Small companies that pay for strategic business advice are getting spectacular returns on their investment.

They typically spend 18 hours and £3,600 a year getting the advice and report a payback of more than £70,000, a return on investment of almost 2,000 per cent.

The national Business Link network questioned 500 small and medium-sized businesses on the role of advice in their company's success.

The researchers found greatest returns were made by the smallest businesses.

Those employing up to nine people got an almost 50-fold payback. They typically spent just less than £1,480 a year and got returns of £69,000.

Businesses with ten to 49 staff reported they got a 13-fold dividend on their £4,200 a year investment.

Firms with 50 to 249 employees reported a 15-fold payback on their £7,600 advice bill.

Martin Wyn Griffith, of Business Link, said: "We found some businesses still doubted the value of advice and what it does for the bottom line. This research proves taking and acting on advice makes good business sense."