London Development Agency
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LDA Meeting Demand for Expert Business Advice

The London Development Agency has found overwhelming demand for expert business advice in a series of ‘recovery’ seminars led by specialists from business advisory firms KPMG and Deloitte.

The workshop a KPMG today (Wednesday 28 January) is the last in the current series. Led by KPMG’s London chairman Richard Reid and by LDA Chair Harvey McGrath, the event is fully booked and will offer expert advice that can help small firms survive the economic downturn.

The seminars are part of the London Development Agency’s drive to help keep London working. The LDA announced an additional £23 million package of public sector support for small businesses in December – part of the Mayor of London’s Economic Recovery Action Plan. The seminars have provided people with information on vital strategies to succeed in the current economic conditions. This has included advice on issues such as cost reduction strategies, finding alternative sources of cash, doing deals in difficult times, simply advice on how to make the most of the announcements in the Governments’ pre-budget report, maximising the advantages of R&D tax credits and ways to win new business.

London Development Agency Chair Harvey McGrath said:

"Small businesses are a vital part of London’s economy but they are often the first hit in a downturn. The LDA aims to ensure that small businesses can get the support and guidance they need. Expert advice from business groups like KPMG and Deloitte can provide fresh insight and show them how they can survive – and even prosper – in today’s difficult economic climate."

Jeremy Sindall, Chief Executive Officer of DigitalML was one of the 62 business representatives who attended an LDA seminar at Deloitte last week. He said:

"I found the seminar particularly useful and came away with some good ideas particularly in relation to R&D Tax credits and the recently announced Enterprise Finance Guarantee Scheme. Our company is going through a growth stage and it helps us to be equipped with the most up-to-date information.

"I would recommend these seminars to other businesses and will be attending other business seminars organised by the LDA in the future."

Steve Wardell, Partner in charge of London Middle Market at KPMG added:

"It is essential that if London is to remain competitive against cities such as New York or Shanghai, it’s lifeblood of SMEs is kept in business. The rapid way in which the credit crunch has spread from London’s financial sector to its middle market caught many companies off guard and they are looking for advice on how they can move quickly to protect their business. Cost cutting, cash management and managing employment costs are issues that all businesses are most focussed on right now."

Tony Cohen, head of entrepreneurial business at Deloitte said:

"Whilst entrepreneurial businesses are very adaptable, there is no doubt that the pressure of the current economic environment is being felt in a number of areas. Entrepreneurship is here to stay and with the help of local organisations entrepreneurs can obtain support in maintaining their businesses going forward.

"These seminars have enabled us to share some very practical, easily understood, common sense ideas - that do not require investment - but will help entrepreneurs to generate cash savings and to ensure minimal cash leakage."

The London Development Agency is providing over £170 for business support and skills training in London in this financial year. The range of support available for London’s businesses includes Business Link in London, JobCentre Plus and specific LDA-funded schemes.

Given the demand for these seminars, the LDA is working with KPMG, Deloitte and other partners to provide a series of further events – details of which will be published shortly on the LDA website: www.lda.gov.uk

For further information contact the LDA News Team: Robert Beasley 020 7593 8437. LDA out of hours: 07977 439371 Public enquiries: 020 7593 9000

Notes for editors

London Development Agency aims to improve the quality of life of all Londoners – working to create jobs, develop skills and promote economic growth.

The business support services currently backed by the London Development Agency include:

- Business Link in London: http://www.businesslink.gov.uk/bdotg/action/home?site=181

 

 

- Knowledge Connect: http://www.knowledgeconnect.org.uk/

- Designing Demand: http://lda.designingdemand.org.uk/

- Supply London: http://www.supplylondon.com/

- British Library Business and Intellectual Property Centre http://www.bl.uk/bipc/index.html

- Business London: http://www.lda.gov.uk/server.php?show=ConWebDoc.2616

- Think London: http://www.thinklondon.com/

- Diversity Works for London: http://www.diversityworksforlondon.com/

- Community Development Finance Institutions: http://www.lda.gov.uk/server.php?show=ConWebDoc.2908

The London Development Agency is working with the London Chambers of Commerce and Industry, the Confederation of British Industry, JobCentre Plus, the Learning Skills Council and the London Boroughs to ensure London’s businesses have access to – and know about – the comprehensive, integrated package of support available.

The LDA has contracted Business Link to provide business support services in London. Business Link provides businesses large and small with access to advice and support twenty-four hours a day, seven days a week. Business Link can identify what individual businesses need and match them to suitable business support.

Companies register onto CompeteFor and then get notification of contracts that match their products and services. The CompeteFor system also identifies those companies that need further support to become ‘fit to compete’ and refers them onto another LDA-funded service called Supply London.

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