GrowthAccelerator has been extremely successful, 98% of businesses report that they are on track to achieve their key milestones having gone through the process and 96% would recommend it to others. It is a unique service co-invested by Government with the main goal of helping small and medium sized businesses to grow.
GrowthAccelerator is open to small and medium sized businesses registered in England and not restricted to any geographical area. Through GrowthAccelerator the Government aims to add £2.8 billion value to the economy and create 70,000 jobs by March 2015.
Businesses are able to receive a package of support valued at £3,500 for a net cost of £600 if you have 1-4 employees and for a net cost of £1,500 if you have 5-49 employees. Furthermore, once you have qualified for GrowthAccelerator you can also receive matched funding from the Government of up to £2,000 for owners and senior managers to undertake training in leadership and management skills.
The most popular area of GrowthAccelerator support is their Business Development service which includes creating strategic growth plans, sales and marketing systems etc.
There are numerous success stories including a health and safety company that has quadrupled its employees and is set to increase its turnover from £150,000 per annum to £650,000 per annum in three years; an architectural and design practice that has grown from 13 to 20 employees in 4 months and a food distribution company which doubled its turnover from £500,000 to £1 million in 2012.
The overriding criteria for eligibility is that a business should have the ambition, capacity and opportunity to double its turnover, profits or employees in 3 years.
To start the process most businesses contact a registered and approved Growth Coach for GrowthAccelerator who can introduce them to a Growth Manager. This person will advise whether you could be eligible and assist you in drafting your applications. This normally includes coaching with a registered and approved GrowthAccelerator Coach together with access to workshops and master classes for you and your team normally over a three to nine month period.
In order to be registered and approved, GrowthAccelerator Coaches are put through a rigorous evaluation process and prove they have a successful track record of coaching small and medium sized businesses to accelerate and sustain their growth.
Managing Partner Andrew Rhodes is a registered and approved GrowthAccelerator Coach and will be pleased to answer your questions about how the service can help your business to grow, achieve access to finance and develop innovative new products and services.
By Andrew Rhodes