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Make Business Health Check- A New Years Resolution

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05 Jan 2009 12:36

Firms are being urged to start the New Year with a "business MOT" to ensure they're in good shape to ride out the current economic downturn.

More than 10,000 companies in England have already undergone a Business Health Check since the service, which provides free personalised support and confidential advice, was launched in October.

Each check, provided by the Government's Business Link service, ensures that firms are maximising their cash flow, marketing and business planning during the current economic climate.

Qualified Business Link experts help firms draw up tailor made action plans designed to ensure that companies are able to cope with the effects of the economic downturn. Business Link also provides a follow-up monitoring service for companies to ensure that the plan is working for them.

Secretary of State for Business Lord Mandelson said:

"In the current economic climate it's more important than ever for small businesses to take action before they find themselves in difficulties. So there's no better way for companies to start the New Year than with a free Business Health Check looking at issues such as maintaining cash flow.

"Larger firms can afford advisers and accountants. We want to ensure that small businesses, with fewer employees and limited resources, benefit from the type of advice and support they need to plan for the times ahead and to come out stronger on the other side."

Business Link Advisor Ganesh Selvarajah added:

"Smart businesses review their performance regularly to look for early signs of any issues that will affect their profitability.

"The Health Checks are a really effective way of doing this. Clients find that they give them an excellent overview of the strengths they need to build on as well as identifying potential problems, such as a cash flow."

Notes
1. Business Link is the information, advice and support service for businesses, funded by the Government. For more details go to http://www.businesslink.gov.u k/businesshelp or call the National Help Line 0845 600 9 006.

2. The Business Health Checks are part of a range of support for businesses announced in October, including prioritised training for SMEs under the Train To Gain initiative and cash flow guides produced by the Institute of Credit Management.

3. At the Pre-Budget Report in November the Government announced a package of support including guarantee facilities to support 2bn of bank lending to small firms and a 50 million fund to convert businesses' debts into equity.

Department for Business, Enterprise & Regulatory Reform
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Crown Copyright. Material taken from the BERR- Department for Business, Enterprise and Regulatory Reform replacing DTI - Department for Trade and Industry. Reproduced under the terms and conditions of the Click-Use Licence.


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Article Published/Sorted/Amended on Scopulus 2009-01-05 21:49:32 in Business Articles

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