The recent shift in the UK political landscape, which saw the Labour party ascend to power, places a significant emphasis on small and medium-sized businesses (SMEs). With their manifesto appealing to business groups and leaders, the new government is poised to implement measures designed to "Get Britain Building." Accountants have a critical role in preparing their clients for these changes and can capitalise on this moment to enhance their own profiles.
In her session, Be Ready To Help Your Clients - What Support Could Be on Offer From the New Government, Kirsty McGregor explains how accountants can equip their clients to leverage upcoming government initiatives and simultaneously distinguish themselves as premier advisors in the field.
Helping Clients Prepare for Government Initiatives
1. Keeping Abreast of Budget Announcements The budget is a crucial document that contains detailed policies beyond the initial headlines. Accountants need to study these details to understand the specific support measures aimed at SMEs, such as funding, tax breaks, or local authority initiatives. Encouraging clients to explore these options early can place them ahead of the curve when these supports become available.
2. Engaging with Local Business Boards Accountants should encourage clients to join local business boards, if they haven't already. These boards are instrumental in decision-making processes within city regions, ensuring that the voice of SMEs is heard. Accountants can themselves join these boards to stay informed and influence local economic policies.
3. Building Knowledge and Networks Understanding the right contacts and available resources is key. Accountants should maintain a comprehensive database of business advisors and local authority contacts who can assist with funding, specialist advice, and export assistance. Facilitating introductions for clients can seamlessly connect them to these valuable resources.
4. Promoting Green Initiatives The push towards net-zero carbon emissions is integral to the new government’s agenda. Accountants should guide their clients on adopting sustainable practices, such as reducing paper use, optimizing resource consumption, and exploring renewable energy options. Making these changes can not only comply with potential regulations but also unlock green grants and supports.
5. Embracing Digital Transformation Accountants should press on clients the importance of digital innovation. This involves encouraging clients to reduce reliance on physical resources, adopt efficient manufacturing processes, and use digital tools to streamline operations. Digital readiness can qualify businesses for specific government supports aimed at technological advancement.
6. Seizing High Street Opportunities Encouraging clients to assess high street vacancies can be a strategic move. With anticipated support for occupying empty shops, such as rate or rent relief, businesses can consider expansion in prime locations. Accountants can help clients research and prepare for these opportunities by identifying potential properties and understanding the local business context.
7. Focusing on Fair Trade and Ethical Practices Emphasizing fair trade and ethical sourcing is increasingly important. These practices not only align with potential governmental policies but also appeal to conscientious consumers. Advisors should help clients integrate these elements into their business models, which can also be beneficial during due diligence checks for grants and supports.
8. Enhancing Apprenticeships and Skills Training Accountants should urge clients to develop inclusive and effective apprenticeship and training programs. Demonstrating the value and success of these initiatives can attract additional funding or new schemes. It’s important to assess and document outcomes to present a strong case when applying for such support.
9. Exploring Government Contracts There is a noticeable shift towards awarding contracts to SMEs rather than large national companies. Accountants should help clients navigate the procurement process and identify opportunities to secure local authority contracts, contributing to steady income streams and business growth.
Enhancing the Accountant’s Profile
1. Continuous Learning and Awareness To stand out, accountants must stay updated on all government initiatives and economic policies that may affect their clients. Regularly reading budget packs, following relevant news sources, and participating in professional development activities are essential.
2. Active Participation in Local Business Communities Joining local business boards and attending regional economic forums will position accountants as knowledgeable and influential figures. By contributing to local decision-making processes, they can directly impact the business environment and demonstrate their involvement and expertise.
3. Utilizing Social Media and Content Marketing Accountants should leverage social media platforms like LinkedIn and Instagram to share informative content. Positive, uplifting posts about government initiatives, success stories, and professional achievements can attract potential clients and establish the accountant as a thought leader.
4. Organizing Webinars and Workshops Hosting webinars or workshops on upcoming changes, such as new employment legislation or digital transformation, can provide immense value to clients. Bringing in HR experts or sustainability advisors for these sessions can help clients prepare for changes proactively, enhancing the accountant’s reputation as a comprehensive advisor.
5. Publishing Blogs and Newsletters Writing blogs or newsletters on topics like green initiatives, digital processes, or funding opportunities can educate clients and showcase the accountant’s expertise. Consistently creating high-quality content will enhance the accountant’s visibility and attract a broader audience.
6. Promoting Success Stories Highlighting clients' success stories, especially those involving government grants or business transformations guided by the accountant’s advice, can build credibility. Even if client confidentiality is a concern, anonymized case studies can effectively illustrate the accountant’s impact.
7. Building a Network of Specialists Developing a network of contacts, including business advisors, local authority representatives, and clean growth specialists, ensures that accountants can provide clients with comprehensive support. This collaborative approach not only benefits clients but also enhances the accountant’s professional network and reputation.
8. Engaging in Strategic Business Planning Accountants should encourage clients to think strategically about long-term goals and integrate incremental changes that can lead to significant impacts. By offering structured business planning sessions, accountants can help clients navigate the complexities of growth and adaptation.
With the new government’s focus on building and supporting SMEs, accountants have a prime opportunity to lead their clients through these transitions. By staying informed, engaging in local business activities, and leveraging digital and green initiatives, accountants can ensure their clients are well-positioned to benefit from upcoming support. At the same time, enhancing their own profiles through thought leadership, content creation, and networking will establish accountants as indispensable advisors in the evolving economic landscape.
For the full session, please click here. Kirsty McGregor covers the following areas during this course:
- The current government support for SMEs
- The new Labour Government’s manifesto for business growth
- How you can prepare your client to have access to the most support
- How you can stand out with the latest knowledge and contacts
The contents of this article are meant as a guide only and are not a substitute for professional advice. The author/s accept no responsibility for any action taken, or refrained from, as a result of the material contained in this document. Specific advice should be obtained before acting or refraining from acting, in connection with the matters dealt with in this article.
