New research has shown how some of Britain’s fastest growing businesses are planning to achieve new growth. While 2012 has been tough, all eyes are now on 2013 and the opportunities that it might bring for businesses wanting to get ahead of the economic curve. New research by Growth Accelerator has revealed that the UK’s fastest growing businesses are planning to use each other for support and invest in their own business models in order to grow to new heights – and hopefully take the UK economy with them.
Growth Accelerator’s survey of 500 businesspeople who are key in leading some of the UK’s most promising companies found that working with similar enterprises and investing in staff training were key in the ways they planned to deal with the incoming growth challenges of 2013. These findings also demonstrated that those behind some of the UK’s most successful businesses were also confident of their business plans – 86% predicted that they will grow by 20% next year, something that will be fantastic if it comes true.
A key finding is that those responsible for successful businesses are planning on investing and spending money on growth rather than battening down the hatches and keeping their heads down. Cutting corners won’t help keep their staff or help them deliver to customers, and will stifle the potential of their business.
This is a lesson many, smaller businesses can learn from. While keeping a tight rein on the financial status of your company will of course be key, it pays to not be afraid to invest in growth. And, if funds aren’t readily available, it’s worth bearing in mind there are plenty of alternative finance solutions out there that can release cash, such as invoice finance. The Growth Accelerator survey showed that growing workforce numbers and staff training were essential priorities – continuing investment in staff even when money is tight looks to be one of the most popular ways businesses will prioritise growth in 2013.