There are very few things that can genuinely benefit a business. Most Government backed schemes are treated with a large dose of cynicism, either that or you spend longer looking for the catch than the benefit.
Growth Vouchers are something a little different. If you have come across the scheme before then don’t stop reading, things may be a little different to what you previously thought.
The idea of the scheme is to bring external skills to a business that would otherwise not normally bring these skills in. The Growth Vouchers are a way of getting the UK Government to subsidise bringing expertise into your business.
The Growth Vouchers can be used for different purposes, including;
- Strategic Planning
- Finance and Funding
- Raising Investment
There are several other purposes, the easy way to think of it is that if you need to bring in expertise to achieve something within your business then the Growth Voucher scheme probably covers it.
The Secret Part…
There are stories of applicants not getting the vouchers they applied for, some of this is true as not everyone who applies will be successful. However, the scheme is due to finish in early 2015 and at the moment it is being underused.
The great thing about this is that there is a clamour to get more applicants applying for the vouchers and to get more businesses through the Growth Voucher scheme. The goods news is that there has probably never been a better time to apply.
What Can Growth Vouchers Give Me?
The scheme works on a cost sharing basis, meaning that you invest in your business and the Government will too.
This means you can spend as much or as little as you want on your chosen advice, however the maximum contribution from the Government will be £2,000. This means;
- You spend £1200 on support: £600 from you and £600 from government
- You spend £4000 on support: £2000 from you and £2000 from government
- You spend £5500 on support: £3500 from you and £2000 from government
How Can I Apply?
First you need to decide on what area within your business you want the support. After that then it is about finding a supplier in your area. Suppliers, including Lime Consultancy, can be found on the Enterprise Nation website – you can access Enterprise Nation here.
To apply then visit the Government website and complete the short application, from there you will be contacted and hopefully approved. If you are looking for business funding then hopefully we will be hearing from you soon!
Now is a great time to apply as there is a real drive to get more businesses through the scheme, if you have put off doing something due to cost then now may be a great time to revisit and get your application in.
Any questions about the scheme then give us a call on 01293 541333 or drop a line through the Lime Consultancy website. Any comments about this post then please use the reply button above.
By Dave Farmer