Although they may relish their freedom, many owners of small and medium-sized enterprises (SMEs) miss having other people to help advise them on ideas, according to new research.

A study by Yorkshire Bank found that more than one-third of managers of small firms miss having a sounding board once they get their business set up.

Some 62 per cent of respondents said their biggest worry centred on cash flow management, while 41 per cent said finding the time for marketing was difficult.

Gary Lumby, Yorkshire Bank's head of retail and small business, explained that the prospect of financial freedom and more personal time that can come from running an SME is balanced with the challenge of making decisions alone.

"We can't all be experts in every aspect of running a business - so specific issues can benefit from specialist advice.

"And as our research shows, just when your business is really flying you can find yourself with little time to look after your often increasingly complicated personal finances too."

Yorkshire Bank was founded in 1859.