GROWING YOUR BUSINESS
FOCUS FEATURE
companies that have increased their turnover and/or employee numbers annually by more than 20% over a three- year period – has increased by nearly 12%. And, although scale-ups account for less than one per cent of the number of businesses in the UK, their combined revenues amount to almost £1tr and they generate 3.5 million jobs. The D2N2 Growth Hub, which provides a free and impartial business support service to SMEs in Derbyshire and Nottinghamshire, has an established scale-up programme. Delivered by the Chamber and Nottingham Trent University, high-growth businesses receive specific, tailored and intense support to enable them to manage growth without the associated risks from growing too quick, too soon.
The Growth Hub provides free business advice
‘For those companies which do plan for growth, the opportunities and rewards can be great’
Successful scale-up companies arguably display five key characteristics, which are:
1. A vision to believe in People make businesses tick and they make businesses profitable. If the workforce is invested in the business and they understand how they contribute towards its success and future prosperity and can see how this impacts on their own growth potential, then the vision of that company will be achieved.
2. A solid business team Senior management must all have a desire for growth. They should embrace challenges and empower teams to provide solutions and innovation. They must also be aware of their internal capabilities and seek external support where this is missing.
3. A process that is documented Internal processes are proven and run smoothly. Where the business can demonstrate delivery of product and service on a consistent basis it will attract new customers and grow orders from existing ones. There also needs to be contingency built in, so being agile and flexible when needed is a part of the process.
4. Investment in growth The business has the reserves and appetite to invest in growth. Investments in new technologies must be planned and “time” investment in people will create an environment of learning and mentoring that ensures the workforce is able and willing to change and adapt during a growth phase.
5. A digital advantage Scaleups embrace technology and innovation openly, using it to their advantage. Those businesses that thrive are those which lead and adopt the latest digital tools within their own production processes and externally in reaching existing and potential customers. Businesses identified as high-growth through the
D2N2 Growth Hub ScaleUp Programme undergo an in- depth diagnostic designed to identify barriers and opportunities for growth. Those who join the programme have access to dedicated adviser support, access to talent, expert external advice plus the opportunity to be part of a learning group designed to provide new thinking and peer-to-peer connections that allow businesses and business leaders to grow and thrive.
business network February 2019 47
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