Nearly a third of SME owners across the UK use social media for business advice and support, a survey has revealed.
78% admit that they now seek more guidance from social networks including Facebook and LinkedIn than they would from traditional means.
These findings are from the latest Close Brothers Business Barometer, a quarterly poll that canvasses the opinions of business owners and managers.
CEO of Close Brothers Invoice Finance, David Thomson said: “The research tells us that the evolution of social media has had a real impact on how companies seek advice.
“More so than ever before it’s easier for business owners to connect with their peers and social media allows access to a growing platform for discussion and debate. It’s being used to help develop business strategies and knowledge, all without any substantial cost associated to it.”
Despite this, the survey also found that 32% of all business owners still trust online advice less than traditional sources.
“One of the greatest concerns with social media channels is the origin and reliability of the information. Anyone can offer their opinions online so while it’s great that companies are using social networks to boost their knowledge, it is reassuring to see they still approach the information with a degree of caution.
“Traditional sources remain highly trusted and half of SMEs polled believe that they haven’t lost their value. I would strongly advise business owners to seek professional advice for financial support,” Mr Thomson added.
