HERTFORDSHIRE GROWTH HUB
Getting Your Business Back on Track for Growth In May, the Federation of Small Businesses (FSB) announced that their quarterly Small Business Index (SBI) reported that the share of businesses aspiring to grow increased by the most on record this quarter. The share of businesses aspiring to grow over the next 12 months has increased from 39.9% in Q4 2020 to 52.7% in Q1 2021. Hertfordshire Growth Hub, powered by Hertfordshire Local Enterprise Partnership, is the entry point to business support in the County and is supporting local businesses that are ready to grow again through their Get Growing 2 service.
and many businesses are seeking advice to help make this shift in their strategy. For other businesses, the in-depth support provided by the service is helping them get financially ready by evaluating their growth ambitions and working through their finance options.
Get Growing 2 is fully funded through the European Regional Development Fund (ERDF) and offers a package of tailored support to businesses, helping them to become more profitable, competitive and grow.
Eligible businesses are supported by an experienced Growth Account Manager. They will work closely together reviewing all aspects of the business, looking at the challenges and opportunities that exist to produce a realistic growth plan for the business. Areas where additional support will benefit the business are also identified, as well as providing access to all the benefits the Growth Hub website has to offer, including on-demand videos and live webinars.
Among the businesses currently being assisted through the service, several have pivoted during the pandemic and as a result now need support to refine their marketing strategy to reach new markets. Digital marketing has never been so important in the post-pandemic era
Businesses can also access a match-funded grant enabling them to seek external expertise to implement growth actions with specialists in the private sector. The grant has recently been increased to offer between £3,000 and £10,000 to fund 45% of a business’ eligible expenditure. The Growth Hub work with a wealth of professional organisations and business support services, both locally and nationally, to provide relevant, up-to-date business advice. The Growth Account Manager will also help businesses to navigate their way to any additional support, enabling the business to focus on what really matters - getting back on track for growth.
Grow with us hertsgrowthhub.com
GovGrant seeking partnerships
with Accountants in Hertfordshire GovGrant is an R&D tax credit and Patent Box specialist based in St. Albans, with a 70 strong team. They create value to UK businesses, including SMEs, by recognising their R&D and maximising the value of their Intellectual Property. This local business already works with thousands of accountancy firms in the UK but is now specifically looking for accountancy partners in the Hertfordshire area as they develop specialist tools and resources. The aim is to help accountants deliver more services to their clients. GovGrant is embracing the move toward more digitally enabled accountancy practice and are investing in a tool that drives better compliance and integrity when it comes to R&D tax relief. Called Elevation, it doesn’t need any specific software to run, is simple to use and is a secure platform that
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puts accounting partners in control. The first step is to give accountants clarity about whether clients are eligible (or not). Then Elevation can take accountants through a simple process to help smaller, eligible clients make a claim. It’s all based on GovGrant’s experience and knowledge of the R&D tax credit schemes, and benchmarked against their data going back since the schemes began. Elevation makes the scheme straightforward and accessible. It also gives accountants access to wider IP and Patent Box services. “Accountants may find that their clients are already be claiming R&D tax relief through online “apps”,
which is a potential risk to both them and their client. Elevation also gives accountants full visibility and transparency of their clients’ journey through their R&D tax claim. It also includes a secure document sharing element so accountants can share confidential data with confidence,” said Sharon Veness, Accountant Partnerships Manager. GovGrant can work with accountancy firms in different ways under different arrangements – one size certainly does not fit all. They will work with you to tailor our offering, giving you the comfort you want and additional resources you need.
To find out how to get involved and to have a demo of our new Elevation platform contact Sharon on accountants@govgrant.co.uk
