Fast-growing companies searching out new markets – GrowthAccelerator

FAST-growing companies are focusing on new markets, products and services to deliver up to 20% growth, according to new research released today by GrowthAccelerator.

The initiative, backed by the Department for Business, and targeted at companies with potential to grow quickly, create jobs and boost the economy, has polled the first 2,000 firms which have registered for its help.

The research found that 21% are looking to expand into new markets, while a similar proportion (20%) see diversification of their product offer and service improvement (11%) as their key goals for growth.

The business said their biggest barriers are having insufficent expertise and resource for sales, strategy and marketing – all areas GrowthAccelerator hopes to address.

Simon Littlewood, director at GrowthAccelerator said: “To deliver significant growth, most companies need to do something differently – be that embracing new markets or diversifying their product range or improving service. 

“Doing this unsupported can prove challenging so we’re delighted to already be helping more than 2,500 businesses innovate to grow. Our growth managers are helping identify the growth opportunity and matching businesses with expert coaches to fulfil growth potential.” 

Littlewood added: “In recessionary times when budgets are hard to find investing in external advice and training can make all the difference and deliver real growth. Businesses are taking advantage of the £7.5m GrowthAccelerator has available to support training budgets and bolster in-house expertise.”