Small businesses are reluctant to seek financial advice that could help put their business on a safer footing, according to research conducted by the Forum of Private Business (FPB).

The poll, conducted in conjunction with commercial credit agency Graydon, found that only 20% of small business owners sought advice on a quarterly basis or more, with 68% saying they only did so when they thought it was necessary.

Despite the current economic conditions, 36% of those polled said they had not received any advice in the past year on financial matters with 24% saying this was due to a lack of faith in advisers' knowledge of their business or the fact they have received poor advice in the past.

When it came to sources of such advice, the research suggested small businesses are increasingly turning to accountants, with 70% choosing this source as opposed to 47% who looked to their bank manager.

According to the FPB, this is a reflection of a declining level of service being offered by the banks.

"There is an increasing trend of established relationship managers being replaced by individuals in call centres, which leads to the loss of long-standing and profitable business banking relationships," said Phil Orford, chief executive.

"It is a concern that small businesses are not sourcing help more frequently, particularly in these testing times.

"A return to previous levels of service - which means good working relationships between bank managers and business-owners - would allow banks to manage risk more effectively and provide the appropriate access to finance to those that need it."

On a more positive note, 29% of small firms said that they were seeking more financial advice now than they were a year ago, and 37% said they expected to seek out more over the coming year.

"The traditional ‘grey-haired pillar of society' stereotype of the bank manager as a trusted and respected source of financial advice has faded into the past," said Martin Williams, managing director of Graydon UK.

"But as the economy hits hard times and banks become increasingly nervous about credit limits, small businesses need now, more than ever, to maintain a close dialogue with their bank managers."

"We certainly do not want a repeat of the last recession, when the relationship between banks and small businesses broke down completely."