Big ideas to nurture little UK businesses

IT’S SMALL Business Advice Week, a time for SMEs to consult with advisers about the best direction for their business journey.

The British Business Bank is supporting the 16th annual event, which runs (as the name suggests) all week. The aim is to help almost six million UK SMEs to survive and thrive in testing times. The advice in question is delivered via educational webinars or one-to-one conversations with financial advisers.

The wisdom comes from the minds of experts and business leaders, and is extended to brands, banks and organisations as well as SMES to encourage a proper support network.

Heeding advice can be the difference between success and failure, says former Dragons’ Den investor Piers Linney — a non-executive director at British Business Bank — and yet many operators seem unwilling to take that one basic step.

Colin Dyer, head of Proposition and Private Client Management at 1825, said many business owners “eat, sleep and breathe” their business. “That’s why a lot of small businesses are looking at how they can support the financial wellbeing of their people and reduce the impact of financial stress,” he said.

“And it’s important that business owners don’t forget or ignore their own needs. Taking the time to evaluate your personal situation and focus on getting your finances in order can play a key role in the future of your business.”

Businesses need to look beyond the high street when seeking funding, says Linney. “There are many ways to get access to finance and business support,” he said. “The challenge is knowing where to look and making the time to find out about them.”

Small Business Advice Week runs until September 8.