Can the government’s Business Growth Service get small businesses growing?

As reported by ICAEW

The Business Growth Service is designed to make it easier for small businesses to find the support they need.

The UK government has launched the Business Growth Service as part of its aims to encourage growth in the country’s small business sector. Primarily, the service brings together various existing resources as an attempt to make them more accessible to small businesses.

It is part of the government’s Backing Your Business campaign, which aims to raise awareness of ongoing activity to make it easier for SMEs to access support.

The service creates personalised reports for individual SMEs based on information provided at sign-up stage. This report includes sections on support networks; funding; skills and mentoring; HR and people; and exporting. This is designed to act as a curated growth guide for businesses.

Funding service examples include:

• The British Business Bank Finance Finder Tool

• Start-up loans

• The Regions and Nations Investment Fund

• The Growth Guarantee Scheme

Other resources include the Business Support Service, Business Academy, growth hubs and a no-fee recruitment service through Jobcentre Plus.

The service also collates resources relating to R&D and innovation, such as Horizon Europe, and export support such as UK Export Finance.

The Business Growth Service also includes cyber resources, such as the Cyber Action Toolkit.

“Against a challenging economic background, it’s becoming harder for businesses to scale and grow,” said ICAEW Head of Business Simon Gray. “Initiatives to streamline and simplify access and availability of advice are to be welcomed.”