Analysis of businesses from across Oxfordshire who have worked with GrowthAccelerator, a national business advice service aimed at facilitating growth, finds that Oxfordshire-based businesses with high-growth potential are typically within these five top sectors: business services, IT, healthcare, built environment (building, architecture, surveying, planning etc) and electronics.
The analysis also shows that high growth is far from being the sole preserve of start-up businesses. Almost two thirds (60%) of high-growth businesses across Oxfordshire have been trading for under five years, but growth across the county is also set to come from older companies with 25% being five to 10 years and 22% being over 10 years. The average age of a high-growth business in Oxfordshire is eight years.
Dr Jane Galsworthy, innovation team director at GrowthAccelerator, revealed the findings at Venturefest earlier this week and commented: “High growth is often perceived to be the exclusive domain of a certain type of business. However, our analysis of those leading the way in Oxfordshire shows that growth can come at any stage in a business’ lifetime, in a wide range of sectors and for any size of business. Many of our most prosperous, ambitious organisations are those which are setting and achieving new goals. With the right support and guidance, the growth opportunity exists no matter what the business’ age.”
The biggest barriers to growth for businesses in Oxfordshire are marketing (21%), skills or staff (20%) and strategy (18%). These are challenges GrowthAccelerator helps businesses to overcome as its growth managers match businesses with skilled coaches in order to help them fulfil their growth potential.
GrowthAccelerator has been helping high-growth businesses across Oxfordshire with: developing a breakthrough strategy, marketing strategy & plans, building their leadership teams and commercialising their products/services, as well as with raising finance.