Business Matters: Initiative for fast growing businesses
Neil Higginson, Programme Manager of ERDF projects, Business West, explains why the government is relying on fast growing businesses to help the country out of the downturn.
Extensive cuts to public services nationwide means it's more important than ever that businesses focus on pulling us out of the recession. The government focus is on small and medium-sized businesses and they are relying on fast growing firms to help us through these tough economic times.
The South West, with many rising firms, is seen as a hub of business activity and a key area for the emerging new economy. A major initiative has been launched to identify the fastest growing businesses in order to encourage them to grow by providing them with the support they need to reach their full potential.
This initiative includes three programmes, Starting a High Growth Business, Coaching for High Growth and Understanding Finance for Business. These are delivered by Business West across the South West, excluding Cornwall, and funded by the European Regional Development Fund (ERDF).
High growth start-ups are vital for the region's economy and play a pivotal role in creating new jobs. These high growth start-ups are often in dynamic sectors with strong growth potential. They are innovative, create high-value jobs and have a positive impact on the region’s prosperity. The Starting a High Growth Programme is designed to support these entrepreneurs in line with government objectives.
In contrast, large firms have considerable experience in using coaches and mentors to unlock the potential of their high flyers. The focused one-to-one support being offered through our Coaching for High Growth Programme will support firms with the scope to achieve strong growth.
And when businesses enjoy strong growth their requirement for funding can increase significantly. Funding decisions made during these periods can have a fundamental impact on the long term development of the business. Understanding Finance for Business is a programme which offers firms an experienced finance coach who can work with owners and managers to fine tune their financial performance and if required put together a compelling case for raising finance.
These programmes will give entrepreneurs access to relevant locally based support that will give a real boost to their business and the economy.
For more information on how these programmes can benefit your business visit www.growthsouthwest.co.uk or call us on 01275 370 760.
