A survey of SMEs revealed that almost one in seven (15%) business leaders don't take advice from anyone - with Western Australian-based operators being the most willing to seek advice from an accountant.
A survey of SMEs revealed that almost one in seven (15%) business leaders don't take advice from anyone - with Western Australian-based operators being the most willing to seek advice from an accountant.
Bank of New Zealand Australia canvassed the views of business owners and managers across Australia.
Most likely to rely on themselves are SMEs in Melbourne and Brisbane (18%), against Sydney and Perth (14%) and Brisbane (11%).
The reliance on accountants was strongest in Perth (27%) and Sydney (24%), compared with Brisbane (21%), Melbourne (17%) and Adelaide (15%).
Full release is below:
There are a lot of people willing to give you advice, especially when it comes to business and investing.
Maybe that's why almost one in seven (15%) business leaders don't take advice from anyone, according to a survey released today by the Bank of New Zealand Australia (BNZA).
In contrast, one in five (20%) business managers and owners value the advice of their accountants over all other contacts, found the national survey of small and medium enterprises (SMEs).
"A large number of business leaders are losing an opportunity to ease the pressure on themselves by seeking input from others, either in a professional or personal capacity," said Mark Yarwood, General Manager of BNZA.
"It's surprising that so many business people prefer to keep their cards close to their chest, overlooking the value that a third party can offer.
"Everyone can benefit from an external knowledge and perspective, whether that comes from your partner, lawyer, financial planner or banker to help you to make sound business decisions," said Mr Yarwood in launching the survey today.
The most valued advisers for business people, according to the BNZA survey, are:
Ranking Valued Adviser Percentage
1. Accountant 21%
2. Mentor 15%
3. Staff member 10%
4. Family member 10%
5. Industry association 8%
6. Friend(s) 7%
7. Financial planner / Banker 5%
8. Lawyer 1%
9. Trainer 1%
No one 15%
Source: Proprietary BNZA survey
Segmenting by state, most likely to rely on themselves were SMEs in Melbourne and Adelaide (18% each), against Sydney and Perth (14% each) and Brisbane (11%).
The reliance on accountants was strongest in Perth (27%) and Sydney (24%), compared with Brisbane (21%), Melbourne (17%) and Adelaide (15%).
Senior managers deferred most often to mentors and staff members (19% each) for advice, whereas accountants were heavily relied upon by directors/managing directors (34%) and owner/general managers (23%).
About the survey
The survey of 400 senior business people around the country in small and medium enterprises (SMEs) ranging in size from 2 to over 50 employees was undertaken in June 2006. Respondents were asked to select their most valued adviser to date.
