Small and midsize business leaders say they are most likely to turn to bankers for expert advice on a variety of financial issues, such as lending and growing revenue, according to a new survey by the Providence, Rhode Island-based Citizens Bank.
Seventy-two percent of SMB leaders said they turn to business bankers for help when applying for loans or other credits, while 27% said they turn to certified public accountants and 11% to attorneys, according to the survey. Business leaders were also more likely to turn to business bankers for advice on business planning, increasing revenue and debt management.
At the same time, 84% of SMBs said their business banker is a key member of their team of expert advisers, providing advice on access to business credit, cash position, decision-making and cash flow.
The survey also found that 69% of SMBs that prioritize financial advice and data believed they would grow their business in the next five years. The survey defined such businesses as ones that seek advice from their CPA, attorney or business banker at least monthly, and use financial data-gathering applications and tools to manage company finances at least weekly.
