Supporting UK Growth

Richardson Swift supports the UK Growth Voucher programme

Announced by the Chancellor in the 2013 Budget, and launched in January 2014, the Growth Vouchers programme will provide funding to help businesses access the advice they need to help them grow.

At Richardson Swift, we work with a great many growing, owner managed businesses whom we feel will further benefit from this scheme. As we already have the skilled staff needed to assist businesses with such advice, we’ve been able to enroll as an approved Growth Voucher advisor from the start.

Businesses can apply for up to £2,000 to help finance specialist businesses support. You’ll then have to match the amount with your own funds.

Type of Advice

Growth Vouchers can be used to obtain strategic advice on any of the following categories:

Managing cashflow, late payments and negotiating finance
Developing skills and taking on staff
Improving Leadership and Management
Marketing, attracting and keeping customers
Making the most of digital technology

For ‘Managing cashflow’ advice in this area covers the overall financial health of your business. It may focus on improving cash flow management and forecasting, credit control and late payments, or on how to negotiate with banks and other funding sources. The advice could be used to develop a financial strategy for growth, raise additional finance and/or secure new investors, or to improve your own financial management skills.

Eligibility

The Growth Vouchers programme is available to small businesses in England who have been trading for at least one year, have 49 employees or less and have not sought strategic business advice in the last three years. Application is via the Government's Growth Vouchers website.

How we can help

Focusing on helping your business to grow, we can work with you to prepare a financial forecast and cashflow for the business for the next 1-5 years. As well as being a necessity for businesses seeking external finance, having a forecast profit and loss account, balance sheet and cashflow for the year ahead will enable you to answer questions such as ‘Can we afford to take on extra staff?’ or ‘Can we purchase a new machine and how do we fund this?’.

Also, by performing sensitivity analysis, we can tweak your forecasts to show you the outcome of small changes. What will happen to your cashflow if you get your debtors to pay you five days earlier? How much does your profit improve by if you put your prices up by 5%? By demonstrating this to you in a simplistic way, it’s becomes very easy to make the financial planning decisions you need going forward.

For more advice on Growth Vouchers or Financial Forecasting, please contact Debbie Boulton or Mike Richardson.