Pro-actions - Business Improvement Specialists

Helping you build a remarkable business

03333 440 517

Facebook Twitter LinkedIn Google+

Go back

The Chancellor’s 2015 Spending Review

Posted on 30/11/2015, 11:40

The recent Spending Review has been widely reported on as being silent with respect to entrepreneurs and small businesses (a problem itself).

However lying like an unexploded bomb in the detail was a 17% reduction in the budget of BIS. The direct result of this is the axing of the Business Growth Scheme (BGS). Many small businesses have benefited from the scheme, known to many as Growth Accelerator and the service’s own survey makes compelling reading for any business owner wanting to chart a hyper growth path (to view the full survey click here).

The Survey takes a look in detail at many of the companies that have benefited from business and coaching support and generated growth in excess of 100% (the definition of hyper growth). There are many elements discussed. Here are just a few to ponder on:

  • Targets and Goals: Set ambitious targets for growth
  • Act with Decisive Speed: A measured approach to pursuing relevant opportunities but like to be quick off the mark
  • People are Key: Recruitment and retention are seen as the most important challenges
  • New Markets: Confident entering new markets
  • Innovate: Find creative ways to get products and services quickly to market
  • Access to Finance: Confident in securing finance to fund growth
  • Attitude to Risk: Comfortable taking calculated risks and regularly do so

Whilst I regret the withdrawing of funding to help SMEs, my attitude was always that government support, whilst welcome, was only the start of the journey. One of the key findings in the report is that:

“Hyper Growth business leaders have a positive attitude to taking on board advice but they are careful about who they go to”.

Business coaches ranked highest on the trust spectrum for SME owners and the decision to wind down BGS hasn’t changed that!

Want to talk further with your business coach?


5 Key Measures to Grow Sales and Improve your Profit

In or last article, “Measuring What’s Important” we discussed key performance indicators or KPIs. There are lagging KPIs such as financial measures that tell you what just happened and leading KPIs that indicate what your financials are likely to look like.

Read More

Measuring what’s important

Following on from our previous blog in this series, “The Most Important Thing”, the next step is to translate your goals into action.  For this, setting your targets and measuring your performance against them is vital to making them happen.

Read More

The Most Important Thing is the Most Important Thing

What do you want to achieve in your business? Every owner manager had their reasons for why they started out on that journey – what are yours? And more importantly, are they still valid, are you on track, or are your hopes and desires being frustrated?

Read More