Going global: Expanding into new markets is key to growth

This article was sponsored by GrowthAccelerator.

That’s according to the annual report from GrowthAccelerator, Where High Growth Happens, which analyses data from the 6,000 businesses the service worked with in its first year.

They say that the world is your oyster, and never has this been truer for ambitious businesses of all sizes. Despite global expansion being a top priority for companies, however, many often struggle to put this ambition into practice. Finding overseas opportunities, overcoming cultural barriers, forging international sales and logistics networks, and financing export growth can all prove challenging to the uninitiated entrepreneur. But getting support to tap into lucrative new markets can yield profitable results and help business owners achieve their growth potential fast.

Expanding oversees was something that London Bridge-based management consultancy London Strategy Unit (LSU) knew it had to focus on in order to service its rapidly growing roster of global clients effectively. Starting up just 12 months ago, the business increased in size from two to ten employees and reported a turnover of £1m in its first year. However, founding partners Matt Boffey and Phil Lewis realised that to continue this rapid growth they’d have to set their sights on making their business truly global.

After signing up to GrowthAccelerator last year, Matt and Phil were introduced to UK Trade & Investment (UKTI) – just one of the formal partnerships that GrowthAccelerator has established to provide expert support to its clients and fuel growth by moving into new markets.

Matt, Phil and their senior team worked with both UKTI and GrowthAccelerator to explore opportunities for international expansion and are now opening an office in Asia in Q3 of this year. “We always wanted to create a business that was global, both in reach and resonance,” said Phil. “Many of our clients were asking questions about the Asian marketplace, and we felt we would be best placed to service them by establishing a presence for LSU in Asia. We wouldn’t be where we are at the moment without the help we’ve had from GrowthAccelerator, and the introduction to UKTI equipped us with the knowledge and confidence we needed to tap into the Asian marketplace. There is no doubt that this has turbo charged what we have achieved.”

Could your business benefit from GrowthAccelerator support?

To be eligible for GrowthAccelerator, your business must be registered and based in the UK, have fewer than 250 employees and have a turnover of less than £40m. You must also demonstrate clear ambition to reach your next growth phase, and have the potential and determination to get there.

If your business is eligible, and you decide GrowthAccelerator is right for your business, you will work with your Growth Manager and coach to develop a growth strategy for the future, help you build a case for investment and find new sources of finance, turning your most innovative ideas into profit. We will also provide training to develop a confident leadership team as our service will work alongside you to identify the critical steps you need to take to achieve your next phase of growth – rapidly and sustainably.

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