Michael Izza, CEO at the ICAEW wrote an interesting blog yesterday about why we need one body for business support in the UK.
He praised the recent efforts of government to help boost small business funding but warned those in search of small business finance not to “be surprised if you haven’t heard of them. You have to apply to lots of different places to get them…. It’s a bit of an alphabet soup of measures.”
Michael Izza kindly went on to provide a quick run through of the governments business support measures, well worth a look if you are looking for business assistance, and shared his hopes that the launch of the Small Business Bank will help gather all of these resources into one, easy to access, place.
We certainly hope that the Small Business Bank improves things. After all, funding for business means boosting the entire UK economy. One person’s business loan becomes another person’s route to employment or orders and so on and so forth.
A bank will help but there will still be a lot of advice needed by independent businesses trying to navigate through rough economic conditions.
Accountage Age picked up on the words of the ICAEW chief in their own blog which added the stat that “a third of SMEs were failing to take advantage of tax breaks available to them, with the same proportion unaware of tax breaks potentially beneficial to them.”
Whilst a business bank might help boost lending, accountants will remain the absolute lynchpin of the small business community.
It is accountants that have the real ear to the ground experience that small businesses value. It’s accountants that have the expertise to provide advice across all manner of business finance issues, be they funding, tax or simply regular book-keeping and it’s accountants who can really help businesses make the most of alternative finance like crowdlending.
That’s why we’re asking accountants to register with us as an advisor. We think the future of new finance is bright, but it’s a future that needs us all working together.