- Businesses that get external support are between 15% and 25% more likely to become high growth firms
- Research finds 81% of smaller businesses sought no advice when applying for external finance last year
- British Business Bank Non-Executive Director and former ‘dragon’ Piers Linney offers business mentoring session as competition prize
The majority of smaller businesses do not seek advice when applying for external finance to grow their business, despite the fact that having access to the right information can make the difference between success and failure, Piers Linney, the former Dragons’ Den investor, says today.
Latest Government figures show that smaller businesses which access external advice or information on matters affecting their business are between 15% and 25% more likely to become high growth firms. Yet recent research from British Business Bank found that 81% did not seek advice when applying for external finance last year, and that only 14% researched finance options online.
The research also found that smaller businesses’ awareness of alternatives to traditional finance has been growing but remains low, with a third (33%) of small businesses still seeking funding from their main bank when they need finance. Businesses with growth ambitions need to look beyond the high street when seeking funding, says Piers Linney, who is a Non-Executive Director at British Business Bank.
Piers was speaking at the start of Small Business Advice Week, during which British Business Bank is encouraging the UK’s 5.7 million smaller businesses to seek advice and independent information on finding the finance best suited to their needs.
Piers Linney, Non-Executive Director at British Business Bank, said: “Getting support and investment for your business does not have to be as daunting as going into the Dragons’ Den. There are many ways to get access to finance and business support – the challenge is knowing where to look and making the time to find out about them. Getting reliable, independent information on your finance options can make the difference between success and failure.”
British Business Bank is committed to enabling smaller businesses understand and explore the finance options available to them. It has developed the Finance Hub, an interactive website dedicated to providing independent and impartial information on the finance options available for growing businesses.
Business mentoring competition During Small Business Advice Week, Piers Linney will be offering expert advice to businesses during radio interviews. He will also be giving UK-based companies the opportunity to win a half-day business mentoring session.