Accountants in London might want to consider following the lead of their counterparts in South Yorkshire and offer free advice to small business owners.
Seventy firms of chartered accountants, who are members of ICAEW, are taking part in the scheme to provide free, no strings attached advice for one hour to local businesses in a bid to kick start the regions economy.
The executive director of ICAEW, Mark Protherough, explained that newly formed businesses and firms looking to expand are always in need of professional advice and support. This sort of support is even more important when the country is still faced with major economic challenges.
The South Yorkshire Business Advice Service will provide the opportunity for SMEs to have a free consultation with a professional chartered accountant. Members of the ICAEW will be able to give expert advice on arrange of topics – from setting up in business to restructuring, taxation or financial management.
The chairman of the Sheffield LEP, James Newman, said he knows from experience that companies with a business adviser submit much stronger applications and are nearly 300% more likely to be successful than those submitted by people who do not receive advice.
In addition to the 70 accountancy firms in South Yorkshire, at least 2,000 ICAEW practices around the UK have signed up to provide a similar service.