Just one in five small businesses have received help and advice from their bank, according to new research by ClearSky’s parent company.
A poll of more than 500 small business owners, contractors and freelancers – conducted for the first Optionis group ‘Get on and Grow’ report – reveals that access to good quality advice was an important way entrepreneurs felt their banks could better support business growth, second only to good online access to accounts and services.
Despite this, just 20% said they had ever received specialist business advice from their bank and only 10% said they regularly received useful information about relevant products and services.
This is evidence of a growing remoteness in the relationship between entrepreneurs and their banks.
Banks need to work harder to find ways to offer support and advice to these customers, particularly on issues such as cash flow that are crucial to businesses surviving the difficult first few months and years.
It seems business customers agree, rating the current service they receive from their bank at an average of 4.6 out of 10.