This is particularly important when it comes to your business banking needs. Understanding what financial products you need when you’re starting out and as you grow is crucial to both keeping things running smoothly and achieving long-term success.
Where can you turn for help?
At Business Banking Insight (BBI), we help SMEs make better informed decisions on their next financial product purchase or switch. Every three months we interview over 19,990 SMEs across all industry sectors, businesses sizes and regions. You can then compare your provider(s) accurately against others – and see SME's recommendations for any new products you need. Our data covers current accounts, insurance, loans, credit cards and asset finance – to name just a few.
In addition to BBI, there are a wealth of resources online, offering help on everything from start-up financing to finding the right product or adviser. We’ve put together a list of just some of them below:
A partnership between the Federation of Small Businesses, the British Chambers of Commerce and HM Treasury, this website allows SMEs to compare customer reviews of UK business banking accounts, credit cards, loans and other financial products. Data is published quarterly following an independent survey, which asks thousands of SME owners about their banking experiences. Visit https://www.businessbankinginsight.co.uk
This Government site has useful information on financing your business from day one and through every stage of growth. It also has interesting case studies to explore on subjects like tax relief. Visit http://www.greatbusiness.gov.uk/
This online and downloadable guide takes you on an interactive journey through your growth timeline, showing you all the things you need to think about on the way to success. Visit https://thebusinessfinanceguide.co.uk/
Better Business Finance was set up by Barclays, HSBC, Lloyds and Santander, and is run by the BBA. It provides impartial information and support to businesses looking for finance providers and business banking accounts. Visit http://www.betterbusinessfinance.co.uk/
Backed by the Government, this collaborative service by the ICAEW, ACCA and ICAS, will help you find and get in touch with qualified accountants who can provide independent advice on business finance. Visit http://www.icaew.com/en/technical/finance-and-management-faculty/smes/sme-news/business-finance-advice-scheme
The British Business Bank’s Small Business Finance Markets 2016/17 report contains lots of stats and insights about current conditions that small and growing businesses must navigate. Visit http://british-business-bank.co.uk/small-business-finance-markets-report-201617/
Britain’s first online gateway for SMEs looking for mentoring offers businesses access to a list of quality-assured mentoring organisations across the country, as well as useful online resources and case studies. Visit http://www.mentorsme.com/