The research, of 250 small business owners, identified the top 3 sought advice topics that small business owners felt would help them to continue to grow and have a competitive edge over their larger competitors. Nearly a quarter of small businesses (24%) felt that advice on technology would give them a competitive advantage over similar companies and more importantly save them money on processes, long term.
Assistance with profit margins came a close second, with 1 in 5 (20%) small businesses seeking advice to ensure they can improve their profitability as their business continues to grow. Identifying additional funding followed third, as more small businesses seek advice on getting capital essential for continued business growth.
Small Business Advice Week was created to champion small businesses, who are the backbone to the UK economy. There are a variety of events throughout the week whereby industry experts will communicate with small business owners via the media, social media and online events to provide thorough advice in areas it is most sought.
According to the recent research, 18% of small business owners trust advice given to them by the business peers, however only 6% have a mentor from whom to ask advice. The aim of Small Business Advice Week is to offer a platform for two-way conversation, allowing those without a mentor access to vital information for prosperous growth in their markets.
This year, Small Business Advice Week has partnered with Royal Mail, Santander, Eventbrite and Simply Business, all of whom are planning a series of topical discussions and social media activity. Plus each will be working with local radio and TV broadcasters, providing top tips and advice online whilst also providing essential first-hand, real-life experience from other small business owners who have seen successful growth over recent years.
James Godfrey, coordinator of Small Business Advice Week comments: “Small Business Advice week, for over a decade, has provided owners of businesses across the regions in the UK, a unique way of obtaining advice and have access to key influential entrepreneurs they would not normally be able to reach. The research has proved that SMEs are actively looking for advice, but with such a large number not having access to a mentor, this communication, over the 7 days, could be vital as the only source of effective advice available to them. We are excited to be working with such huge partners this year, who have worked hard to create topical, factual and heavily advice led content that we are keen to begin sharing with small businesses all over the UK”.
Small Business Advice Week launches on 31st August 2015. Business owners are encouraged to take part in the conversation on Social Media by following the hashtag #SBAW or visiting www.smallbusinessadviceweek.co.uk.