The UK Government has recently unveiled a new package of measures designed to support small businesses, tackling some of the long-standing challenges that make running a business harder than it needs to be.

Professional bodies, including the Chartered Institute of Management Accountants (CIMA) and the Institute of Chartered Accountants in England and Wales (ICAEW), have welcomed the plan, which looks set to bring meaningful changes in areas that matter most to small firms.

Tackling cashflow and late payments

One of the biggest challenges for small businesses is late payment. It’s estimated that overdue invoices cost the UK economy £11 billion every year. The Government has pledged to legislate against this issue to help protect smaller firms and improve cashflow.

Cutting costs and regulation

The plan also includes a target to reduce regulatory costs for businesses by 25%. For many small firms, compliance and admin create a huge time burden – so even a partial reduction could free up valuable time and money.

Access to finance

Support is also being boosted through finance schemes:

• Start-Up Loans: More businesses will be able to access funding and mentoring through the expanded scheme, which has already helped over 69,000 businesses get off the ground.

• British Business Bank: The Growth Guarantee Scheme is being extended, and the ENABLE programme will see its capacity raised from £3bn to £5bn.

Support for high streets

There will be permanent reforms to business rates, with lower multipliers for retail, hospitality and leisure properties. On top of this, up to 350 communities will receive targeted funding to strengthen local economies.

Skills, apprenticeships and technology

The Government is also investing £1.2bn into apprenticeships and skills, with a focus on helping small businesses adopt new technologies – something that could make a big difference to productivity and long-term growth.

Other measures

• The Business Growth Service is being reintroduced to provide tailored support.
• UK Export Finance lending capacity will rise from £60bn to £80bn, giving small businesses more opportunities to trade internationally.

Final thoughts

This package is being seen as a strong signal of support for small businesses – and while the details will matter, any step that makes it easier to manage cashflow, cut costs, and access growth opportunities is worth paying attention to.

As always, the way these changes affect your business will depend on your sector, your size, and your goals. If you’d like to understand how your business can make the most of the support on offer, let’s have a chat.

👉 Talk to me about your small business today.