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. The service’s own survey makes compelling reading for any business owner wanting to chart a hyper growth path.
The Survey takes a look 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. The decision to wind down BGS hasn’t changed that!