The number of experts and advisers in financial services, and I presume in other sectors too, continues to amaze. Sadly some are so woefully inexperienced that their advice is not considered fully and I saw an example this week of a small business acting on advice given with dire financial consequences.
Advice is vitally important as is the source. Whatever the stage of a businesses life from planning a new one to growing an established one, to acquiring another one to restructuring an existing one, external advice can be the difference between success and failure. Advice given must be carefully considered, in context, and with due reference given to the source of opinions offered.
On receiving advice one must consider whether the adviser has any vested interest in the adoption of advice given and also consider the experience and independence of the individual offering any opinion and/or advice.
No advice is better than bad advice.
Another new arrival this week in the business finance world with yet another ‘unique’ offering. All funders bring increased competition giving borrowers an even wider choice and a business from 30 or so years ago, where choice was pretty much limited to the High St bank, would not recognise the current landscape.
Interesting meetings with the largest independent invoice financier in the UK who continue to demonstrate a real appetite for new business and have an array of funding products suited to most UK businesses. Without wishing to sound like a stuck record finance is available to businesses and with Bank of England Base rate still at 0.5% borrowing remains cheap, in relative terms.