Help to Grow Digital: The new government scheme that can help grow your business.
The new, UK-wide Help to Grow scheme, is set to launch from December 2021. Along with a number of government initiatives, it’s aimed at helping small and medium-sized enterprises (SMEs) to take more advantage of digital technology.
A recent survey, commissioned by Sage and based on modelling by economic research consultancy Capital Economics, found that 400,000 jobs would be supported, £50bn revenue and £21bn in economic output would come as a result of improved productivity if government introduced incentives for SMEs to adopt technology.
Technology is making it easier for small businesses to compete with larger companies. Two-thirds of SMEs say investing further in technology would benefit their business, while nearly three quarters (71%) reported that technology would increase profitability significantly over time!
With this initiative, the cost of new technology is more accessible and affordable than ever before. Read on to see if the new grant scheme could be applied to your business.
What is Help to Grow Digital?
Help to Grow Digital is the new government initiative aimed at helping Small and Medium Enterprises (SMEs) identify their digital technology needs, asses the appropriate options such as a new CRM like Zoho CRM, or cloud accounting system like Xero or Zoho Books and then implement that technology in their operations.
The programme is aimed at encouraging businesses to take up the latest software. After all, the digital world moves quickly and if you’re not up to date on the latest, you may find yourself behind. Those that meet the criteria (see below) can access discounts and receive up to 50% off the price of technology packages including license costs and a contribution to the implementation.
Am I eligible for the Help to Grow: Digital scheme?
You’ll be eligible for vouchers if your company employs between 5 and 249 people and is registered at Companies House. Additionally, your business will need to have been trading for more than 12 months.
How will Help to Grow Digital help my business?
The digital technology that the scheme offers can speed up all of your business processes. For example, an inventory management system such as Zoho Inventory that can automatically order raw materials to monitoring stock levels, a HR system like Zoho People for managing employee information and performance, or a system for managing staff rosters.
How do I apply for the Help to Grow Digital scheme?
You can apply for the Help to Grow Digital scheme through the Help to Grow portal. It’s very quick and easy. You’ll need your Companies House registration number, which you can find on your certificate via the Companies House database.
Once you’ve registered, you’ll get sent an email confirmation. Simply click the link in the email and you’ll shortly receive more information.
What are the benefits of managing your business finances digitally?
Cloud accounting software such as Zoho Books is revolutionising the way companies manage their finances. Gone are the days where you have to manually account for every penny that flows through your business, because with cloud-based systems there’s no need! Invoices can be sent automatically with links to your preferred payment engines and incoming bills can be auto coded. It saves time and money while also freeing up employees’ schedules so they can focus on more creative tasks such as talking directly with customers or strategising.
Financial information can be accessed and analysed with a dashboard that updates in real-time giving you accurate and immediate information on the state of your cashflow. Allowing for better decision making than if your financial data was manually entered into various systems. Additionally, cloud systems allows teams to manage finances remotely too.
Whilst you may not feel ready for it yet, more and more businesses are turning to AI in order to offer their customers a personalised service. The technology can anticipate shortages, predict market trends and generate insights about customer needs with pinpoint accuracy – all without wasting time or resources on guesswork!
The pandemic has accelerated a number of trends with increased use of digital technologies. Cloud computing continues to reduce costs and increase flexibility, while also boosting agility!
Help to Grow Digital offers SMEs the opportunity to move ahead in this new digital world quickly and cost effectively with a programme that is government backed.
It will require a small investment of time and money from you to initiate, but the return on this investment can be considerable. Remember: even if you don’t sign up for it, there’s still a chance that your competitors might get in on what’s happening. So make sure you get ahead of the game!