Last year the government created the GrowthAccelerator programme, a £200million scheme designed to help an estimated 26,000 British companies with ‘high growth’ potential, defined as 20% year-on-year growth.
Its aim is to improve the quality of management in UK companies, with a focus on guidance in key areas such as leadership, securing finance and marketing. The programme is funded by the government but delivered by private sector advisors and business coaches, such as ActionCoach.
GrowthAccelerator introduces business owners to the concept of business coaching and the funding on offer can be a key factor in persuading them to get started on a one-to-one coaching programme. ActionCoach franchisee Ian Nicklin has been working with the GrowthAccelerator scheme since autumn 2012 and says it has seen him significantly grow his franchise.
He explained the advantages of the initiative to his business: “It is a great government scheme that has helped us bring a lot of new clients on board. It works well if you work hard to build the trust with your regional growth managers who allocate the funding. Our growth manager knows that we are proactive and find businesses with 20% growth potential for the programme ourselves, which helps us to establish trust and enables us to benefit from the available funding. You have to be proactive, as it’s a long-term arrangement and not a one-hit wonder.
“We have put about 24 clients through the GrowthAccelerator programme so far and although it’s still early stages, one of my clients has seen 70% growth since they started the programme in autumn. This is a great result and also the GrowthAccelerator allows businesses to dip their feet into the water of coaching and, as a result, I have had quite a few clients that have continued working with me beyond the programme.”