Strong business planning is fundamental to success, say high growth SMEs

In a poll of its clients, which are leaders of some of the highest growth SMEs in England, around three quarters said they were feeling optimistic about the year ahead. When asked what they believed to be the biggest driver of revenue growth in 2014, over a third answered ‘investment in marketing’.

Almost a quarter said that increasing the size of their team would be the biggest revenue driver next year, but the leaders of these dynamic businesses also believe it’s important to invest in their existing teams. Thirteen per cent said that up-skilling their team will increase revenues next year and a further 13% believe specific investment in developing their leadership team will be key.

Whilst high growth business leaders recognise that investing in marketing and people will reap rewards next year, they also say that developing a strong business plan is fundamental to their growth efforts, with over a third citing this as a key revenue driver for them in the year ahead.

Stephen Peacock, National Director at GrowthAccelerator, comments: “For all businesses looking to grow, planning is absolutely vital, and our clients are particularly aware of this. We know from ongoing client feedback that independent second opinions are invaluable in the process of business planning, which is where our diverse range of expert Growth Coaches comes in to force.

“Strong marketing strategy also plays a vital role in driving growth for these ambitious businesses. In our experience having a great idea is just the beginning. In order to drive growth, businesses also need to know who and where their customers are, and have a clear idea of how best to reach them. Getting this right sets businesses clearly apart from competition and facilitates growth.

“What’s most encouraging about this research is the positive attitude of these high growth businesses about their prospects for 2014. It’s clear that they have a hunger for further growth and feel empowered to fulfill their potential.”