Small to medium-sized businesses (SMEs) are failing to make use of expert advice from professionals when setting up a new company, according to research recently published by Aviva. This can create a gaping vulnerability to serious mistakes and being in breach of the law.

This also highlights the fact that the relentless speed at which we see economic and technological changes means that the right option yesterday may not be the best one today. The resources new businesses utilise at the beginning of setup can be the difference between being successful or not.

These are the 3 biggest obstacles new businesses face:

1) Financial administration

With 32% of businesses stating this is their top challenge during setup, it’s clear that the sometimes complex accounting requirements for running a business can bewilder even the best of business owners.

2) Marketing and sales

Marketing and sales is the second biggest challenge facing new businesses during set up. 31% of new businesses knew “little or nothing” about how to manage this aspect of business. It drops only slightly to 26% for “established” SMEs.

3) Understanding and fulfilling legal obligations as a business owner or employer

30% of businesses report having difficulty understanding and fulfilling their legal obligations. An even larger amount of businesses (85%) surveyed they knew “very little about their legal obligations as an employer.” Only 9% consult legal advisers. These “perpetual challenges” remain for businesses even once they are established, but consulting professional experts for advice can save you time and money as your business grows. There is a wealth of information and advice available to help you make the right choices for your business, and soliciting advice from your friends and family may not always be the smart choice.