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:
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!
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