Many SMEs in need of better access to support and advice

A new report compiled by the FSB has revealed significant gaps in business support for both smaller sized firms and the self-employed.

The Open for Business report revealed that while many SMEs used business support advice during the pandemic, there were some that were left with little assistance – now small firms are calling for better access to such support and advice.

The data shows that:

• 84% of SMEs received some sort of business support advice during the pandemic.
• 45% of SMEs say the advice they received helped their business survive the pandemic.
• Most sole traders found that business support advice was not helpful for them.

FSB National Vice Chair Martin McTague, said, “We’ve endured almost 18 months of this terrible pandemic which has wreaked economic chaos for small businesses all over the country. That’s why the support and advice available to them has never been more important.

“If small firms are to compete on fair terms with larger businesses, if regions are to step out of the shadows and if all businesses can thrive after the pandemic, then an element of levelling up is critical to success.

“Even when times are good, gaining access to the right support at the right time can be tricky.

“We’ve seen huge numbers of small firms, almost half in fact, state that their business is still standing today thanks in part to the economic advice they managed to access. And while this is excellent news, it means that almost half didn’t have the same levels of success.”

McTague added, “For too many, knowing where to look, who to speak to and what to do leads to a dead end and that needs to change. Every day, small firms ask themselves how can I manage my debt? How can we achieve Net Zero without breaking the bank? Or how can I attract more staff? It’s these sorts of questions where the right advice, can make huge differences.

“Our findings show that existing business support advice already helps small firms when it comes to taxation and regulation, but as our post-EU journey continues and while we continue to weather the economic Covid-19 storm, there is plenty more government could be doing to help make things easier.

“At the outset, ministers should recognise the centrality of small businesses to the levelling up agenda in every region and community. You can only level up local economies by backing small businesses.  They will succeed by improving the support they can access, which in turn will mean more small businesses, trading more, creating more jobs and wealth.

“Government needs to simplify and streamline how and where small firms can access critical business support advice, building on what currently works.”

To find out more about contracting please contact Jaime on 01442 795 100 or email jaime.thorpe@dolanaccountancy.com.