When people think of Britain’s high growth businesses, their mind is often drawn to technology start-ups from big cities. There are a lot of assumptions made about the source of high growth, but GrowthAccelerator’s annual report, Where high growth happens, shatters many of these myths. It shows that high business growth can literally come from anywhere.
GrowthAccelerator is delivering a significant boost to our country’s economy and employment by finding businesses with the highest growth potential and helping them achieve their growth ambitions. We now work with over 7,000 of England’s brightest businesses and analysis of the first 6,000 reveals that there are several myths surrounding high growth businesses in England.
- Myth: High growth is limited to start-ups
In fact, our analysis shows that companies can achieve high growth regardless of their age. The majority of GrowthAccelerator clients are businesses that are at least five years old and a third are more than 10 years old.
- Myth: Your sector determines your ability to grow
In fact, it’s not what you do, but how you do it that is critical. Our high growth businesses are spread across a range of sectors from business services to IT to retail.
- Myth: Only city-based businesses grow
In fact, high growth companies are almost as likely to be located in rural areas as in large cities and towns in England. Although 60 per cent of GrowthAccelerator businesses are based in urban locations, a sizable 40 per cent are based rurally.
- Myth: Growth only happens in London
In fact, high growth capability is not limited to businesses in London and the South East. Companies with high-growth potential are spread broadly across England rather than concentrated in any particular region.
What these businesses do have in common is that they’re all set to outperform their industry, whatever that may be. The one true indicator of growth we have identified is the drive and leadership of a business’ management team.
As Business Secretary Vince Cable said: “Building a stronger more balanced economy requires businesses of all shapes and sizes to realise their growth potential. GrowthAccelerator is providing thousands of businesses with the advice and support they need to do just that.”
By seeking expert advice and coaching, ambitious owners of businesses from any background can break down the barriers to progress and drive their company towards rapid growth.
For more information visit GrowthAccelerator or call 0844 4632 995.
Karl Eddy, who contributed this blog, is a Partner at Grant Thornton UK, one of the consortium firms tasked to deliver GrowthAccelerator. GrowthAccelerator is a service provided by the country’s leading business growth specialists, which delivers uniquely tailored advice and support to fast-growing businesses.