One in three SMEs fear debt by not planning for close of financial year

In addition to this nearly twenty per cent say they have lost out financially at year-end by not properly preparing, with many businesses citing a lack of affordable and simple support as a barrier to properly closing their books.

In response, British Gas is today announcing a unique partnership combining its experience as the largest supplier of energy to UK SMEs with the financial expertise of Business Debtline and the business growth advice of Enterprise Nation. Together, they have created a free online toolkit to support businesses with advice on topics including closing a financial year, creating a business plan and tips on how to reduce energy costs.

Stephen Beynon, Managing Director at British Gas, said: “SMEs are the lifeblood of the UK economy and their success will play a crucial role in creating the UK’s future jobs and growth.

“However, from listening to the concerns of our small business customers we know that many feel it hard to find and access help to help them meet their financial and legal obligations. By working with Enterprise Nation and Business Debtline, we are confident that we can help small businesses across Britain cut unnecessary costs, time and stress spent on the admin involved in running a business, giving them more time to focus on the things that will help them grow.”

Nicola Connop, from Business Debtline said: “Getting a young business into a sustainable financial position requires not only skills of the trade, but also business skills. In tough times when many people are looking to turn their trade skills into small business success, or just trying to ensure a steady income, the value of real business acumen cannot be understated.

“Simply mastering the basics such as preparing for financial year end can be the difference between a business surviving and failing. The good news is that help is available, even for those in serious difficulty. Business Debtline offers free, impartial advice that can help your business get back on the road to success.”

Advice to help SMEs prepare for financial year-end, better understand and manage energy costs and discover the help available when things aren’t going well can be found at: www.britishgas.co.uk/makingiteasy

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