Opportunity for you and your clients

One of the most reported issues from practitioners – that seems to block clients from seeking the support of their accountants – is that clients do not have the funds to pay for their advice.

Aside from the health impacts, disruption by coronavirus is blocking access to professional advice at a time when that advice is desperately needed.

Which is why accountants need to sit up and take note of the recent offer to provide affected businesses with small grants to cover your advice.

SME grant funding available from September 2020

Please note, initially, these grants are only available in England.

Here is a extract from a local Growth Hub about the funding available:

The government has announced new SME grant funding to support small and medium-sized businesses (SMEs) to access specialist advice to help further mitigate the impacts of COVID-19 to build in resilience or address potential new opportunities.

We … administer grants of between £1,000 – £3,000.

These will be available to help SMEs that have been directly impacted by the coronavirus pandemic to access professional support covering digital, legal, HR, financial, health and safety, or other consultancy advice, and to purchase minor equipment to adapt or adopt new technology in order to continue to deliver business activity or diversify in response to COVID 19.

Grants will cover 100% of costs, excluding VAT. Once an application has been approved, businesses will be required to make the payment for the support or purchase, and make a claim for the grant.

This scheme will open for applications mid-September.

Contact your local Growth Hub now

We recommend that you contact your local Growth Hub asap.

You will need to find out how and when applications on behalf of clients need to be made (from September 2020).

Clients suffering from the COVID economic fallout being denied access to your advice due to lack of funds is unfortunate; this new opportunity to secure external grant funding to cover your advice should not be ignored.

Details of the LEP Growth Hub network can be accessed here. 

Details of information and allocation to different areas of the UK can be accessed here.

 

How to approach clients

As these grants will probably be offered on a first come first served basis – and assuming the applications qualify – you should probably start gathering details of clients who may benefit from funding.

If you subscribe to our Fee Builder Program we will be uploading resources 1 September 2020, that you can use to help you select and contact relevant clients. This will include details of the scheme written in an accessible format explaining: what is available, listing the services that you can offer and how to register their interest.

This is an opportunity not to be missed…

Bob Edwards

Bob has been working with practices across the UK offering novel ways to improve cross-sales and increase new client acquisitions. He is also interested in "step changes" in legislation that offer challenges, and therefore opportunities, for practitioners to provide new recurring and one-off support services to clients.

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