Companies given helping hand in time of crisis
YORKSHIRE businesses are being given help to survive the credit crunch through a £1.4m package.
Business Link Yorkshire is launching the support package which will include practical guidance and financial assistance to help weather the economic storm.
The initiative will offer an initial online or telephone “health check” so that business owners can take stock of their perfomance and take action where needed.
If more in-depth help is needed, £1,000 is available to pay for a meeting with an accountant who will focus on financial priorities and recommend key actions. For more complex businesses, £2,000 worth of accountancy support is available.
Business Link Yorkshire’s chief executive, Helen West, sees the new service as a development of the business support already offered.
She said: “There is no one picture reflecting the region’s businesses. Some companies are thriving and growing but others are experiencing cash flow problems for the first time.
“This health check will identify potential problem areas and address other issues that businesses should consider, such as new markets and making the best uses of existing resources. No business should fail because of lack of access to information and advice.”
The accountancy support is aimed at businesses that have been trading for more than one year and which have an impact on their local economy.
Businesses can either employ their own accountant or receive the names of three accountants in their area who have had their references checked.
The scheme will be available for three months from tomorrow (December 2).
Business Link is running a number of workshops which focus on cash flow, access to finance and ‘smart’ marketing.
The financial healthchecks are being funded through Yorkshire Forward, the regional development agency.
For further information telephone Business Link on 0845 6048048 or go to www.businesslinkyorkshire.co.uk.
CASE STUDY: One Yorkshire entrepreneur who says he is defying credit crunch is Mani Waheed who established his first city centre estate agency after establishing a successful online property business with help from Business Link Yorkshire.
Two years ago Mr Waheed came up with a business idea to introduce city living to Bradford launching Squarefoot Investments (UK), which now trades as Squarefoot, an online residential agency and consultancy.
Mr Waheed is passionate about his home city and has worked closely with Bradford Council and Bradford Chamber of Commerce to promote Bradford’s regeneration projects.
He initially moved into an incubation unit for start up businesses and has successfully developed his online estate agency. He approached Business Link for advice on growing the business further and attended their free workshops on internet development and marketing.
He attended a workshop on employment law which helped him establish correct procedures within the business and Business Link has given advice on costings, cash flow and projections as he prepares to open his first city centre agency in the run up to Christmas.
“It’s a big move, particularly with the economy in the state it is at the moment,” he said. “We’ve seen a drop in market but I’ve carried out due diligence and I’m confident we can make a success of our new office.
“When the market picks up, we’ll already have a shop window right in the heart of Bradford’s estate agent quarter and people will be familiar with us as a key player.”
