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SME TOOLKIT


one percentage point per year, could deliver £320bn to the UK economy by 2030.


Finding the funds to push forward is just one of the potential barriers to growth Lancashire’s SMEs have to overcome.


The Blackpool Growth Business Academy is working to help SMEs identify the hidden challenges. According to its team, some of the most common, and often overlooked, obstacles include limited operational capacity, informal or unclear strategies, leadership pressure points and what it describes as ‘digital hesitation’.


A spokesperson says: “These issues are simply natural hurdles many growing businesses encounter, even after years of solid performance.”


David Thorp enlisted the academy’s support last year as he looked to grow Blackpool based SME Stanton and Novelty Confectioners.


David Thorp Continued from Page 49


“Demonstrating consistent revenue growth, profitability – or a clear pathway to profitability – can significantly strengthen your application.”


in association with


The timing also has to be right. Mark says: “Debt finance works best when it is used for momentum, not to solve fundamental business problems, cash flow issues or to get your business off the ground. Can you clearly show that funding will generate increased revenues to service new debt?”


Leading business lender Allica Bank has called for more finance to be made available to North West businesses after its research revealed a worrying SME ‘lending gap’.


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It says its research highlights a ‘concerning drop’ in business loan applications and increase in bank rejections, leaving the UK with the lowest business investment rate in the G7.


And it warns a lack of SME lending is sucking £6.33bn of productive credit out of the North West’s economy – equivalent to around 2.3 per cent of the region’s GDP.


Pete Norris, Allica Bank’s relationship manager for the region, says: “The North West is home to some fantastic businesses and a business community that wants to invest, grow and innovate. All too often, however, business owners struggle to find the finance they need to do so.


“Recent decades have seen many banks focus lending only on businesses with significant assets and property, or shy away from supporting some sectors altogether.


“Our data reveals that three decades ago only five to 10 per cent of SME loans were rejected – a figure that stands at 40 per cent today. This shows a banking sector failing to keep pace with a changing economy and this is having real knock-on effects for the North West economy, and the country as a whole.”


Things may be about to change. As part of its overall plan to support small business the government has announced plans to launch a new £4bn wave of financial support.


It will be aimed at boosting growth and supporting more small businesses to start up and grow. Accelerating SME growth by just


Since 1969 it has been known for its iconic candy and rock novelties. Managing director David is the third generation at the helm of the business that has a 14-strong team.


Recognising the challenges of managing a seasonal business he worked to establish a year-round trade.


Stanton’s products are sold in Fortnum and Mason, Alton Towers and Blackpool’s own


Expert View


YOU CAN’T DO IT ON YOUR OWN


By Sue Smith, Professor of entrepreneurship, University of Lancashire


Running a small business can be incredibly rewarding – bringing your ideas to life, building something from the ground up and making a real impact in your community.


But behind the headlines of entrepreneurship success lies a quieter truth that many owner- managers experience: it can also be lonely.


Small business owners often wear many hats. You’re the strategist, the sales person, the HR department and sometimes even the cleaner. There’s rarely time to stop, reflect, or share the load.


Unlike larger companies, small businesses don’t always have a team to lean on – or even someone to share a coffee and a conversation with. Over time, this isolation can chip away at confidence and creativity, leaving even the most resilient business owners feeling overwhelmed.


In Lancashire, as in many regions, SMEs are the lifeblood of the local economy. But it’s precisely because of this independence and drive that many small business owners suffer in silence.


The myth of the ‘hero entrepreneur’– that you must do it all on your own – can be damaging and simply isn’t true. One of


the most powerful things any business owner can do is to connect with others who understand the journey.


That’s where business networks come in. Whether it’s a formal network, a sector- specific group, or a more informal peer support circle, being part of a business community offers far more than just referrals and LinkedIn connections. It’s about shared learning, mutual support and building relationships that can carry you through tough times.


Networks provide access to ideas, advice and resources that you might never stumble across on your own. They allow you to learn from others’ mistakes and successes, saving you time, energy and money. More importantly, they offer a sense of belonging – people to talk to who just get it.


So, if you’re running a small business and sometimes feel like you’re doing it all alone – know that you don’t have to. There’s strength in numbers. Reach out. Get involved. You might be surprised by how many people are feeling the same way – and how much you have to offer each other.


Because the truth is, no one builds a successful business entirely on their own.


Pleasure Beach Resort, while its Logo Lollies have been created for brands ranging from Staples and Samsung to Chelsea and Everton football clubs.


David’s next task was to look for growth. He says: “I really wanted an external pair of eyes to check our plans and reassure us that we were heading in the right direction.


“I’d been working full-time on production and running things in the office, and it’s easy to find yourself just reacting to what’s going on around you and never thinking ahead.”


He adds: “We did a three-year orbit plan that helped me focus on the future and how to get there. And a resource matrix helped identify the parts of the business where we’re a little resource light. So that was all fantastic, because you can’t figure out where you’re going next without understanding where you are now.


“I’m definitely able to take more of a data- driven, more strategic approach to what we’re doing,” he says. “I’ve now got systems in place that make it easier for me to understand what’s happening within the business.


“The wild card remains the external factors. By definition, they’re hard to control, but I am now able to better prepare the business to withstand the unexpected.”


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