Businesses look to their trusted advisors to manage their finances; accountants play a pivotal role in guiding businesses toward sustainable growth and financial stability. Often businesses outsource the work that is too time-consuming or specialised to do in-house - and when it comes to the world of funding, understanding the intricate web of business grants, especially those facilitated by Local Enterprise Partnerships (LEPs), can be a great place for accountants to step up and demonstrate the value they bring.
Make no mistake, grants can be a game-changer for both accountants and their clients. So how can you help your clients navigate this world?
Local Enterprise Partnerships (LEPs) are regional entities in the UK that champion economic growth, innovation, and employment within their communities. For accountants, understanding and guiding a client through the realm of LEP-backed grants opens a myriad of funding opportunities for their clients. However, time is running out for this scheme as the government are ending support for LEPs from April 2024.
These grants, tailored to support various business sectors, offer huge potential to entrepreneurs seeking capital infusion for expansion, research and development, and even skills training. By staying up to date with the grants offered by LEPs, accountants can alert their clients to the grants for which they are eligible and proactively guide their clients towards the financial resources necessary for their ventures to thrive.
Navigating the complexities of LEP grants requires a keen eye for detail and a deep understanding of your client's business goals. Swoop's Grant Finder Tool is a time-saving aid for accountants seeking to leverage their financial expertise and identify the most suitable grant programs, help clients prepare robust applications, and even provide strategic advice on how to optimise the funds for maximum impact.
Moreover, staying connected with local LEPs and understanding their unique criteria and application processes can give accountants a competitive edge. By fostering strong relationships with these regional bodies, accountants can not only enhance their knowledge but also position themselves as invaluable assets to businesses seeking financial support.
Grants had always seemed too much trouble for us - one of those important things we knew we should be doing but too many other day-to-day activities got in the way. Having an accountant identify a grant we could apply for and then helping with the application itself was nothing short of a game-changer for our business. Thanks to our accountants, we not only got a crucial fund but also transformed some of our plans into a reality sooner than we could have hoped.
In conclusion, accountants will find that familiarising themselves with how their Local Enterprise Partnership grants work will pay off by making them much more dynamic as an advisory service. This is more than just a strategic move; it's a proactive approach toward empowering businesses. By harnessing their financial acumen and understanding the nuances of LEP-backed grants, accountants can elevate their advisory role, enabling their clients to access the funding they need to thrive in the ever-evolving business landscape.