Study Highlights Common Growth Denominators But Calls For Consolidation Of Government Schemes

A report published today by Deloitte has revealed that Britain’s 1,000 fastest-growing medium-sized businesses have increased their combined revenues by £45bn since 2009.

The ‘Businesses Leading Britain’ research was published to coincide with the launch of the Government’s latest GREAT Britain campaign.

The report found that the sectors with the largest proportion of companies in the top 1,000 are consumer business. These made up 20% of the top 50.  Technology, media and telecoms companies account for 8% of the 1,000 but 16% of the top 50. 

It also found that the top 50 of this group grew at a rate 73 times faster than the national average.

In addition to highlighting levels of corporate expansion, Deloitte reported a number of denominators that many fast-growth organisations have.  Six out of ten firms, for example, were business-to-business operations working within a niche market. A visionary leader and  the ability to spot new markets overseas were said to be extremely common also.

The report also calls for consolidation of Government schemes designed to support SMEs, along with help for CEOs of smaller businesses to form relationships with new suppliers and clients.

Deloitte’s report coincided with research by EY which showed strong growth amongst the UK’s entrepreneurial companies.

EY found that amongst the companies it spoke to as part of its study, those in the North of England achieved 24% growth in turnover in the past year. In London and the South it was 19%, whilst in the Midlands it was 12%.

Stuart Watson, EY partner and UK Entrepreneur of the Year Leader, said: “The importance of entrepreneurs in leading the economic recovery is clear, with their contribution to the growth, revenue and jobs vastly ahead of the economy in general.

"It reinforces research by NESTA showing that 6% of outstanding growth companies create half of new, high value jobs. The impact on regional economies and confidence cannot be overstated, with entrepreneurs providing a major boost for local innovation, pride and job creation. Innovative and fast-growing businesses have helped the UK regions to become world players in many industries.”

Expert Opinion

Once again here we see the importance of SMEs to the UK economy. <br/> <br/>“Both of these industry reports highlight a buoyant SME market in the UK and provide an interesting insight into their contribution to a well-balanced sustainable economy. . <br/> <br/>“The study by Deloitte highlights some important area where medium-sized firms require further support and we hope that these recommendations are taken on board by a Government which has said it is committed to supporting SMEs.” <br/> Steven Beahan - Partner