5 barriers to growth

This article was sponsored by GrowthAccelerator.

So, what is holding back business growth?

1. Not finding the right people

Businesses claim that finding the right people and talent to drive their businesses forward is their biggest barrier to growth. Indeed, for any business seeking the fast track to growth, guidance from a business expert may be required.

2. Myths about location

It has often been told that fast growth is the preserve of start-ups in the tech industry, but high growth can literally come from anywhere. Some 60 per cent of GrowthAccelerator‘s clients were based in urban locations, with 40 per cent based rurally.

3. A lack of business strategy

The most common barrier to growth is in defining and implementing a business strategy, affecting 40 per cent. Only 32 per cent of businesses sought out strategic business advice in the last two years.

4. The need for ambitious leaders

The ambition and leadership of the management team is the greatest indicator of a company’s high growth potential. After all, having a powerful ambition to grow and being an inspirational leader means you can fuel your staff’s imagination and ensure everybody is working toward the same goals.

5. Planning but not implementing global expansion

If your business is considering moving into international markets, whether that’s opening an office in China or exporting to Brazil, then you’re not alone – and you’ll certainly be helping the economy. But despite a quarter of ambitious businesses saying that expanding into new markets is their primary route to fast growth, many often struggle to put this ambition into practice.

To view the entire series, follow the link.

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