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3 months ago

Practical Pointers for Debt Awareness Week 2024

We understand the challenges of running a small business, especially when managing finances. This year marks the tenth anniversary of Debt Awareness Week, an initiative by the StepChange charity to shed light on problematic debt and offer free, impartial advice. As an entrepreneur in the UK, your involvement in this campaign can make a significant impact.

Debt Awareness Week 2024

Taking place from Monday 18th to Sunday 24th March 2024, Debt Awareness Week is an annual campaign by StepChange. It focuses on raising awareness of the challenges individuals and businesses face in dealing with problematic debt and encourages them to take advantage of the free advice on offer. This year's theme concerns understanding the main barriers preventing people from seeking help early enough.

In 2023, StepChange helped 7% more people through debt advice due to the rising cost of living. Unfortunately, many individuals put off seeking the help they need, with over half of StepChange's clients waiting over a year. This delay can have severe consequences on both financial and mental well-being.

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Get Involved

As a small business owner, you can play a crucial role in supporting Debt Awareness Week:

Download the Partner Toolkit

StepChange provides participants with a comprehensive Partner Toolkit complete with social media assets, supporting copy, posters, banners and email templates. These resources will help you spread the word and raise awareness among your team, partners, customers and friends.

Register for the Launch Webinar

Join the campaign's launch webinar, where thought leaders from StepChange's partner network will discuss the key barriers people face and strategies to overcome them. Registering for the webinar will provide valuable insights that can inform your support efforts.

Participate in Events

During Debt Awareness Week, StepChange will host various partner and customer-facing events. Contact StepChange to find out how you can support these events: partnerships@stepchange.org

Practical Pointers

As well as supporting Debt Awareness Week, it's essential for small business owners to manage their own finances effectively. Here are some practical debt management tips to help your balance sheet stay healthy:

Conduct Regular Reviews

Schedule regular financial check-ups to review your business's economic health, identify potential risks, seek professional opinions and take proactive steps to address issues.

Get Talking

Encourage open communication about financial challenges within your team and create an environment where employees feel comfortable discussing money trouble.

Ask the Experts

If your business is facing financial difficulties, don't hesitate to seek professional advice. Financial advisors and accountants can provide trustworthy and valuable guidance.

Budget Wisely

Develop and stick to a realistic budget. Prioritise essential expenses and cut down on additional costs to maintain financial stability.

Finding a Suitable Business Loan

At BusinessComparison, we provide expert assistance in identifying the most suitable loans for your business. Our comprehensive comparison includes a range of business loans from reputable high-street banks to more specialised, small lenders.

Let us Help Your Business

We help you compare essential business products and services, ensuring you get the best deal and helping you with your bottom line. Save time and money with us by comparing today.

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Sam White