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Welcome to WrightCFO's September 2020 Newsletter. If you missed the last instalment you can take a look here.

September has brought new restrictions of movement with regard the pandemic, and there remains the potential for further restrictions to be implemented which could impact on business operations. In addition many of the existing financial support options provided by the government are due to close in just a couple of weeks. So, this month we wanted to look at what funding is still available, and what other financial support options your business could access beyond the autumn.

Furthermore, September is back to school month. It is hard to believe it has been a year since we posted about CPD and Adult Education Options, and given the current climate finding time for study is problematic, however we have some suggestions that may fit your schedule and help your business as a whole.

As always if you have any comments or queries relating to the content of this Newsletter please don't hesitate to get in touch.
Funding Options for Business
In July's Newsletter we provided guidance on the Government's financial support schemes for business relevant to the pandemic, including their closing dates.

Most notably CBILS and BBLS are scheduled to close at the end of September. Please click on the link above to access this information, and details for other funding options available beyond September, as provided by the Government.

The UK Government has also issued guidance related to additional support where public bodies, organisations and charities have produced resources that may be useful to employers and employees. You can find all information relevant to that here. 
 
However, there are alternatives.
 
The network of Local Enterprise Partnerships (LEP's) enables and promotes the 38 LEP's in England to work together on national shared interests. LEP's are 'business led partnerships' that exist between local authorities and businesses. Their aim is to drive economic growth.

The LEP Network is currently offering a variety of business support schemes and funding including 'Restart, Restore and Recover Loans' and bridging finance options. You can find your local growth hub here.
 
LEP's are working hard to support businesses through this challenging time and we recommend taking time out to look at their current initiatives in your locality. They are making proposals for further support as the situation with regard the pandemic evolves so it would be beneficial to keep track of developments in the coming weeks and months.
 
There also remain numerous options with regard private funding including banks, angel investors, peer-to-peer lenders, venture capitalists or personal investors.

If you would like to fully explore your funding options please get in touch. A Finance Director will advise on the best type of funding for you, and then can help you to plan and execute the financial aspects of your pitch, from preparation to application. Learn more about how to pitch to an investor here.
Training, Adult Education & CPD
This time last year we created several blogs on training, adult education and continuous professional development.

There remains a wealth of resources freely available to help businesses undertake training and CPD including free online courses and e-books. However, furthering our skills and knowledge may be an item consigned to our 'wish list' at present. Everyone is giving 110% so where do we find the time to learn new skills?

Despite the challenge of finding time and resources to permit CPD it is vital that businesses continue to do so. It will help to boost employee morale, as well maintaining your appeal to prospective clients and employees. It may be a pre-requisite for maintaining professional memberships, or applying for specific contracts, and demonstrates your level of commitment and professionalism.

One way of permitting CPD given the current pressures on businesses is to employ cascade learning, more commonly known as 'train the trainer'.

This process involves one or several employees being trained to understand and then deliver the content of a specific topic. Those people can then disseminate the information through your organisation. 

While this approach may not be suitable for candidates wishing to achieve actual qualifications, it is perfectly suitable for sharing training content and as such achieving CPD. In addition it supports other aspects of professional development for the candidate delivering the content.

You may choose an employee to attend a course relevant to your business discipline, and then challenge them to prepare a presentation on the course they attended to deliver across the department or company. This in turn reinforces their own learning and further develops their managerial skills in communication.

Cascade learning can be employed informally to share any skills that you or your employees learn, and can be used to minimise costs related to training and CPD.
A note from Sophie....
You all know that WrightCFO has been successfully placing part-time Finance Directors in businesses for the last 6 years. But what some people do not realise, is that we also do permanent placements for senior finance roles, as well as outsourced bookkeeping on Xero. If you are interested in any of these services, or just want chat about your business, please give us ring or drop me a line. Stay safe and stay in business.
Copyright © 2019 WrightCFO Ltd, All rights reserved.

Email: sophie@wrightcfo.co.uk
Phone: 020 3151 7430.


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WrightCFO Ltd · 52 Sixth Cross Road · Twickenham, Middlesex TW2 5PD · United Kingdom

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