We're Backing Business Campaign: Calls grow from firms battling crunch (From Lancashire Telegraph)

We're Backing Business Campaign: Calls grow from firms battling crunch

10:00am Monday 18th May 2009 in Business By Ben Briggs

FIRMS have been taking advantage of the Lancashire Telegraph We’re Backing Business campaign by asking for more help and support to stop them from going under.

Partner organisation Business Link Northwest is seeing more and more calls relating to finance and sale and marketing as result of the groundbreaking campaign.

Figures have shown that almost 4,000 East Lancashire businesses are staring into the financial abyss because of unprecedented economic hardship.

The Lancashire Telegraph’s campaign aims to provide information, help and practical support to firms over the coming months.

Finance is one of the most crucial issues facing businesses during the current economic climate as options for financial support become increasingly hard to secure.

In response, Business Link Northwest launched the Access to Finance service which diagnoses the financial needs of businesses, helps them develop funding strategies and enhances their appeal to lenders and investors.

Rob McGuinness, a growth broker for Business Link Northwest, said: “A key factor for small and medium enterprises is cash flow and we have seen a rise in the number of businesses wanting increased support in this area.

“Cash flow is the life blood of any business and the current economic situation means that chasing debts is becoming increasingly challenging as suppliers and contractors struggle with their own finances.”

Sales and marketing support is another area companies are seeking additional assistance with as they look to drive sales and additional revenue.

Many companies are tempted to cut back on marketing spend but in these challenging times, marketing activity can put a business in better shape for recovery, according to business experts.

Michael Holroyd, digital and creative industries broker, added: “Currently a lot of digital and creative businesses in East Lancashire are bucking the trend and performing well as they are providing part of a solution for businesses who are struggling.

“They can offer sales and marketing strategies that offer real benefits to businesses at this time.”

For more information on how Business Link Northwest can help log onto the website below or call 0845 00 66 888.