while 33% said they would forgo launching new products and 20% would opt for reducing marketing spend.
“Accountants and commercial finance brokers are increasingly becoming the default go-to for companies seeking advice on business finance, especially where funding is required quickly,” commented Darvish Heshejin, head of partnerships at MarketInvoice
“It’s imperative that these professionals are aware of the wider funding opportunities available to provide the best, most comprehensive advice to their clients and find the solution that fits.”
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