If I said that some businesses are expected to grow by 20% would you think that was realistic? Let me explain.Some SME businesses have such a fantastic offering that they truly have the capability to grow by 20%. These are businesses with a unique product or service which with a little manoeuvring could easily expand, or companies with an established product or service but where the owner has ambitions for growth and may be facing barriers such as: Where do I get the cash to go for the expansion I want? How can I improve the marketing to grow? If I take on staff how do I know they will be right? Companies such as the Lantern Theatre Company in Liverpool creating original entertainment and educational productions.
Ilsa Parry’s Re-thinkthings produces original and quirky designed products with a completely new take on the world and Gourmet Kingdom have increased their services from fantastic coffee to outside catering and buffets with a special style are typical of a breed of company based in Liverpool with ambition and drive.
For these entrepreneurs and others like them growth will come through grasping opportunities with both hands and applying strategic planning, making efficiency improvements and working towards their vision. In May this year a Growth Accelerator Programme was announced for the UK’s SME’s. This is an ambitious programme for companies with genuine potential for rapid and sustainable growth to identify barriers to growth and ways of overcoming them. The companies will be provided with coaching help on issues such as: sales and marketing, securing finance, commercialising innovation or developing leadership and management capability. It is part of a drive help SME’s boost the economy by increasing their chance of gaining access to finance and innovation. Funded by the Department for Business Innovations and Skills (BIS), Growth Accelerator is delivered by private sector experts from a consortium led by Grant Thornton and comprises Winning Pitch, Oxford Innovation, Pera and seven other local delivery partners. As anyone who like me is keen on marketing you will know that technically there are three main growth strategies: Sell more of the products and services currently made to existing customers, sell to a new type of user which may not have been in existence before or start to export to developing countries. In addition some companies can acquire a whole new customer base through merger and acquisition. These are technical solutions to the growth challenge and behind the technicality the leadership team will need the mind-set energy, drive and commitment for moving forward. Gill Hunt is a coach for the Growth Accelerator Programme. Diary Dates: Mark Palmer former global brand director of Green and Blacks to address Liverpool conference 11th October, BT Convention Centre, 4pm. To register email: gill@escata.co.uk