Small Business Gurus offer Advice & Guidance
Glenn Collins, ACCA UK’s Head of Advisory Services, John Davis, Director of Local Business at Barclays, and Sara Harvey a qualified chartered certified accountant all present their views about how SMEs can survive the current climate, while recognising that access to finance is a huge issue for SMEs and for the accountants representing them.
Glenn Collins says:
“The vodcast offers an overview of the issues many small businesses face, as well as sharing our practical, valuable advice. We have been through a tough time over the last year. Whichever way the economy moves, and there are still tough times ahead, and history shows us that its now in the cycle that businesses must look to the future. It is vital that businesses put themselves in a position where they can take advantage of the opportunities that will come their way.”
John Davis from Barclays offers the bank’s perspective, and talks about small businesses and borrowing. He says:
“For my presentation, I explain how a bank makes lending decisions. I also emphasise the need for small businesses in any stage of their lifecycle to use their Business Plan to demonstrate to the bank the short, medium and long term plans for the business.”
Mr Davis also offers five top tips for SMEs:
- Firstly, find a good accountant and a good banker and don’t let them go.
- Stay abreast of regulation impacting on your business.
- Know your prospective customer.
- Protect your income by trying to get a diversified customer base.
- Devote sufficient time to managing your cashflow.
Sara Harvey, Director at Hines, Harvey, Woods a chartered certified practice based in Norfolk, says:
“It is my job as an accountant and business adviser to provide guidance and support to clients so that they are ready to kick-start the economy. I also explain how small businesses can apply fundamental business principles to manage their finances as well as the different sources of finance available to them.”
Glenn Collins concludes:
“The Vodcast is valuable for would-be entrepreneurs looking to start out and for existing SMEs. If there’s one thing someone should take away from our words of wisdom is that ‘cash is king’. Memorise this because it’s this mantra that will keep your business going.”