One of the most common reasons behind business failure could be addressed in a new government scheme, according to the Chartered Management Institute (CMI).
The Growth Vouchers initiative is looking to provide small and medium-sized enterprises (SMEs) with access to expert advice on how to manage their operations and get the most out of potential opportunities for expansion.
Its deployment is currently being run as a trial, according to the Department for Business, Innovation and Skills – and will see £30 million of subsidies to help SMEs pay for the support of consultants to guide them on things like how to develop skills, attract customers and negotiate finance.
CMI director of strategy and external affairs Petra Wilton said: “Unfortunately, poor management has been identified as the most common cause of business insolvency. Many start-ups have brilliant ideas with huge potential, but fall down when it comes to making it a reality.”
Posted by the Secret Businessman