With the support of a financial advisor, directors of small businesses in Hungary are more willing to develop and grow their businesses. An external financial advisor can also play a key role in the life of a business, for example if an unexpected event occurs, CIB Bank's recent representative survey of companies and sole traders reveals.
With regard to assistance grants and succession planning for companies and sole traders with a net sales revenue of less than HUF 250 mln, 55% of businesses heard of opportunities to apply for assistance grants, and 22% regularly monitor and seek out such funding sources.
Many of these companies have in the past year found grants that complement their own development plans: this was indicated by 45% of all the respondents, and 57% of the companies with sales revenue in the HUF 101-250 mln range. However, it is interesting to note that more could make use of the available funds, given that at this time only 14 percent of the small businesses polled actually took such opportunities.
“The survey results confirmed our belief that overall our advisers have an important role to play in helping companies understand the proposed financing opportunities. The added value is that we help companies achieve realistic goals by making the most of genuine opportunities, which can help small firms shift up a gear”, noted Zoltán Bodnár, head of CIB’s Small Business Segment.
Almost 40%of the company managers who were familiar with the available grants learn about the opportunities from the media, and 32% had used a consultant specialising in grant applications, while almost the same proportion obtained information from relevant homepages and professional websites (31% and 30%, respectively).