Petty cash... apprentices are an asset

⬤ Apprentices have helped small and mediumsized enterprises (SMEs) generate cost savings or additional revenues worth £550m in recent years. A study by technology company Multiverse shows that small companies taking on apprentices have recorded benefits including reduced staff turnover, lower costs and higher productivity. While SMEs have sometimes struggled with the red tape of apprenticeship schemes, the research suggests it is worth persevering – particularly at a time of skills shortages and elevated job vacancies.

⬤ Small businesses need to get on top of energy bills before its too late, experts warn, amid fears that the less generous help available from the state could leave many firms exposed. On 1 April, the government’s Energy Bills Discount Scheme replaced the previous support arrangement, offering less generous assistance to small firms struggling with high energy prices. For those that fixed their gas and electricity rates at very high levels last year, this could be particularly painful. Talk to your provider as soon as possible to understand what you will now pay and what you can do to mitigate high costs.

⬤ Sales of personal-guarantee insurance increased by more than 90% at some insurers last year, as more directors made plans to protect themselves from personal liabilities relating to their business. The cover, available from a number of specialist business insurers, pays out in the event that a business is unable to repay loans that have been secured by guarantees from company directors. It can be a valuable way to ensure directors don’t lose everything in the event of a business failure.