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SME Owners – Where to go for Financial Advice

Running your own business is a tough job, despite the freedom you feel from being your own boss.  This is true whatever sector you operate in.  Most SME owners have launched a business that depends on their past experience and expertise – in other words, they’ve opened a business in their own sector, which means knowing the landscape in which you operate.  Whatever your background or past career, as a business owner, there are issues and areas where you probably won’t have the necessary expertise and experience to make the right decisions for your business and this is often true when it comes to finances.  Today we’re going to take a look at some of the places where SME owners can get some advice they need on financial issues that they are not necessarily familiar with.

The UK government is aware of just how vital SMEs are to the British economy and the gov.uk website has a range of resources offering advice to small business owners.   This ranges from writing a business plan, financial advice and support and links to the various schemes the government has in place to help and support small businesses.

Startup Britain is a national campaign launched in 2011 by entrepreneurs for entrepreneurs in response to the government’s call for an “enterprise led” recover.  It harnesses the expertise of some of the UK’s leading business personalities to offer support and business advice, especially to new business owners.   Besides publishing blogs and articles containing advice for SMEs, they also help businesses find local support via an interactive map on their website.

When it comes to advice on tax, HMRC should be your first stop as they are the experts when it comes to issues of British taxes.  There’s information available on the HMRC website that can be used to set up and manage your business finances, including advice and information on corporation tax and import/export fees.

Some of the smartest SME owners are finding that the services of an independent financial adviser are well worth the costs, saving the businesses enough money to more than offset the expense involved.  However, choosing the right financial advisor for your individual business needs is essential if you want to reap the benefits of going down this path. 

A professional financial adviser will have the necessary qualifications, knowledge and experience to tailor their advice to your individual business requirements.  They’ll bring some valuable objectivity to the table, so that they can make sure you’re well informed and provide you with the advice necessary to make positive, objective business decisions that will benefit your company.

Choosing the right financial advisor will benefit your business by making sure you are confident in your business decisions and able to spend your time and energy on growing your business for the future.

Next week, we’ll be bringing you some advice on what to look for when choosing an independent financial advisor.  Don’t miss out on this valuable information, follow us on Facebook and Twitter so that you’re notified when the article goes live.