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Bank Manager’s Not Supportive of Company Formation

Forming a company and starting your own business, requires a number of vital skills – accountancy, marketing and sales. However, most people considering company formation are doing so because they have a specific skill set, appropriate to the sector which they aim to enter. Therefore, they either outsource the skills they do not have or rely on several key business advisors to help them along.
These advisors can range from accountants, previous contacts or bank managers. However, according to a recent report, most business owners find their bank managers, either; impossible to contact, unhelpful or – at worse – unsupportive.

The research, conducted by Simply Finance, found that of all the respondents asked 50% of business owners would be reluctant to approach their bank manager for financial advice and would instead choose to go to their accountant or other close contacts.
Matthew Fielding, founder of Green Credentials, a company which aims to help businesses operate in a more environmentally aware way, comments: “Business banks are so keen to get your business from the point of company formation, but, from my experience, once you have signed on the bottom line, that is it.”

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