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A new piece of research into the self employed has found that most small businesses never see their bank managers – is this a worrying sign that the self employed are not seeking out professional help across the board?

The research, by Bank of Cyprus UK, found that 64% of small to medium sized enterprises do not see their bank manager. The bank’s survey of 500 UK SMEs revealed this sector has little contact with their banks, with only 11% seeing their bank managers on a yearly basis and 16% doing so every few months.

A spokesman says: “The fact remains that a large number of small businesses are not taking the time to meet with their bank manager, a worrying insight especially in the current climate.”

This is a worrying insight – those who do not see their bank manager may not be talking to their professional financial adviser. If this is the case then this is a concern – in a downturn as severe as this, a small business could be missing a lot of the signs of trouble if they are not having their loans and investments regularly checked by someone who can spot the early signs of debt problems.

If you own your own small enterprise, don't forget to seek help. A professional adviser will be able to give your business an MOT by looking at your mortgages, your loans, your investments and more. From that they can advise when a remortgage is best or when an alternative investment is needed. Simply in this current climate, you cannot afford to not listen to the professionals.

SOURCE: Bank of Cyprus, 21/08/09

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