Seven steps to discovering the precise help in your SME

By Andrew Stevens, Head of UK Small & Medium Enterprise at Vodafone

SME. It might solely be three letters, however what it represents is the beating coronary heart of the British financial system and the hopes and desires of hundreds of thousands of people and households. We just lately carried out a bit of analysis having a look at how SMEs had been faring publish pandemic. To our shock we discovered {that a} worrying ‘steering hole’ is starting to emerge, with many SMEs not realizing the place to show for assist or recommendation. There are a lot of causes as to why that is occurring, nonetheless our insights additionally revealed that 71% of sole merchants didn’t determine as a SME and due to this fact weren’t conscious of all the assistance and help they had been entitled to and solely 11% of SMEs had sought recommendation from a big enterprise or mentor previously 12 months.

With all the assistance that’s accessible to SMEs, It’s clear then that extra work must be performed to lift consciousness of those all through the SME neighborhood. As an example, for those who’re a small enterprise proprietor are you conscious of the vary of authorities supported schemes designed to offer help – whether or not steering primarily based or monetary –  to small companies?

In search of help is usually a daunting course of for a lot of small enterprise house owners, nevertheless it doesn’t have to really feel so arduous. Thankfully, I’ve highlighted a couple of useful avenues under to assist get you began – (additionally value noting that as I’m not a monetary advisor – any info on monetary help supplied under is for perception and steering solely):

1. Discovering the precise mortgage or funding answer in your small enterprise – Begin up loans might help give your corporation a lift particularly for those who’re originally of your journey or seeking to develop. The British Enterprise Financial institution provide loans from £500 to £25,000 which may be repaid over 1-5 years. In contrast to a typical enterprise mortgage, this mortgage is unsecured, which doesn’t often require companies to safe their business or residential properties. You’ll additionally obtain assist and steering to jot down a marketing strategy and profitable candidates may also stand up to 12 months free mentoring. The Seed Enterprise Funding Scheme (SEIS) is one other route you’ll be able to take if seeking to increase capital. You will get a most of £150,000 together with state support awarded within the three years working as much as the date of funding. SEIS is designed to assist your organization increase cash when it’s beginning to commerce. It does this by providing tax reliefs to particular person traders who purchase new shares in your organization.
2. Getting Assist to Develop – A bigger variety of SMEs at the moment are eligible for the federal government’s Assist to Develop scheme, widening the variety of customers that may flip to the scheme for digital help. The scheme which was first introduced within the authorities’s Finances again in March 2021, was initially setup to assist 130,000 SMEs achieve entry to digital and administration instruments wanted to innovate, develop and assist drive restoration. Eligible companies can get a 50% low cost on accredited software program options as much as a most of £5,000.
3. Taking your concepts to the following stage – Securing grants in your small enterprise may be difficult – nonetheless assist is on the market. The Princes Belief Enterprise Programme presents improvement awards to assist youthful folks kickstart their companies or entry coaching programs while Innovate UK’s Good Grants Programme helps ship bold R&D improvements, funding rounds are open at varied factors all year long.
4. Discovering numerous expertise – Along with upskilling internally, generally it’s value trying externally for the talents you want. The trick right here is to transcend your ordinary community and hunt down new abilities in new locations. Begin-up visas and Innovator visas present a easy course of to entry worldwide expertise, while Tech Nation provide a devoted visa to deliver worldwide tech expertise to the UK.
5. Taking your corporation to the following stage – If you happen to’re seeking to upskill your digital capabilities and take your corporation to new heights then look no additional than Vodafone’s linked programme. With a whole bunch of free on-line programs accessible supplied by Enterprise Nation, Samsung and Cisco, whether or not you’re seeking to study extra about managing a web based enterprise, discovering new clients, accounting or protecting your corporation protected on-line from cyber threats there’s one thing for everybody – regardless of the place you might be on your corporation journey.
6. Rent an apprentice – Hiring an apprentice is usually a productive and efficient method to develop expertise and develop a motivated, expert and certified workforce. There’s additionally authorities funding accessible to assist companies offset among the prices of coaching an apprentice.
7. Coping with fee points – In its current Poor Cost Follow report, the FSB discovered {that a} third of funds to SMEs had been late and while chasing after money owed may be tense for small enterprise, particularly with residing prices frequently rising – there’s assist accessible.  If you happen to’re having points with being paid on time, the Small Enterprise Commissioner present recommendation on late and unfair funds and might help you to take motion and resolve any disputes.

If you happen to’re a small enterprise on the lookout for extra recommendations on find out how to take your corporation to the following stage, head over to V-Hub by Vodafone and take a look at the assets, finest observe steering and free one-to-one help accessible from a devoted crew of knowledgeable advisers.

 Andrew Stevens is Head of UK Small & Medium Enterprise at Vodafone, and leads a crew offering perception, experience, and SME-focused tech options for the UK’s.