Small businesses seek advice

The online small business lending specialist has conducted a new survey on the local SME market following Covid-19, and found that more business owners are seeking specialist advice.

The firm said 29% of SME owners were looking for recommendations on a trusted adviser, while 23% wanted advice on cash flow management.

Prospa, led in New Zealand by Adrienne Begbie, said the survey demonstrated a "need and opportunity for advisers to check in with their small business clients as they look towards their recovery".

The company's survey reveals SME owners often ask each another for advice.

Prospa said 45% of respondents had sought or provided advice from/to other business leaders. The most common support or advice was around government support or stimulus packages, at 45%.

Begbie said the findings showed that "a trusted adviser can often be invaluable".

She added advisers could make their clients more aware of alternative lending options.

"Advisers play a crucial role in educating and supporting them through financial challenges and it’s probably quite timely to reach out. With many intending to invest into their business within the next year, advisers should be proactive with their small business clients.

"Small businesses need funding for new products, services and technology that can help them bounce back from the hardships faced over the last year."