There is no getting around it, the COVID-19 pandemic caused massive disruption to businesses around the world. As a result, most companies are tightening their purse-strings and operating more frugally whilst the world works back to a sense of normality.
It’s been the same at Penny Hydraulics, investments in certain areas of the business were put on hold whilst we tried to gauge the impact of the Coronavirus. However, investment, efficiency and growth can be accelerated by accessing a ‘Business Growth Fund’ or similar grant.
If you have plans that will improve your business, it is worth exploring grants as a source of capital to help you to complete the project during this period of uncertainty. What is available varies from region to region but there can be fringe benefits linked to some of the grants as they can open up access to the resources of universities or other training establishments. Penny Hydraulics Ltd has formed an excellent working relationship with several organisations that provide assistance in various ways, including financial, to drive business improvement. These organisations include Sheffield Hallam University, The Advanced Manufacturing Research Centre Training Centre, University of Derby and the Chamber of Commerce. The help has been with recruitment support for graduate engineers, financial assistance to support apprentice positions, technical assistance and grant funding for special projects that lead to growth and enhanced employment prospects.
There are a number of grants available from a variety of sources. From our experience, we always check our local Chamber of Commerce (find your local chamber here), the UK government website, local universities and local council website. It’s worth following these organisations on Social Media and signing up to newsletters to ensure that you are kept up to date with what there is on offer. In a pre-pandemic world, there were events held to discuss the opportunities – these have moved online to webinars. It’s also worth striking up a relationship with a contact who can come to understands your business and requirements as this should be an ongoing relationship.
If you are eligible for grant funding, fill in an application form and start the process. Our advice is to seek advice and plan ahead. Although the process can take some time the help that it brings may just give you the confidence that you need to make that investment and so achieve your growth potential. Give it a go!