Sponsored by
STEP 8
Reach out for advice and support
Grace Hardy MAAT
Podcaster and founder of Hardy Accounting gracehardy.com
Trying to save a business that’s in serious trouble is tough and extremely stressful.
"You may have ran out of ideas of your own and be feeling a bit lost and isolated. But sources of advice and support are available to you. While you have to pay for some, others are totally free, which is vital when your business is already running out of cash.
"So, who might be able to help you?
Grace Hardy MAAT
1. Your accountant
"If you already use an accountant, they’ll have good knowledge of your business’s financial health and history. They may be able to offer you some free advice on how to cut your costs and improve your cash flow. They should be able to advise about grants, loans and other sources of funding, and advise you on making your business more tax-efficient and reporting business losses."
2. Your LEP
"There are 38 Local Enterprise Partnerships (LEPs) across England. They are business-led partnerships between local authorities and local private-sector businesses. They seek to make it easier for businesses to find the help, advice and support they need, local and national, regardless of business size or sector."
3. Your bank
"Banks, of course, offer a wide range of funding options, which you may or not be able to access. If you can arrange to go and see an experienced adviser from your bank, they may be able to offer you free tailored advice on managing debt and short-term cash-flow solutions. Banks also offer free guidance for small businesses via their websites."
4. Federation of Small Businesses
"FSB is a member-led organisation that represents small firms and the self-employed, lobbying at UK national, local and devolved government level. With more than 150,000 members, FSB offers a range of membership benefits, including a 24-hour legal advice line and round the clock debt-reco support, free DIY template letters and discounted legal costs. The FSB website is full of free downloadable advice. Membership starts at just 55p a day."
5. HMRC
"If you’re struggling to pay your tax bill or you’ve missed a payment deadline, contact HMRC immediately. You may be able to set up a payment plan (AKA “Time to Pay” arrangement) to settle your bill in instalments."
"If you’re struggling with personal debt and live in England or Wales, Money Helper provides information about debt management and free debt advice.
If you’re in Scotland you can get free debt advice from Scotland Debt Solutions.
If you’re in Northern Ireland you can get free debt advice from Advice NI."
6. Other business owners
"Other people you know who run their own small business may have been through some difficult times in the past. Many will happily share their knowledge, insight and contacts with you, often all you have to do is reach out. Business networking events and opportunities can also provide valuable knowledge on how to survive when the going gets tough."
Your friends and family
"The people close to you are probably your biggest supporters. And although you may not want to tell them about your business troubles, it could be one of the best decisions you make. Even just talking to someone can make you feel a bit better and they may be able to help you or offer good advice. Bottling it all up can have disastrous consequences for your mental health. The website of mental health charity Mind contains reliable guidance on managing work-related stress."