It’s Small Business Advice Week
This week is Small Business Advice Week – an important event in the calendar for small businesses and their advisers, where businesses are pointed in the right direction for the support they need to help them in the next stage of their business journey.
The team at the Business Finance Guide are delighted to confirm that the British Business Bank is once again supporting Small Business Advice Week. The bank offers information and advice to UK businesses, as well as access to finance, plus – as part of Small Business Advice Week 2019 – the chance to win a half a day’s business advice with entrepreneur and former Dragon’s Den investor Piers Linney.
What is Small Business Advice Week?
Small Business Advice Week is designed to help the country’s 5.7 million SMEs thrive in tough times, with advice from both leading experts and businesses across Britain.
Now in its 16th year, for over a decade Small Business Advice Week has provided millions of small businesses up and down the nation with great advice. It has also helped various brands, banks and organisations position themselves as reliable and helpful for SMEs.
Follow @SmallBizAdvWeek on twitter to catch the latest information and insights, information on topics such as mentoring, cybercrime and access to finance.
Invest in Advice – watch our video and find out more about where you can get advice and support for your business
‘Good advice is fundamental really when it comes to getting the right funds in place for growth. Talking to someone else often helps you think about where the business is, where it should be, and where you really what to get to, and that’s where independent advice should pay for itself many times over.’ – David Petire, Head of Corporate Finance, ICAEW
The state of the nation’s businesses
The majority of smaller businesses do not seek advice when applying for external finance to grow their business, despite the fact that having access to the right information can make the difference between success and failure, Piers Linney, the former Dragons’ Den investor, says today.
Latest Government figures show that smaller businesses which access external advice or information on matters affecting their business are between 15% and 25% more likely to become high growth firms.
Yet recent research from British Business Bank found that 81% did not seek advice when applying for external finance last year, and that only 14% researched finance options online.
The research also found that smaller businesses’ awareness of alternatives to traditional finance has been growing but remains low, with a third (33%) of small businesses still seeking funding from their main bank when they need finance.
Businesses with growth ambitions need to look beyond the high street when seeking funding, says Piers Linney, a Non-Executive Director at British Business Bank, speaking at the start of Small Business Advice Week:
“Getting support and investment for your business does not have to be as daunting as going into the Dragons’ Den. There are many ways to get access to finance and business support – the challenge is knowing where to look and making the time to find out about them. Getting reliable, independent information on your finance options can make the difference between success and failure”
Business mentoring competition
During Small Business Advice Week, Piers Linney has been offering expert advice to businesses during radio interviews.
He will also be giving UK-based companies the opportunity to win a half-day business mentoring session.
For more details on how to enter the competition, click here.