The Report, entitled Empowering Entrepreneurs, Accelerating Growth, is the second of its type and builds on an initial Progress Report published in April 2013.
Analysis in the report compares participants’ performance with that of similar businesses that did not take part in the programme, concluding that the 10KSB UK programme increases participating businesses’ growth by between 10% and 25%, relative to what it would have been without the programme.
The Report further concludes, based on independently collected data, that the strong participant revenue growth and job creation described in the first Progress Report continues well beyond graduation, with 90% of participants growing net employment three years after starting the programme, and 88% of participants growing turnover.
The initiative, which is supported by Goldman Sachs and the Goldman Sachs Foundation, is designed for the leaders of established small businesses who have the appetite and potential to grow their enterprises. Participants benefit from a high quality, comprehensive package of support and expertise to help them take their businesses to the next level.
On average, participants are growing employment between 16% and 26% per year after participating in the programme, and growing turnover at between 23% and 42%, depending on when they graduated.
Michelle Pinggera, International Chief of Staff for Goldman Sachs, said: “Small businesses are key to the UK’s growth prospects and the health of the wider economy. The innovation, growth and employment opportunities they foster have a widespread impact across industries and communities. We are delighted with the impact the 10KSB UK programme has had to date and look forward to seeing continued progress at the participating businesses. We hope the success of the programme will demonstrate the lasting effect that these initiatives can have and encourage others to support small business growth.”
Professor Mark Hart, co-author of the Report and Professor of Small Business and Entrepreneurship in Aston Business School, said: “We have long had anecdotal evidence from the participating entrepreneurs that the programme is changing them and their businesses. This Report puts the evidence of programme impact on a much firmer footing, enabling us to quantify its impact on growth. It suggests that the right interventions with the right businesses can help them to grow significantly faster. If delivered at scale, it could deliver billions of pounds of additional economic value.”
In fact, the report analysis suggests that if all similar UK small businesses had access to a similar programme, their resulting business growth would correspond to an additional Gross Value Added (GVA) of £2.7billion in the UK economy after only one year.
John Miller, a participant in the Midlands programme delivered by Aston Business School, and group managing director of Leicestershire-based Base Group, confidently expects the company’s percentage of sales from exports to rise from 22% to 32% in the coming financial year.
“As a result of the business plan created during the programme”, John says, “we are now operating across Europe through a network of distributors and agents supported by our own sales team. This expansion has seen our sales effort increase across Germany, Italy, Switzerland, Russia and the UK; and we are now in the final stages of negotiations on agreements that will see our products promoted across the Benelux region, China and the USA.”
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About 10,000 Small Businesses UK
The 10,000 Small Businesses UK programme is a partnership between Goldman Sachs, the Goldman Sachs Foundation and five leading UK academic institutions: Aston Business School, Leeds University Business School, Manchester Metropolitan University Business School, UCL and Saïd Business School (University of Oxford). The programme is designed specifically for the leaders of established small businesses who are seeking to grow their enterprises.
It was first piloted in 2010 and as of November 2014 over 800 small business leaders across the country have participated, with approximately 250 new participants joining the programme each year.
Participation is by competitive entry and is fully funded by each university partner for successful candidates. Through its investment in these small business leaders 10,000 Small Businesses UK aims to stimulate employment creation and economic growth.
About Aston Business School
Aston Business School, Aston University is renowned for the quality of its innovative learning and teaching, world leading research and for having a friendly and supportive culture. The School has strong business links, and offers life-transforming experiences that make a real difference to organisations, economies and the global society. Aston Business School is committed to helping small businesses realise their potential through dedicated services which are specifically tailored to meet their needs, and was this year awarded the Small Business Charter Gold Award in recognition of their achievements. The School also delivers cutting edge entrepreneurial research (especially on high growth firms) and is home to the Global Entrepreneurship Monitor UK project and jointly hosts the national Enterprise Research Centre with Warwick University.
About Base Group
Established in 2002 and based in Leicester, Base Group are a vertically integrated business providing high value technical products and services to aid the manufacture of light weight composite components. Through advanced materials and engineering divisions they provide clients with integrity, flexibility, innovation, continuous operational improvement and uncompromised quality.
They are a global organisation recognized throughout the composite industry as a world class provider of innovative technology serving motorsport, automotive, aerospace, construction, marine, renewable energy & industrial markets. By fully integrating their manufacturing and distribution businesses they are able to create value across the entire manufacturing process, to provide a positive end user experience.
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