Business advice
Running a small business can be rewarding and challenging, but sometimes daunting as well. As a small business owner, what you need to keep in mind is that there is plenty of free business advice available and asking for help is an important part to keeping your business running smoothly. Don’t be afraid to ask for help or advice!
Government agencies
In the UK, there are many government agencies, as well as non-profit or non-government agencies that are set-up to specifically help small- and medium-sized enterprises (SMEs). These agencies offer advice on a range of topics, from payroll, e-commerce, taxes, international business and legal matters. A good one-stop shop is www.businesslink.gov.uk (UK government agency for SMEs) or www.bis.gov.uk (formerly the Small Business Service, now Department for Business, Innovation & Skills). These two agencies have service and advice specifically aimed at small businesses.
Managing your taxes
Dealing with taxes is unfortunately an important, yet time-consuming aspect of running a small business. Staying on top of taxes and keeping good records is important. For quick and free advice, visit the HM Revenues & Customs web-site, www.hmrc.go.uk, which outlines all the specific tax laws and regulations that affect small businesses. The UK government also offers ‘Business Payment Support Service’ programme, aimed specifically at small businesses. Under this service, small businesses can apply to defer tax payments, if necessary. When it comes to taxes, acting earlier, rather than later is a must. No one wants to pay penalties for missing a payment or under-paying taxes.
There are also professional business consulting services available, which if done through a private consulting firm, can be expensive. However, there are plenty of free business consulting resources available as well. For example, for free financial advice, ask the bank or insurance company you are using for your business. Many banks and insurance companies now offer free business consulting services to SMEs. Take advantage of this free professional service.
Business groups and associations
As a small business owner, it is also worthwhile joining associations or groups that specifically cater to small businesses. For example, think of joining The Federation of Small Businesses (www.fsb.org.uk) or the British Chamber of Commerce (www.britishchambers.org.uk) These organisations can provide you with links to people running businesses similar to yours. They usually organise forums or conferences or informal gatherings where business owners can exchange ideas and experiences. Such organisations are also an excellent source of networking, which can be an important tool for a small business owner.
Sometimes, small businesses falter and if that happens, then you need to think about business recovery. This could include liquidation, bankruptcy, administration or company voluntary arrangements. If this happens, professional advice is a must, to make sure you make the right decisions, at the right time. Again, there are plenty of professionals that provide advice, such as law firms and accounting firms. For free advice, the first step should be visiting the www.businesslink.gov.uk web-site. They can give you impartial and professional advice on all aspects of dealing with business recovery.
If you need professional business advice regarding any aspects of your business, then please contact our Business and Advisory experts today.
