A small minority of high-growth businesses hold the key to job creation and prosperity. Research published byNational Endowment for Science, Technology and the Arts shows that the six per cent of UK businesses with the highest growth rates generated half of the new jobs created by existing businesses between 2002 and 2008.
How easy is it for high-growth businesses to raise the funds they need to grow?
Finance is available to businesses, but lenders are looking for strong, clearly articulated propositions. They want to be confident that the management team has a product with the competitive advantage to succeed and a cash flow plan that allows them to make repayments. Because the decisions made during growth phases can have such a fundamental impact on the long-term development of the business, a new service has been launched for the region’s businesses called Understanding Finance for Business. This will help firms make the right choices.
How can business owners benefit from coaches and mentors?
Busy with day-to-day priorities, it is sometimes difficult as a business owner to focus on completing key strategic objectives. Regular update meetings with a coach will ensure that the focus is not lost from the high level things that can achieve a step change in the growth of a business.
Large firms have considerable experience using coaches and mentors to unlock the potential of their high flyers. This focused, one-on-one support is now being offered to the leaders of smaller, high growth firms under a new initiative entitled Coaching for High Growth.
What is being done to encourage high growth start ups across the region?
When starting a high growth business, there are many challenges to face – for example, producing a solid business plan, gaining the level of finance required in the early stages and safely protecting your innovative ideas. The Starting a High Growth Business service provides support to entrepreneurs and start-up businesses with ambition and growth plans.
We are very grateful to all the local newspapers across the region that have supported the Growing Business – the Big Conversation campaign. Also, to all the local firms that have followed the campaign on line.
Dozens of blogs have been produced and hundreds of people are now following the campaign using Twitter.
The campaign will now be continuing online at www.businessi.info/thebigconversation or follow us on Twitter @growthsouthwest.