High Growth Small Businesses: Great and Small
We’ve long felt that small businesses are vital to the UK economy. The Centre for Economics and Business Research (CEBR) shares that view. It’s produced a new report that highlights the significant contribution of Britain’s fastest growing small businesses – and some of its statistics might surprise you.
According to the report, High Growth Small Businesses (HGSBs) represent just 1% of all UK businesses yet generate 36% of UK economic growth and 68% of employment growth.
That’s nearly 5,000 new jobs a week from 2012 to 2013!
What is a HGSB?
The report defines HGSBs as companies with an annual turnover between £1 million and £20 million and with an annual growth greater than 20% over a three-year period. So, it’s a pretty small subsection of the business community. The report estimates that there were around 30,000 HGSBs in the UK in 2013.
But there are lessons all businesses can learn from the astronomic growth of HGSBs…
What is the secret to HGSB success?
The report includes the results of a survey of 400 HGSBs. When asked about the factors driving their business growth, 57% said that upgrading technology played a role, 40% said online expansion and 35% said use of social media.
72% said that better customer service helped them grow their business.
Free event: How to Connect with Customers
Connecting with customers is the topic of our next SMB Mini Summit event on December 1st.
Small business owners are invited to join guest speakers from GoDaddy and Enterprise Nation to discuss issues of customer service, sales and marketing at Microsoft Offices in London Victoria.
The event is free and includes a chance to network with other small business owners, get expert advice and guidance – plus free coffee and lunch!