This article was placed by GrowthAccelerator.
Contrary to the common perception of fast growth being the preserve of start-ups in technology-driven sectors, analysis of companies accessing the government-backed GrowthAccelerator service shows that high growth can literally come from anywhere. That is, as long as the management team has the ambition and skills to make it happen.
Revealedin GrowthAccelerator’s first annual report, the key findings highlight that high growth can be delivered at any stage of a company’s lifecycle, not just at start-up. In fact, the majority of GrowthAccelerator clients are businesses that are at least five years old and a third are more than ten years old.
It confirms that high growth companies are just as likely to be located in rural areas as in urban locations in England, with 60 per cent of GrowthAccelerator businesses based in urban locations, and 40 per cent based rurally. Further more, it finds high growth capability is not the preserve of London and the South East, but a nationwide trend. Businesses with high-growth potential follow the same dispersion pattern as that of SMEs in general – not concentrated in any particular locale. And whilst London and the South East represent thriving and concentrated business communities, GrowthAccelerator is seeing each region strongly represented by its own high growth business pioneers.
The research also highlights that growth can come from within any sector, showing that it’s not what your business does but how it is run that is critical when it comes to achieving high growth. GrowthAccelerator businesses are spread across all sectors the only thing they have in common is that they are set to outperform their industry, whatever it may be although are more likely to be in Business Services, Manufacturing and Computer/ICT. Ultimately, every business working with the service is set to outperform its overall sector trends and it’s the management team that is critical in driving that.
The report explains that the greatest indicator of growth identified by the service is the ambition and leadership of the management team running the business, with an entrepreneurial spirit, drive, and commitment to growth.
Karl Eddy, Partner at Grant Thornton UK, one of the delivery partners of GrowthAccelerator, said: By engaging ambitious senior management teams, GrowthAccelerator is breaking down barriers to progress, acting as a catalyst to build a new SME growth powerhouse that will create jobs and, ultimately, economic growth.
Business Secretary Vince Cable surmised that ?growth is for any businesses regardless of size, age or sector. If we are to build a stronger and balanced economy we need our SMEs to make use of all the advice and support that is on offer through GrowthAccelerator. High growth SMEs are responsible for nearly half the job creation in the UK economy, so making sure they are getting bespoke, high-quality business coaching is absolutely vital.
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.