2921 UK companies grew at 15% or more each year in each of the past 3 years. They did that while others thought sales growth was not possible.
Do you believe these myths?
1. You must be in a growth industry for sales to grow
So many business people believe this yet is just a myth. While 17% of the 2921 are in financial services, 8% in energy, and 5% in high tech/ IT many of the remaining 70% are growing in tough industries such as construction, automotive and retail.
2. The only way to grow sales is to cut margins further
Another myth is that companies can only grow in a weak industry if they accept bad margins. The facts do not support that thinking. From what we can see so far over 80% of the 2921 are profitable. These companies are providing something so many customers want that they are stealing market share off their competition- or opening up new market opportunities. For instance, Costa Coffee products are not cheap yet they are one of these fast growth companies. As is Yinggao- who would have thought a port terminal operation firm could have margins above 20% these days?
3. Sales growth would require more energy than you have
Yes I know- the last few years have been extremely hard work. Do you believe that growth would mean working even harder? Come on- you know that would not be possible. The 2921 companies have found ways to achieve a lot more with less effort. (Click here to find out more.)
4. Sales growth depends on the wider situation far more than you
So many business leaders I have met recently believe that growth is largely out of their control.
I went out for a date last week. The guy was nice, kind and we had a good conversation. Not my sort of guy though- he sees himself as powerless, stuck in a job he doesn’t really like and so on.
The sort of guy I like is a go-getter. He decides what he wants and makes it happen – like the leaders of these fast growth companies. They chose to put power into their businesses and they do it. While they discovered ways that transformed their results (Click here to find out more.) they had already decided they would find a solution well before that.
5. Large companies cannot grow sales as fast
I agree that it seems 15% growth pa should be harder for larger companies. Yet strangely the numbers blow that theory too. Of the fast growth companies worldwide- 34% are deemed very large, 21% large, 40% medium sized and only 5% small. Of the 2921, 7% earnt over £100m pa and 0.6% over £1 billion. Bearing in mind how few companies of that size exist those numbers are high!
6. You have to be based in S. England to stand a chance
There are, of course, many more companies in London and the south. 47% of the 2921 are in London and 17% in central/ south England. Yet 16% in North England, 7.5% in the east, 4.5% in Scotland, 5.5% in the west/ Wales and the rest elsewhere.
7. We cannot grow sales unless the UK economy is good
Of course the 2921 firms have blown that out of the water. The UK accounts for 9% of the companies that have been growing successfully worldwide over the past 9 years. Considering our size that is impressive! The Olympics also proved that we can outshine any country- when we choose to.
There goes the last myth. So…..
What sales growth can you achieve this year?
So, now we know, business success is far less about circumstances and far more about mind set… about making a choice. You can achieve anything you set your heart on. Which will you be?
A. Like the go-getters, the 2921 who are creating a great future now – not when the economy picks up in 4-5 years?
B. Doubting your ability and letting the 2921 can steal business off you?
What do you think about these myths? What offer myths do you think stop businesses from progressing? What will you do differently now?
Would you like help to fast track your business growth? Our 6 weeks to business results coaching service is designed to help you do just that. Click here to find out more.
Notes:
1.Data taken from Orbis database- Bureau van Dyjk. Based on Companies House data. Note: only companies with over £23m revenue need to submit their finances so these numbers probably do not cover smaller companies.
2. 2921 companies equals one percent of the companies worldwide that grew at the same rate over the same period.
