3 SUPPORT NETWORKS TO ASSIST YOUR BUSINESS

At the best of times, running a small business is like running through landmines. A minor blunder can mean the difference between success and disaster.

And this is perhaps more true now than ever before. High street retailers are closing at an alarming rate as mega-corporations like Amazon maintain their grasp on practically every market.

When Covid-19 spread over the world, the Guardian estimated that the UK's high streets will lose more than 17,500 chain retail outlets by 2020.

'The full extent will be revealed in the coming months, as many of the [company restructures] and administrations in the early part of 2021 still haven't been captured, including department stores, fashion retailers, and hospitality operators that will leave big holes in city centre locations,' said Lisa Hooker, head of consumer markets at PwC.

Assistance is so essential for SMEs during this tumultuous period.

With that in mind, we've compiled a list of venues and programs designed specifically to assist small businesses. Have a look at them and give them a shot.

1. Business and innovation clusters

Universities and corporations make excellent partners, especially when it comes to developing novel solutions as read this to corporate problems.

The 3M Buckley Innovation Centre, with its major focus on bringing universities and Companies together, is an excellent example of this.

The Centre, which is based in Huddersfield as an outgrowth of the University of Huddersfield, aims to stimulate innovation and enterprise by sharing its knowledge, substantial resources, and employees with SMEs.

You will have access to training and networking events, office and lab space, hi-tech meeting and break-out areas, and much more as a member of the Centre.

In short, this is the ultimate support network for any local business.

2. Covid-19 compatibility

As previously stated, the coronavirus outbreak has forced the closure of businesses left, right, and center. In some ways, this was inescapable tragedy. Stores have to remain closed in order to preserve lives.

If your SME has survived these trying times, the government can provide financial assistance in the form of loans, tax breaks, and cash grants.

What you're qualified for depends depend on the size and financial health of your company, but we recommend visiting the official Government website to find out.

3. Grants for small businesses

There are numerous small company grants available in the UK, and your eligibility for these grants may be determined by a number of variables.

Some of these grants include:

Heritage initiatives are supported by the National Lottery Heritage Fund.

Innovate UK - promotes the implementation of new ideas in order to strengthen the UK's position as a center of scientific excellence.

The Prince's Trust - assists people aged 18 to 30 in establishing themselves in the corporate world.

When it comes to small company grants, this is just the top of the iceberg. Also, if you win a grant, you will not be required to repay the funds. It's a win-win situation.

That concludes our list. Is there anything you think we missed? Then do let us know in the comments section below.

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