Business scheme is helping firms
HUNDREDS of businesses across the UK have benefited from a scheme being backed by the South Wales Evening Post.
Local Business Acceler- ators has been designed to help young businesses by offering free local newspaper advertising and mentoring.
A spokesman for the scheme said local press advertising was a proven force to drive growth for small to medium sized enterprises with 60 per cent of small business owners agreeing advertising in their local paper was the best way to attract customers in their area.
A total of 90 per cent of businesses which secured help from a mentor reported seeing the benefit, with three quarters citing an improvement in their ability to develop business plans and strategy.
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A recent survey of business owners found 60 per cent of those who use external advice improved their business performance as a result.
A separate survey found that of those business owners who said they were expecting to grow in the next two to three years, 80 per cent had used external advice compared to 67 per cent who had not.
Penny Power, a business mentor and experienced entrepreneur, said: "As a mentor, my goal is to provide the support an entrepreneur needs to stay confident and focused on their goals.
"Having an outlet where you can share ideas or concerns and get guidance on the next steps can be invaluable to someone who is starting a business."
Local Business Acceler- ators sees mentoring as having the potential to deliver significant economic benefits by building capacity and confidence in SMEs to seek external support in a low cost way.
A spokesman for the scheme said: "By seeking mentoring support now, business owners are not only gaining invaluable support for their businesses but contributing to wider growth of the British economy."
The Local Business Accelerators campaign has already seen hundreds of businesses across different sectors feel the effects of this acceleration and many more stand to benefit in the coming year.