With Brexit Day approaching and uncertain economic times on the horizon, businesses of all sizes and niches are looking to strengthen operations and from within. For new businesses in particular, getting the support needed to succeed is more crucial than ever.
Many entrepreneurs have voiced their dissatisfaction about the government support on offer to SMEs across the UK. According to the eighth annual Hiscox DNA of an Entrepreneur Report, our taxation system also doesn’t favour startups, ones that require all the support they can get. In fact, 51% of small business owners and managers were in agreement on this point.
A new survey has reported that 19% of new businesses don’t receive adequate support, leaving many at risk of failure and ultimately business closure. Getting the support you require as a startup is made simpler if you know where to look. Here, we take a closer look at some of the resources startups can access to gain the advice, mentoring and support they need to succeed.
Chambers of Commerce
Calling on your local business community for help is a great place to begin. The British Chamber of Commerce consists of a UK-wide network of local chambers that unlock opportunities and raise the profiles of businesses on a regional level. Many offer startup memberships for those new to the business world. The Guardian shares one business owner’s story of joining a local Chamber of Commerce:
“Help varies from region to region in this long-established network of local groups. ‘The support we have received as a member of Surrey Chambers of Commerce during the past 18 years has been fantastic,’ says Chaz Brooks, managing director of communications company CBC Ltd. ‘We have made countless excellent contacts within our local business community, which has resulted in contracts far outweighing our outlay. The camaraderie of local businesses pulling together is important, and the various chamber discount schemes are a bonus. For a company like ours the cost [£240] of our annual membership represents fantastic value for money.’”
The National Federation of Self Employed & Small Businesses
The National Federation of Self Employed & Small Businesses (FSB) provides a mentoring scheme that works with small and startup businesses direct. Their scheme is great for those new to the business scene, established entrepreneurs looking to collaborate with fellow business owners or first time contractors looking for work. Their team of local Development Managers essentially work for your startup, sharing expertise and experience that you may not have directly accessible in-house.
The national government isn’t the only source of funding and support. Your local council may have its own schemes in place to support businesses a little closer to home. Enquire with your local authority directly and discover more about the advice and help on offer to startups and early stage ventures.
Managing your finances as a startup, small company or contractor can be a challenge, but we’re here to provide the support you need in this area so you can concentrate on your wider business. There are so many reasons to choose a bespoke accounting solution like Shield.
Getting the business-focused advice you require is just one of them. We provide unlimited support and ongoing, year-round tax and accountancy advice as standard across our Premium and Premium Plus accounting packages.
Get in touch with our team today to find out more about how we can help you and your startup.