“If you fail to plan, you are planning to fail!”
BENJAMIN FRANKLIN
There have been a number of reports recently focusing on the issue of growth in the SME arena – i.e. businesses up to 250 employees First a few statistics (start of 2014):
- There are 5.2 million companies in the UK, and over 99% are in the SME Category
- Combined SME Turnover in 2013 was £1.3 Trillion
- Growth within this sector last year was 7.4% (compared with overall economic growth of 2.7%)
- 25% of UK SME have no formal growth plan (The true figure is probably much higher!)
So the SME sector is seeing good growth even though many businesses (and I reckon a majority) have no structured plan for growth. What could be achieved with more planning….More working ON the business rather than IN the business? There is no doubt, there is huge potential for growth within the SME sector, and the government is supporting this opportunity through grant funding for growth to support strategic planning.
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There are numerous funding sources available and the leading programmes include:
- Growth Accelerator/leadership & management
- Growth Vouchers
- MAS strategic development support
- Co-Investment funding
BSA Marketing is accredited to work in all of these programmes Although different in their approach, all of these schemes offer support to companies who are looking to develop growth plans, and typically offer 50% contribution to the external costs of developing the plan on a matched funding basis. Growth Accelerator can offer up to 80% funding in some cases. Programmes do tend to be timed and have a specific total funding pot so they do run out sooner or later. This said, there are new programmes launched regularly so it is always worth exploring the options Some people feel these government schemes are more trouble than they are worth but, in our experience, the application process is normally quite straightforward and when the payment of up to £3000 (or more!) arrives, it is all worthwhile! BSA understands the application processes and we are happy to help you.
Don’t forget the action plan
An action plan is a central element of most strategic planning but all to often, with the funding focus on planning, there is the danger that plans are not consistently actioned – yet this is the only way the planned growth results can be achieved! BSA Marketing focusses on both planning AND implementation. We work with you to ensure that things happen – and keep happening! In our experience:
- Business development results are significantly improved when a formal plan is in place
- The costs of sustaining effective marketing activity are not prohibitive
- The up front cost of developing a plan can be prohibitive
This is where the funding comes in. As we are accredited to deliver all of the above schemes, we can access funding to significantly reduce the cost of doing the initial planning. We then have the proven skills and resources to work with you to implement this plan in a consistent and sustainable way, delivering long terms results and growth. If you would like to investigate how we can use these funding schemes to help develop growth plans for your company, Get in touch, We would love to talk to you
