Valuable business resources have been concentrated too much on start-ups and not enough on helping young businesses to grow, according to Tim Lerwill, corporate director at Wiltshire accountancy firm Old Mill.
“It is probable that in the recent past too much help has been focused on helping small companies to start up and not enough on helping small businesses with a year or two’s experience to grow,” he said.
“If the Government expects the private sector to lead the economic recovery, giving good advice and help to businesses which are ready to move on to the next stage of their growth is likely to be the most productive ground.”
In response, Old Mill has signed up to the new Business Advice Service (BAS ) in conjunction with the Institute of Chartered Accountants (ICAEW).
The scheme, set up to fill the ‘advice gap’ left by the government’s decision to close Business Link, sees chartered accountants offering businesses professional advice to help them overcome the issues facing their business.
Accountancy practices that sign up to the service will offer businesses a free initial meeting to discuss the client’s business needs. It is then up to the accountant and business owner to decide whether they wish to move the relationship forward constructively.
“It is really tough for SMEs at the moment, and with so many issues to contend with it is vital they have somewhere to go for advice,” Mr Lerwill said.
“It offers SMEs invaluable business and financial advice on a whole range of issues – from starting a business to turnaround, restructuring, financial management and tax issues.”
Although start-ups and growing businesses can always benefit from professional support, Lerwill, who joined the firm’s Melksham office in May, says in the current harsh economic climate, SMEs need all the help they can get.
“SME growth is crucial to the UK’s economic success. In tough economic conditions, businesses need the right advice and support to succeed. ICAEW accountants are well placed to offer crucial guidance which is why we felt it was so important for Old Mill to become a part of this scheme.”
Jon Blake, ICAEW regional director, South West, said: “Growing small businesses need the best advice to succeed at a time of fragile recovery and limits on public spending, which is why it is so important that firms like Old Mill sign up to the BAS. If SMEs can get easy access to expert business advice, they can start to become the engines of growth that the economy so desperately needs.”
To set up a free consultation with Old Mill, contact Tim on 01225 701221 or email tim.lerwill@oldmillgroup.co.uk
