Designers eye business aid worth £50,000

Ambitious entrepreneurs running their own design consultancy are being invited to try out for a subsidised scheme of business strategy and mentoring worth £50,000.

Launched by the Design Business Association(DBA), eight freelance design firms will be chosen to take part in this year’s Small/Medium/ Large 2006 initiative.

Backed by the National Endowment for Science, Technology and Arts, the competition is open to design entrepreneurs who want to know how their venture can improve, without compromising client service, creativity or profitability.

Any design firm with more than two years full accounts can apply before the deadline of Monday March 6.

Successful applicants will receive close mentoring tailored to their venture, with an emphasis on drawing up realistic business plans for ongoing or future success.

The chance to receive first class mentoring is expected to be snapped up by small firms, in light of research from the Association showing half of design consultancies are clueless about their future.

According to the DBA findings, some design entrepreneurs simply don’t know where to start when it comes to defining their long-term goals, while others are creatively confident but lack business acumen.

“At the forefront Small/ Medium/ Large offers us the valuable opportunity to enable design businesses to overcome barriers to growth and plan for the future,” said Deborah Dawton, chief executive at the DBA.

“Having opened up the entry criteria to allow any consultancy with 20 or less employees and 2 or more years' worth of full accounts to enter, we expect to have significant numbers of applicants.”

Organisers added that finalists should expect expert advice over a six-month period on how to best map out an action plan intended to achieve rapid growth and increase company performance.

The Association is however keen to reward the also-rans, and to this end, every company that enters the competition will receive a comprehensive report objectively benchmarking them against their rivals, combined with solutions for better business.

To enter the competition, please visit: www.dba.org.uk



 

15th February 2006

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