Home topics news News News SMBs trust gut instincts over professional advice Gina Baldassarre April 12, 2013 With gut instincts behind many an entrepreneur’s interesting business idea, it’s no surprise that they then trust these instincts to lead them in running their businesses. However, as many as 70 percent of small business owners in Australia are trusting their gut instincts over professional advice, according to a new survey conducted by CCH . “It’s not surprising a small business owner will micromanage , especially in the early stages of their business life, but this should not be at the expense of being open to advice from trusted professionals,” says Russell Evans, CEO of Wolters Kluwer Asia Pacific. The survey, which looked at reasons why businesses fail, found that a quarter of owners believe failure to seek professional advice is a key factor. Over 60 percent of owners also highlighted an inability to manage costs, or anticipate rising costs, as the leading cause for failure. Owners open up to advice as their businesses grow, with businesses seeing a yearly turnover of $1 million or more increasingly likely to seek advice. So who are business owners looking to when they do seek advice? According to the survey, accountants are the most trusted advisors for SMEs seeking financial and business management advice, while financial advisors are ranked second. Owners are least likely to trust their family and friends, with 79 percent listing their accountant as more trustworthy than family or friends. With recent data