What business support is available in the UK in 2024?

How can you find the right support for your business?

Running your own business comes with a multitude of challenges, especially in 2024, with escalating living costs and the impact of Brexit. So, it's normal to feel overwhelmed by the magnitude of these obstacles.

Fortunately, there are multiple resources available in the UK for entrepreneurs seeking business support. You can access support schemes that address numerous matters, including financial management and mental well-being.

Additionally, you can leverage the expertise of a business coach who can provide guidance on strategic decision-making. However, identifying and locating the specific type of business support you need and locating it can be challenging.

To help, we’ve put together some useful resources to steer you in the right direction, regardless of the challenges you may be facing.

In this article, we will cover the following areas of business support:

• Innovation
• Small Business
• Peer Networks and Leadership
• Strategic Business Support
• Financial Business Support

Innovation in business support

As the digital and technological revolution races and many markets become even more competitive, businesses need to consider innovation. If you need support in this area, here are a few business innovation support companies based in the UK.

The Catapult Network

Innovate UK established the Catapult Network as a world-leading technology and innovation centre network. Their aim is to support businesses to make their visions a reality in the form of valuable products and services.

These centres will give your business access to their expertise and their facilities. This means you can test and improve your products and service ideas.

They provide specific business support for SMEs and Startups in their centres' communities. You can find your nearest Catapult centre on their website.

Innovate UK

The founders of The Catapult Network, Innovate UK, are the UK’s national innovation agency. They look to support business growth through “the development and commercialisation of new products, processes and services, supported by an outstanding innovation ecosystem that is agile, inclusive and easy to navigate.”

They help businesses:

• to find the right partners
• to access the right expertise and equipment
• with financial loans and grants
• by connecting them with investors.

Read more about Innovate UK and how they support business innovation.

Small business support

The Federation of Small Business

The mission statement of the FSB is to ‘help smaller businesses achieve their ambitions.’ They look to provide their members with ‘vital business services including advice, financial expertise and support.’

As the largest grassroots business campaigning group in the UK, the FSB strive to ensure that the voice of smaller businesses is heard in government. Their membership benefit from access to lots of different business support schemes.

Here’s a glimpse into FSB benefits:

Peer networks and leadership support

You might be an established business leader looking for support with your decisions and personal ambitions. This is where peer networks and working relationships with other professionals can be valuable.

The Chambers of Commerce

The Chambers of Commerce in the UK pride themselves on being the ‘only organisation that helps British businesses to build relationships on every level.’ You can find support across the network, connect your business with other businesses and decision-makers, and find more opportunities. Explore more about the Chambers and how to get started with the business relationships it could help you build.

Peer Advisory Boards

Imagine having the backing of other business owners like you for all your key business decisions. That’s what peer advisory boards do. They are a unique solution to business leaders' loneliness and allow them to find business support from others facing similar challenges and opportunities.

TAB's advisory boards are part of our wider business support services. They run monthly in a safe, confidential environment, meaning you don’t have to go it alone.

“It’s having an ear to call on. Speaking to other business owners and understanding how they solved problems. Be it recruitment, growing your business or just managing your staff.”

That’s what Mark Connolly, owner of a marketing agency in Glasgow, said about the business support he has received from sitting on a peer advisory board.

Find out more about what we do at TAB and if it could be for you.

Strategic and decision-making support

Engaging with a business coach is key to finding business support in the UK for strategic decision-making.

The UK's business and life coaching industry has boomed in recent years. There are several business coach directories out there, or you could search for a local coach on LinkedIn. Alternatively, you could seek out recommendations from within your local networks. There are many benefits business coaching can bring, but it’s important to find a coach who works for you and who you are confident will provide you with the right support you need.

At TAB, we provide business coaching services that work hand-in-hand with our peer boards, and we encourage you to ‘shop around.’ If you decide a business coach is the business support you need, then make sure to ask them validation questions.

Often the qualities that people value in a business coach include insight, life coaching skills, character and areas of expertise, experience, and trust.

Ask them questions like:

• What are the biggest challenges you’ve helped clients solve?
• What do you do best? What don’t you do so well?
• Where have you failed, and how did you handle it?

Financial business support

Especially since the pandemic, there are various business support schemes when it comes to finances. Many grants are available for application, depending on certain criteria. The government website is the best place to discover what financial business support might be available for your business in the UK.

Gov.UK – Business Finance Support

There, you can filter by location, the type of support you believe you need, the stage and size of your business, and your industry.

By doing this, you should be able to explore what loans, grants and financial advice might be available.

Your Bank

Many people forget that their bank may be a vital source of support, especially when considering your company's financial health. The various loans established during the pandemic were literal lifesavers for many businesses.

Don’t forget to make use of your Relationship Manager assigned to you by your bank – they may be able to direct you to a variety of options when sourcing investment, re-financing or just helping you navigate any financial challenges you may be facing.

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In the UK, a lot of business support is available for SME business leaders that can fall under the radar. We exist to help business leaders achieve their own visions of success so it’s important that we help them find the business support they need both personally and professionally by recommending these various schemes and programmes.

If you have any questions about TAB and how we can help you, you know where we are.