What do the Department for Innovation and Skills, the Local Enterprise Partnerships or LEPs and the Business Growth service (formerly Growth Accelerator) managers all have in common?
They are all focussed on supporting the UK’s scale-up businesses to break the barriers holding them back and achieve even higher growth. Why? What’s the size of the prize?
1. The 3 year gross impact of moving 1% of businesses into High Growth is estimated to create 238,000 jobs and almost £39 billion in turnover.
2.Scale up’s contribute more to productivity
Average turnover per employee is £134,000 in a business employing between 10-49 employees. It’s £164,000 per employee if there are between 50-250 and £170,000 for 250+ size companies.
3.Scale ups contribute 3 times as many new jobs in the UK as FTSE 100 companies.
At the Worcestershire LEP annual conference last week, these statistics and others from Growth Accelerator diagnostic assessments were shared with the audience. Barriers to growth cited in Worcestershire businesses included
60% – strategy and management
45% – sales and marketing
30% – skills and staff
YouGov also questionned business owners and directors about what they needed to be able to grow their company faster.
70% say it needed to be easier to find effective mentoring and professional support schemes near me
84% thought growth would be faster if it were easier to attract larger corporates / Government organisations as customers.
Here at Aardvark Marketing we work with owners and mangers of businesses who are ambitious to grow and have a track record of delivering great products and services. We are approved to deliver Growth Accelerator programs. We use our experience in working in businesses both large and small to help owners fill in the gaps in their knowledge. Gaps that include getting the right sales and marketing startegy, sucessfully finding and attracting larger corporates as customers and training their staff to deliver these more effective marketing plans.