Blog

How Velocity can help overcome barriers to business growth

We know businesses and enterprises come in all sorts of shapes and sizes from your sole traders, SMEs to large companies.

They may all do different things but they all have a common goal: a desire to grow.

Whether it’s progressing to the next level, taking on more staff, winning new contracts, making more money, the end result is to ensure the curve on the graph goes up rather than down.

‘The end result is to ensure the curve on the graph goes up rather than down’

A new report published by Growth Accelerator and the Enterprise Research Centre has looked at the work of Local Enterprise Partnerships to see how effective they have been at stimulating growth in the local economy.

The report shows that in England, 65% of start-ups survived to 2012 but just 4.1% of start-ups in 2009 survived and grew to a turnover of £1 million by 2012.

So why haven’t more of our innovative start-ups gone on to become success stories?

The report goes on to say that strategy and management are seen as the biggest barriers to growth for UK companies, with over 50per cent of companies citing this as a main reason.

The Velocity business support programme, delivered by Northamptonshire Chamber of Commerce, aims to tackle this by helping management teams focus on ways they can grow and access the help, advice and support they need to make it happen.

As well as guiding companies through the wide range of options that may be right for their business, one of the greatest advantages of the Velocity Business Advisers is they can carry out face-to-face visits with firms.

‘Within the first two months our Growth Advisers engaged with more than 300 businesses’

Already, within the first two months our Growth Advisers engaged with more than 300 businesses, of which 57 involved face-to-face meetings and 27 received intensive assistance.

Let me also emphasise that grants of between £1,000 and £10,000 are also available through Velocity for firms looking to grow their business. This is all part of Velocity’s commitment to helping local firms flourish.

A raft of other resources to help maximise local business growth potential are on the Velocity website so it’s well worth taking five minutes to have a browse and see what the business support hub can do to help companies achieve their ambitions.

Call the Velocity’s local Business Advisers on 01604 490498 or visit https://www.velocitybusinesssupport.com/.

Back to Blog

World Pay Logo