The Help to Grow scheme is a government subsidised scheme that has been in place since 2021. It aims to help SMEs boost productivity by providing management and technology advice to business leaders. Sounds good, right?

Well, not many businesses think so. Since its launch, just 2,500 small businesses have signed up for the scheme. This jeopardises the government’s plan to have 30,000 SMEs on the scheme by 2025.

To help you decide if joining the scheme is worth it, we outline what exactly it entails and the benefits.

What is the Help to Grow Scheme?

Rishi Sunak officially launched the Help to Grow scheme in the May 2021 Budget. The scheme provides discounted training to business leaders and encourages SMEs to adopt new technology to grow their business.

The project has two parts: the Management stream and the Digital stream.

Firstly, the Digital stream. This online service offers free support to SMEs to search for and integrate new software into their business. Businesses can access technology advice, free online learning courses, and apply for a discount of up to 50% or £5,000 for new software or technology.

Part two of the Help to Grow scheme is the Management course. This 12-week, subsidised management program gives SME leaders enhanced knowledge and skills in business areas such as finance, innovation, and marketing.

The course is taught by leading UK business schools and includes 10 hours of one-to-one support from a mentor. 

The actual course fee is £7,500, but valid businesspeople can get a 90% reduction on tuition, making it £750.

The Benefits

How much you get out of the scheme will depend on whether you access just the free services–like the online learning resources and impartial advice–or choose to join the paid-for management course. 

However, the course’s value for money depends on how much business training you’ve previously had. While mentorship will be valuable for any business leader, the course may be on the basic side if you’ve studied business before.

Strict eligibility criteria also hamper the scheme. Both the Management and Digital schemes are only open to businesses with between 5 and 249 employees. However, according to one study, 75% of UK SMEs have no employees. 

As such, significant numbers of microbusinesses may be unable to access the scheme’s benefits. 

Our Advice

The free parts of the scheme are undoubtedly worth applying for–especially if you have already planned to invest in new software for your business. 

Suppose you are already looking for a business course to boost your skills. In that case, the subsidised Management Course is worth considering–as long as you and your business pass all the necessary criteria. 

However, experienced business leaders with an intermediate knowledge of business and technology from any recent education may find the scheme unnecessary. Remember, seeking mentors through business networking sites like LinkedIn is always possible.