There are two categories for Scale Up businesses as defined by The Department for Business, Energy & Industrial Strategy:
- Minimum of 10 employees at the start of the engagement.
- Achieved minimum £500k turnover in the last year (operating for at least 3 years).
- Potential / aspiration to grow turnover and/or profit by a minimum of 20% (pa) over a 3 year period.
- Minimum of 5 employees at the start of the engagement.
- Achieved minimum £250k turnover in the last year.
- Potential / aspiration to grow turnover and/or profit by a minimum of 50% over a 3 year period.
Growth Hubs have a role to play in identifying and targeting scale up businesses that;
- have the potential to scale up with support;
- are already scaling up;
- have experienced a scale up phase and are looking to consolidate; or
- are entering a new growth period, in the broadest possible context.
Businesses that are identified as Scale Up are eligible for up 12 hours of free business advice from a Scale Up Advisor.
A BEST Growth Hub Scale-Up Advisor will work with ambitious Scale-Up businesses to help maximise their growth potential and scale-up by;
- inspiring, motivating and encouraging;
- linking those businesses to the right services to make that scale up process successful and with sustained impact;
- helping identify growth opportunities and constraints;
- facilitating the mapping of a 3 year strategic journey for the business and
- assisting with the development of a 12 month Action Plan.
If you believe your business to be eligible or would like more information, please contact us on: info@BESTGrowthHub.org.uk