The North East is full of hard-working, ambitious business owners taking hands-on roles in the day-to-day running of their company. And while many of these owner-managers have creative new ideas for business growth, a lack of funding, financial stability and cash flow can hold them back according to a national survey conducted by Haines Watts Chartered Accountants.
The ‘For Love or Money’ survey interviewed hundreds of businesses about their wealth, investments, future plans and financial security – providing a realistic assessment of the business landscape across the UK.
The survey found that a third (32%) of North East business owners want to change the way their industry does things, highlighting a clear disruptive ambition in region’s business community. The North East was also found to have the biggest growth targets of all the regions surveyed with 30% of owner managers aiming for growth of 21-30% over the next year.
With offices in Newcastle and Darlington, the award-winning accountancy practice has built up a reputation for providing SMEs and entrepreneurs with the financial and tax advice they need to achieve their business goals. Offering a host of services under one roof, including tax planning, strategic business advice, and assistance with grants and funding, Haines Watts specialise in helping SMEs make their ideas a reality.
The study also found that almost two-thirds (62%) of North East business owners identify financial worries as a source of stress and a drain on their motivation with 57 percent of owners saying their work-life balance is tipped towards work.
Donna Bulmer, Managing Partner at Haines Watts, said: “Taking risks is part and parcel of running a business but it shouldn’t come at the expense of protecting and enjoying your hard earned wealth. Having an advisor who can act as a sounding board for your ideas and provide advice when needed can make a real difference to your business further down the line.
“Our in-depth research has shown that money is one of the most common causes of stress for business owners as they attempt to tackle cash flow issues, growing pains and over-expansion as they arise rather than planning for them in advance.”
Haines Watts specialise in Research and Development (R&D) relief, with the North East offices saving clients more than £21m through R&D tax relief since 2015, allowing them to reinvest and fulfil their business objectives.
Donna continued: “We understand that innovation plays a crucial role in the future success of the UK economy. However, many of the business we work with have, in the past, struggled to find sources of finance to realise their growth and expansion opportunities. R&D relief and refunds have generated cash to allow investment to happen.
“Our dedicated R&D experts can give you the advice you need to ensure you make the most of the tax relief available to you, guiding your businesses in the right direction and potentially saving you a large sum of money.”
For more information on Haines Watts and their services, visit https://www.hwca.com/accountants-newcastle/
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