DON’T RELY ON FAMILY ADVICE

Just a third of business owners consult professional financial advisors.

And one in eight don’t seek any advice at all when making big decisions, according to law firm Blake Morgan.

While many of us know how to shop around for the best deals on household bills, business owners are more likely to turn to family or friends for advice – with half saying that’s most helpful.

But is it? Not always. Half those surveyed still have no plan for Brexit; a quarter worry about staying competitive and one in 10 struggle with regulations.

Helen Bunker, divisional director at Blake Morgan, said: “As well as the day-to-day challenges of running a businesses are increasingly worried about political uncertainty. Some may be worried about bills for professional advice, but it doesn’t need to cost the earth.” Here are Helen’s five tips:

1. Use reliable advice sources online: At gov.uk the self-employed pages offer guidance on tax planning and employment. We also publish free legal recommendations in blogs and our Building a Business report at blakemorgan.co.uk.

2. Protect your idea: Intellectual Property may be your most important asset. Paying to protect it is an investment – but get legal advice on how best to do it.

3. Match advice to your needs:

One size doesn’t fit all. Selecting the right firm is key to ensuring you get lawyers with the correct expertise for you. Use websites like Lex100 and Legal500 to find a firm that will support your needs.

4. Plan for the future: Thinking about what you’d like to happen to your business is vital to ensure you keep on track Seeking professional advice can help you put in precautionary measures, such as wills, in case of the unexpected.

5. Always ask: Support from family and friends can be brilliant, but you need to strike the right balance. If something in your business is worrying you, don’t be afraid to ask a professional.