More than half of small businesses which sought expert advice saw a rise in revenue as a result, new research shows.
According to a survey by Enterprise Nation, three quarters of UK businesses have turned to professional advisers, such as an accountant and business mentor, for guidance.
Whilst the greatest concern amongst business owners is the cost involved, the findings show that returns may far exceed the outlay, and it really could save you a lot of money in the long run.
Alan Jones of Prif explains that the best advice he ever received was from an accountant who told him his business was eligible for research and development (R&D) tax relief: “This brought £44,000 into the top line and helped offset quite a large amount of tooling and development costs in China.”
Another business owner explained that her confidence dramatically improved through working with a mentor who provided advice on the day to day management of her business. This, in turn, helped her to bring in bigger clients.
Constructive criticism and debate are essential for business growth. A professional, external business adviser will support and challenge you constructively, helping you drive performance and ensuring that your chosen business strategies deliver your required outcomes.
At Beavis Morgan, we take a strategic view of your business’ needs and a structured approach to driving value. As your business adviser, we will work with you to implement processes which will help you maintain effective management of your company’s working capital, and apply systems which will help you survive and thrive in challenging times. We will also hold regular meeting with you to discuss progress, where we will ask those challenging questions to help you detect and overcome any potential problems before they become real issues.
Adding to this, and as mentioned in the example above, R&D tax credits have proved to be a major boost to British business, but many are still unaware that they can claim the credits to help fund research and development, often incorrectly thinking that their on-going enhancement of existing products and services does not quality, because “it is just what we do”.
Having helped many businesses across a variety of sectors make significant “money back for research and development” claims when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development activities by companies operating in the UK.
Our Research & Development (R&D) tax credits specialists are on hand to maximise the value of any potential claim and manage the often complex process on your behalf.