19 November 2014

Benefiting from Growth Vouchers

Could your business benefit from the government’s Growth Voucher Scheme by either receiving advice or becoming a registered advisor?

According to research undertaken on behalf of the government programme Growth Vouchers, more small business owners and decision makers have asked their family and friends for advice (69%) than have sought professional guidance (57%).

  • 60% say they would benefit from accessing professional support
  • 40% say the main barrier is the cost of the advice
  • The most common areas of guidance cited were sales and marketing and digital technology.

About Growth Vouchers

Growth Voucher scheme has been running since January and offers businesses the opportunity to receive subsidised strategic advice for their business. The scheme covers 50% of the cost, up to a maximum of £2,000, with the business paying the remainder.

The scheme is running until March 2015, but there has been a relatively low take-up so far. This could be due to low awareness of the scheme amongst small business. However, it’s also possible that those who need it most still can’t afford the half price fee, despite evidence that firms that seek external help are more likely to grow.

If your business could benefit from advice, find out if you are eligible to apply for Growth Vouchers

Becoming an advisor

Businesses that have successfully applied for Growth Vouchers can then find an approved accredited from the Marketplace. If your business provides advice, you may be able to benefit by becoming a registered advisor, rather than being a recipient of the voucher scheme.

To do this you must provide advice on one or more of the areas below and be a member of a professional body.

  • Finance and cash flow
  • Recruiting and developing staff
  • Management and leadership skills
  • Marketing and keeping customers through customer service
  • How to make the most of digital technology

Read the full criteria for more information.