The London Development Agency has found overwhelming demand for expert business advice in a series of ‘recovery’ seminars led by specialists from business advisory firms KPMG and Deloitte. The seminars are part of the London Development Agency’s drive to help keep London working. The LDA announced an additional £23 million package of public sector support for small businesses in December – part of the Mayor of London’s Economic Recovery Action Plan.

The seminars have provided people with information on vital strategies to succeed in the current economic conditions. This has included advice on issues such as cost reduction strategies, finding alternative sources of cash, doing deals in difficult times, simple advice on how to make the most of the announcements in the Governments’ pre-budget report, maximising the advantages of R&D tax credits and ways to win new business.

London Development Agency Chair, Harvey McGrath said: "Small businesses are a vital part of London’s economy but they are often the first hit in a downturn. The LDA aims to ensure that small businesses can get the support and guidance they need. Expert advice from business groups like KPMG and Deloitte can provide fresh insight and show them how they can survive – and even prosper – in today’s difficult economic climate."

Jeremy Sindall, Chief Executive Officer of DigitalML was one of the 62 business representatives who attended an LDA seminar at Deloitte last week. He said: "I found the seminar particularly useful and came away with some good ideas particularly in relation to R&D Tax credits and the recently announced Enterprise Finance Guarantee Scheme. Our company is going through a growth stage and it helps us to be equipped with the most up-to-date information.

Steve Wardell, Partner in charge of London Middle Market at KPMG added: "It is essential that if London is to remain competitive against cities such as New York or Shanghai, its lifeblood of SMEs is kept in business. The rapid way in which the credit crunch has spread from London’s financial sector to its middle market caught many companies off guard and they are looking for advice on how they can move quickly to protect their business. Cost cutting, cash management and managing employment costs are issues that all businesses are most focussed on right now."

Tony Cohen, head of entrepreneurial business at Deloitte said: "Whilst entrepreneurial businesses are very adaptable, there is no doubt that the pressure of the current economic environment is being felt in a number of areas. Entrepreneurship is here to stay and with the help of local organisations entrepreneurs can obtain support in maintaining their businesses going forward.

"These seminars have enabled us to share some very practical, easily understood, common sense ideas - that do not require investment - but will help entrepreneurs to generate cash savings and to ensure minimal cash leakage."

The London Development Agency is providing over £170 million for business support and skills training in London in this financial year. The range of support available for London’s businesses includes Business Link in London, JobCentre Plus and specific LDA-funded schemes. Given the demand for these seminars, the LDA is working with KPMG, Deloitte and other partners to provide a series of further events – details of which will be published shortly on the LDA website at www.lda.gov.uk