Response to FT article about closure of support networks for business

 

Your article this morning in connection with the closure of support networks for business does highlight some potential shortcomings when it comes to Government policy on nurturing start-ups and growth businesses.

The demise of Business Link as you point out will not be missed by many, but on the whole, our experience of the organisation was positive. Nonetheless, reform was due, but will a group of volunteer mentors be able to provide the support required. After all, this is a commercial world, and therefore mentors will look to be recompensed as individuals take advantage of their knowledge. As your contributor Nick Wall comments, he estimates his advice would have cost him £100,000.

Whilst we are seeing the closure of support networks, I note that Nick Ogden is starting up business.co.uk. Although I have yet to investigate the portal in any detail, it can potentially provide an avenue for companies to seek advice.

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Response to Telegraph article about companies releasing more relevant accounts


I recently read this article, and whilst the piece is centred around the credit insurance industry I think it is a matter of time before other financial institutions begin to request management accounts.

I used to be a credit insurance underwriter before setting this business up in 2006 and have often wondered how I could produce relevant information for credit underwriters to assist with their decision making process. The layout and content was never the issue, after all I know what underwriters want to see, but it was cross checking the data to ensure accuracy that posed the problem. That was resolved a couple of months ago which is why we are now in a position to offer this service of producing underwriter friendly management accounts.

Highlighted in the piece is why the underwriting houses want the information given the way the economy has changed since 2009, but actually it could have greater benefits that are not immediately obvious.
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