“Growth Vouchers” could help give your business a boost » SMEInsider

“Growth Vouchers” could help give your business a boost

A scheme being offered by the Cavendish Consortium on behalf of the government is helping small businesses to access thousands of pounds’ worth of support.

It is open to businesses with less than 250 employees, which are based and registered in England and have a turnover of under £45m per year. According to the Cavendish consortium, it is being offered as part of a widespread research project to work out what kind of advice is most useful to small and micro businesses in England.

The scheme works by issuing Growth Vouchers of up to £2,000 that “match fund” a company’s investment in its own growth. These vouchers can be used to pay for financial and strategic business advice, and have been enthusiastically endorsed by many of those taking part.

Fiona Taylor, who heads up consultancy business Navigate2 in Cambridgeshire, said that she used the growth voucher to get an “external view” that helped her to gain clarity on the business’ primary objectives, leading to a firm marketing plan, a better understanding of the challenges that lay ahead, and a clearer strategy for tackling them.
We had an idea of where we wanted the business to go but hadn’t put any structure behind that. We knew what we were doing, but if people asked what I did for a living I had difficulty describing it concisely,” she said. “We were looking for a vision for the business, to define its ethos and clarify our ultimate goal for the company. We now have more focus on which potential clients we want to be talking to, how we explain what Navigate 2 can do for them and a process for trying to secure repeat business from previous clients.”

The Cavendish consortium is made up of six of England’s largest enterprise agencies, along with the National Enterprise Network.