Is it Still Possible to be a High Growth Business?

Jo Lennon, Entrust

With intense media focus on those companies failing and folding in the current economic climate, we pose the question: Is it still possible for small businesses to achieve high growth?

The recession presents a significant threat to the growth of many small businesses; not just because of day to day financial issues, but because it is causing a change in the way they plan for growth.

Intense competition and a spotlight on improving internal efficiencies is engulfing business leaders causing them to focus on survival not strategy; concentrating on the tactical activities of today and tomorrow and leaving long-term strategic planning to one side. In essence, businesses are finding themselves unable to assess what they need to do differently to become ‘high growth’.

So, is it still possible for small businesses to achieve high growth? Quite simply the answer is yes. In amongst the ‘doom and gloom’ of the current wave of recession, you can still find shining examples of high growth SMEs.

These high growth businesses have two things in common:

Firstly they are aware of their customers’ latent needs; those unexpressed problems the customer has which provide opportunities for differentiation and value innovation. A high growth business understands and innovates to meet the changing needs of its customers, leaving behind those who innovate for innovation’s sake. They understand that their market is an evolving one and are not constrained by keeping up with their competitors or staying within the confines of what the industry ‘expects’. These business leaders focus on doing what adds value for customers.

Secondly they have the ability to look at the bigger picture. Instead of reacting, these businesses anticipate issues are market driven not product driven and predict outcomes because of their customer knowledge. They understand how to establish competitive advantage and can formulate a picture of the future and bring that future forward by shifting the organisation into acceleration mode – redirecting as reality unfolds.

Businesses demonstrating these key common abilities can find, assess and seize opportunities for growth, in a consistent drive to push the business forward. Businesses that can identify the opportunities of the future can develop capabilities to address these before competitors, capitalising on opportunities as they arise.

The problem for many businesses striving for high growth is focus. There is often little acknowledgement that the needs for the future are different to the needs of the past. The world in which we live is rapidly evolving; what creates growth today is different from what will create growth tomorrow.

Becoming focussed requires people to know where they want to get to; it requires vision. Most business owners want to achieve high growth but few are capable of it.

For these businesses working with a mentor or coach with the right skills and experience can facilitate the necessary change; bringing clarity and vision to strategic planning, helping businesses to identify the right opportunities for growth.

Mentors bring industry experience, independence and objectivity to businesses. By bringing impartiality to a situation they are able to assess all aspects of a problem and help business leaders take a step back to see the bigger picture. Businesses often involve having too many opportunities rather than too few, and are at risk of pursuing them in the wrong order, draining resources and losing crucial focus.

Working alongside the management team, mentors can provide clarity to the business’ direction; helping to set out a realistic vision for where they want to be in the future, and then look at the business’ sources of competitive advantage to determine how to achieve the vision.

High growth often brings about high change, and in a business this can mean making difficult decisions. The age old adage ‘lonely at the top’ certainly rings true for many business leaders, and business mentors in this situation can be invaluable. Offering more than a sounding board, mentors maintain a sense of balance and can help to establish an appropriate pace.

Finding a mentor you are comfortable with can be a challenging process, but ‘Solutions for Business’ the Government’s package of publicly funded business support means that there are new options available now such as ‘coaching for high growth’. Managed by Entrust and subsidised as part of, the programme seeks to move potential high growth businesses towards their future goals.

The coaching for high growth programme brings a panel of highly experienced change agents, mentors and consultants to businesses with the potential for high growth.

Prior to starting the programme an in-depth assessment of the business is completed, working with the management team to explore where the business is now and its vision for the future. This includes ‘Key Drivers for Competitive Advantage’, Entrust’s exclusive interactive tool to help identify strengths and opportunities. This assessment will form the high growth action plan to guide businesses through the process and help them choose the right mentor for the job.

The aim of ‘Solutions for Business’ is to bring together and simplify the range of support offered to businesses by government departments, their agencies and local authorities in England and offers help to businesses to:
• start up, grow and succeed 
• overcome current financial and economic challenges 
• innovate
• trade internationally

There is a wide range of government support available to businesses, not only through grants and other funding but also through numerous advisory, guidance, information and other services, including training.

For more information about Entrust and Coaching for high growth please click here

For find out more about ‘Solutions for Business’ please click here 

<back to contents