Last year the Government started the Growth Voucher programme to help small businesses fund strategic advice from private sector suppliers who can help their business to grow.
Eligible businesses can apply for a voucher of up to £2,000 to match funding towards the cost of strategic advice in the following areas:
- Review of growth opportunity – competitor analysis tools
- Cash flow and general financial management
- Marketing and sales strategies for micro-enterprise
- Process mapping – understanding where I add value in my business
- Raising the finance for growth
- Planning next steps – with a business mentor
For example, if a small business incurred professional fees of £3,500 in raising finance in order to support their growth, the government will pay £1,750 towards that leaving the business to pay £1,750. VAT is excluded from the scheme however so the business is wholly liable to pay the VAT element of the price of the work.
Not all applicants will receive a voucher but, once issued, the vouchers must be used within 3 months or it will expire. The scheme is closing soon and the vouchers must be applied for by 31 March 2015.
The Growth Voucher scheme is only open to business who meet the following eligibility criteria:
- 249 employees or fewer (including any employees of companies that own a stake in your business)
- Registered in England
- Actively selling goods or services
- Independent (ie no more than 25% is owned by other businesses or organisations)
- Turnover less than €50 million (about £36 million)
How we can help
Muras Baker Jones is a registered adviser in the Growth Voucher scheme. Where a business is planning to expand, we can offer advice in the following areas:
- Business valuations
- Forecasts, budgets and accounts
- Strategy and planning
- Taxation and business structure
- Payroll and VAT
If you have any queries on the above items or if you are considering applying for a Growth Voucher please contact Matt Jevons.
To see our other news items please visit our Muras Baker Jones – Blog.