The research was conducted by GrowthAccelerator (GA), the Government-backed mentoring service for high-growth firms.
It identified 25 GA clients which demonstrated hyper-growth. Between them they created £41.9m GVA and 571 jobs.
Growth Observatory, the research arm of GrowthAccelerator, undertook in-depth research among these companies – including psychological profiling of their leaders – to unlock the secret formula for their rapid ascent.
The findings are interpreted by a panel of leading business growth experts from across industry and academia in a report, The Hyper Growth Insights Study, released today.
The 10 key characteristics for hyper-growth leaders were as follows:
1. Hyper-growth leaders put people first: Attracting and retaining good people are the biggest challenges facing Hyper Growth businesses – they worry more about this than any other challenge, including losing customers and managing cash flow.
2. Hyper-growth leaders aren’t too proud to ask for different opinions: They are receptive to advice and take it on board. The study outlines a spectrum of trust – Hyper Growth leaders are careful about who they go to for advice and are open to collaboration with those they view as peers.
3. Hyper-growth leaders are chameleons: They adapt to the prevailing economic environment – surviving, and even thriving, in difficult times.
4. Hyper-growth leaders spot and seize opportunities: They have a high level of alertness and quickly seize the right opportunities.
5. Hyper-growth leaders boldly go where no competitor has gone before: Hyper-growth businesses are entering new markets at a far faster rate than average SMEs, and their leaders are significantly more confident in doing so.
6. Hyper-growth leaders’ creativity doesn’t stop with the big idea: They drive innovation at a faster rate than average SMEs and also find creative processes to get their products and services to market quickly.
7. Hyper-growth leaders are red hot: More than two thirds of the hyper-growth leaders studied demonstrated dominant ‘red’ characteristics – competitive, demanding, determined, strong-willed and purposeful.
8. Hyper-growth leaders rate their ability to motivate and inspire however they are less confident about personal development: They generate a positive team dynamic, empowering staff and fostering creativity, however they struggle to offer work / life balance or support team health and wellbeing.
9. Hyper-growth leaders learn more from their mistakes than their successes: despite achieving phenomenal recent success, hyper growth leaders turn to the darker times in their past for inspiration and lessons for future success.
10. Hyper-growth is no accident: Finally, hyper-growth leaders are clear about their goals for growth and plan to achieve them. The targets they set are very ambitious and in the majority of cases, they meet or exceed these goals.
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