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Can the UK become the leading hub for new business growth?

Can the UK become the leading hub for new business growth?

The Government has an ambition to make the UK the best place in the world to launch and grow a business.

The Scale Up Institute, the organisation tasked with helping to foster a better environment for scaling up a business, released its full 2018 annual review yesterday, inviting leading businesses and politicians along to hear the findings at a launch event in London.

The Institute wants to both break down barriers to new start-ups, and improve their chances of going on to grow into larger enterprises. The report identified the key challenges in the UK to enterprise growth and how to overcome them.

The Recruit Venture Group’s unique joint venture model is all about both removing the key obstacles to launching a recruitment business, as well as putting in place the comprehensive support to allow that business to grow organically over time.

It is already partnered with 49 independent recruitment brands, up and down the UK, and is supporting their ambitions to scale rapidly.

The Scale Up Institute’s key findings from 2018 are that access to finance at the right time remains a significant barrier to growing a business. One of the key benefits of The Recruit Venture Model is that it takes that problem right out of the equation by offering 100% of the finance needed to launch a recruitment enterprise. It is further able to invest further funds into the business at key milestones to help it expand. That means finance will never be a barrier to a successful recruitment enterprise scaling up its operations.

The report highlighted that finding the right mentoring and business leadership support is another key challenge. The Recruit Venture Group makes available its senior team to all of its joint venture partners. Between them, the senior members have decades of experience in recruitment, across a range of disciplines, and in businesses big and small. There will not be many challenges they haven’t faced before.

Infrastructure and capacity is another key element holding back business growth, the report found. The Recruit Venture Group offers a full back office support solution, meaning functions like accounts, payroll, credit control, IT, HR, legal and marketing, are all taken care of. This support is ongoing, meaning that as the business expands, so does the back office support, meaning growth can happen unhindered.

Paul Mizen, Managing Director of The Recruit Venture Group said: “What is striking about the 2018 Scale Up annual review is that many of its recommendations to encourage entrepreneurship and growth mirror exactly the approach The Recruit Venture Group takes with the businesses we launch and support.

“Where the report mentions access to finance as a barrier, we take care of that, where it highlights access to the right mentoring and leadership support, we offer that, and where it mentions needing the capacity, or ‘infrastructure’ to expand the enterprise, we provide our full and flexible back office solution.

“But I welcome the fact that scaling up is high on the political agenda. All of the 49 businesses supported by The Recruit Venture Group have seen growth, are local employers and are helping to drive local economies by creating a healthy labour market, so we need the Government to drive through policies that foster an environment where our dynamic and innovative businesses can thrive. I see first-hand the power that driven individuals have to create phenomenal business legacies, benefitting the whole of UK plc, and we must absolutely harness that. The Recruit Venture Group is doing its bit.

“But we can’t stand still, and at The Recruit Venture Group we are always looking at new ways we can support businesses and remove those barriers to entrepreneurship for the many talented recruiters out there who we know have the ability launch and scale businesses of their own.”

The report highlights that the benefits of scaling a business do not just come in terms of revenues and profits. Scaled businesses are found to be more innovative and productive, they are exciting places to work that offer high quality jobs and they are more likely to offer greater opportunities for young people and for a more diverse workforce.

The report found that businesses that successfully scale up are also more likely to scale again, suggesting that success breeds more success.

To find out how The Recruit Venture Group can open the door to entrepreneurship and create a pathway to recruitment business growth, visit: www.recruitventures.com

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