The UK’s growth companies are shrugging off Brexit worries to expand their business through investment and exports, and believe that a strong company culture is vital to success.
Brexit boost as high-growth companies seize on cheap pound to stimulate exports
Record number of firms predicting 20% revenue growth
85% of companies say strong culture and employee engagement are essential to success: fun, family and flexibility are key
Two thirds of entrepreneurs say imminent recession is their biggest fear
ECI Partners’ 2017 Growth Survey, the only annual survey in the UK focused solely on high growth companies, reveals today that the UK’s growth companies are shrugging off Brexit worries to expand their business through investment and exports, targeting new markets in the USA and Europe.
The annual survey, now in its eighth year, polled c. 350 high-growth businesses, over July and August.
This year’s survey has a specific section on how company culture and employee engagement can help drive growth. It is clear that there is a strong correlation between companies that create a positive culture to engage their work force and growth.
Sir John Timpson, Chairman of Timpson and writer of the foreword for the survey, advised managers to build, “a company culture based on kindness that puts people first.”
This year’s survey demonstrates the overwhelming optimism and resilience amongst high-growth businesses, with half of respondents expecting to grow their revenues by 20% or more. This is significantly up on last year and marks the highest ever reading since ECI began polling companies in 2010.
A cheap pound is turbo-charging exports, with seven in ten companies looking to sell overseas, the highest in five years and significantly higher than the 11% national average of all companies that export estimated by the CBI. As the CBI notes in their 2005 report, exporters add three times the value of their exports to GDP making them vital to the UK’s economic success.
Europe 53% remains their top destination, despite concerns about access to the Single Market post Brexit, followed by North America 52% and Asia Pacific 40%.