The little things do matter to small firms

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An AXA study of 260 UK small business owners has revealed that little things really do mean a lot to SME owners when first setting up; with almost half of entrepreneurs in the North West (48 per cent) admitting they would not have succeeded without the help, advice and support of family and friends.

From property advice to PR, the friends and families of small businesses in the North West gave up an average 352.6 hours of their time to help their loved one in the first year of business – that’s the equivalent of £4,874 in paid hours and 10 weeks of the working year.

IT support was the most freely offered skill – with almost half (46 per cent) of SME owners in the North West admitting they had to use their friends’ IT expertise to get their business off the ground - giving 66.2 hours of their time, worth an average of £625.54 per business.