Guest Blog: Businesses are being urged to ‘scale-up’, but what does that actually mean?
The Hub News Team | 16.8.17
By Paul Hinkins, Chair, Marches Growth Hub
If you possess entrepreneurial spirit, are a business owner with strong growth ambitions, or just simply like to keep your finger on the pulse of what's being discussed in the business world, there's a chance that you may have come across the term "scale-up".
Whilst seemingly self-explanatory, as a term being increasingly used by government, business organisations and the finance world, now's the time to ensure that you're clear on what "scale-up" means to you and your business.
Earlier this year, the Department for Business, Energy and Industrial Strategy (BEIS), launched the Scale-Up Taskforce as part of the government's wider Industrial Strategy. With a view to increasing the number of businesses expanding their operations, this taskforce will be entirely focused on helping high-growth businesses reach their full potential both here and overseas. It is additionally looking at what the key barriers to growth are that small businesses experience.
What does that mean to businesses here in the Marches though? Do you even know if your business has high growth potential and if it does, then how the scale-up agenda could benefit you?
Simply, a 'scale-up' enterprise is one experiencing significant growth in both employee numbers and turnover - and we know there are plenty of these across the Marches! This is why we've launched our latest campaign, "Get Growing".
This is the Marches Growth Hub's way of ensuring that the region's smaller businesses with significant growth potential are given the means to access both the finance and support needed to achieve great things.
Through the campaign, the Marches Growth Hub will promote events such as masterclasses in exporting; meet the buyer expos and workshops that demystify funding options. We're also actively supporting the launch of the new Midlands Engine Investment Fund (MEIF) which, at a value of £250m, will support the growth ambitions of 460,000 smaller businesses in the Midlands.
We would urge businesses to keep up to date with the campaign at www.marchesgrowthhub.co.uk and to sign up for our newsletter so they are the first to know when new business support programmes and events are launched.
Paul Hinkins is Marches LEP Small Business Champion, Chair of Telford & Wrekin Business Board and managing director of Business Watch Guarding Ltd. He has set-up and sold multiple businesses, before buying Business Watch Guarding back in 2003, and growing the firm to its current position as one of the top 5% of accredited security providers in the country. Hailed as an example of excellence for the processes it employs and the accreditations it has achieved, Paul is leading it from strength-to-strength.