When in need of advice on potential funding, most business owners turn to accountants, a study has found.
Peer-to-peer finance firm MarketInvoice polled 3,874 businesses and found 56% went to their accountant when looking for ways to enhance their cashflow.
A further 23% of those surveyed said accountants were twice as important as commercial finance brokers, with just 6% choosing to speak to a bank.
Facing a period of uncertainty, 38% of business owners said they were anticipating a cash squeeze over the next six months.
As a result, 35% of those would turn to invoice financing, 30% to overdrafts and 7% to credits cards as sources of additional funding.
Businesses expressed some compromises would be made to manage the effects of negative cashflow, with 34% considering delaying expansion plans.
A third (33%) would shelve new product launches with a fifth (20%) reducing their marketing spend.
Darvish Heshejin, Head of Partnerships at MarketInvoice, said:
“Accountants and commercial finance brokers are increasingly becoming the default go-to for advice on business finance, especially where funding is required quickly.
“It’s imperative 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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