One in 10 of the UK’s small businesses have real potential to achieve high growth status, a new study by the National Endowment for Science, Technology and Arts (NESTA) has revealed.
The study, which surveyed almost 5,000 small businesses up and down the UK, determined that 13% display all the key characteristics of high growth enterprises, including innovation, ambition and a strong ownership structure. This cohort of business would therefore have the chance to show real, strong growth.
But common, long-standing reasons for growth to be inhibited also emerged from the study. 16% of those highlighted for high growth indicated that access to finance was a real problem, whilst 14% and 11% were concerned with inter-sector competition and red tape.
The chief executive of NESTA, Geoff Mulgan, felt that conditions must be improved to allow businesses with high growth potential to really push on, and in the process, help boost the economy, “Creating the right conditions for these businesses could make all the difference to our chances of creating plenty of new jobs in the years ahead.”
Struggling to get access to finance?
Could your business do with a financial boost to allow it to kick on and reach its potential?
Maybe you need the extra security of additional cashflow to be able to take on bigger contracts or you could benefit from early payment discounts from your suppliers.
Why not check out our graphical guides to invoice factoring and invoice discounting to see just how invoice finance solutions could really benefit your business.