This article was sponsored by GrowthAccelerator.
It finds that the ambition and leadership of the management team is the greatest indicator of the company’s high growth potential. An analysis of GrowthAccelerator‘s first year’s clients finds that it is their entrepreneurial spirit, drive, and commitment to growth that is key.
Launched to find and support England’s companies with high growth potential, GrowthAccelerator is helping businesses grow their turnover and headcount by working with inspirational management teams to achieve their aspirations.
Its first annual report dispels many of the myths around growth, showing that across GrowthAccelerator’s first 6,000 businesses (there are now over 7,000), their one common characteristic is the ambition of the people driving the company.
Having a powerful ambition to grow and being an inspirational leader means you can fuel staff’s imagination and ensure everybody is working towards the same goals. But a good leader also recognises the areas where they need support, and is keen to work with external advisors who can provide clear solutions to help them unlock high growth.
Nurturing this ambition is critical to the GrowthAccelerator support framework, which sees one-to-one coaching delivered directly to business leaders through its network of 110 Growth Managers and more than 1,000 expert Growth Coaches – all experienced businesspeople with their own proven credentials. These credentials are crucial, both for inspiring confidence among businesses and to ensure clients benefit from the first-hand experience of the experts.
Enhancing core leadership skills through dedicated results-driven Leadership and Management training is an essential part of GrowthAccelerator’s role. Each GrowthAccelerator business can access up to £2,000 matched funding for each senior manager to undergo training, tackling gaps in knowledge or skills identified as part of planning with their Growth Manager. One business which has seen significant benefits of leadership-focused support is 47-year old British manufacturer, Automotive Insulations Ltd.
The Rugby based business is hoping to more than treble its turnover to over £40m in the next four years with the support of GrowthAccelerator. Specialising in designing, developing and manufacturing products that manage sound and temperature in cars and boats, it manufactures its products in Britain, Sweden and Germany, and operates internationally through clients including Bentley, Jaguar Land Rover and 3M.
?We joined GrowthAccelerator to help us unlock the potential in our business?, explains Managing Director Jim Griffin. With profitability low we needed a fresh perspective to drive our growth. Leadership and Management training helped to bring greater focus, empowerment and enthusiasm to the senior team. They are now taking what they learnt and distilling this through their own teams to deliver market, product and geographical diversification.
Growth Coach Clive Reynolds has been critical to the business” growth. He’s allowed me to leave the day-to-day operations to others for the first time , says Jim. The service has given us renewed confidence in our growth strategy and ensured our management team is best placed to deliver it. We re better at managing and marketing ourselves, and most importantly, winning new business.
With a 2011 turnover of £5m, the business is forecasting 2013 figures of £12m, and £40m by 2017. The number of employees have grown from 40 to 125. Jim adds; ?We show that at almost half a century old, it’s never too late to go for fast-paced growth. Growth was coming, but the sustainability and profitability of the business” growth is as a result of GrowthAccelerator’s support.
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.