Government Help To Grow scheme for SMEs
In the 2021 Budget, Rishi Sunak announced a new £520m Help to Grow scheme that will support small businesses by providing access to management training, with the goal of boosting their productivity. Accountant Karen Porter explains the advantages.
What if your small business could access training programmes normally only accessible to much larger companies? Imagine the difference it could make. Perhaps you want to improve management, boost innovation or expand your digital skills? If so, a recent government announcement is worth examining more closely.
There will be two main opportunities within the training scheme, Digital and Management:
Digital
This part of the programme will offer access to free online impartial advice, focusing on the best practices for generating leads and increasing sales through digital marketing tools. It is intended that the advice will help business with building better customer relationships, selling online and managing their finances using digital tools.
Businesses will also have access to 50% discounts on approved software, such as Customer Relationship Management (CRM) tools. The specific software packages haven't yet been revealed, so we'll have to wait until the summer to find out more.
Who is eligible for the Digital Help To Grow Scheme?
The digital scheme will be available free to all UK businesses, as long as they:
- Are registered at Companies House and employ between 5 and 249 employees
- Have been trading for more than 12 months
- Have not yet purchased the discounted software
Management
This allows small businesses access to a 12-week programme delivered by leading business schools in the UK, with a 90% subsidy from the government, making the cost just £750 for participants.
The scheme is designed to encourage small business leaders to develop their strategic management skills, combining practical study alongside 1:1 mentoring and an alumni network of support. Upon completing the programme, participants will develop a tailored business growth plan, with support from business leaders and mentors across the UK.
Who is eligible for the Management Help To Grow Scheme?
The participant must be a decision-maker or member of senior management within the organisation, such as a Finance Director or Managing Director. The business must be:
- Registered at Companies House and employ between 5 and 249 employees
- In business for at least 12 months
- Not a charity
What other government support is available?
For those businesses and self-employed individuals whose earnings have been affected by the pandemic, there are a variety of support schemes on offer in the form of grants and loans.
To find out more and how Page Kirk can help your business apply for the schemes, please contact us on 0115 955 5500 or email enquires@pagekirk.co.uk.