GBA Finalists predict a challenging but dynamic year of growth ahead
We asked our GBA Finalists for their views about what the year ahead has in store. This is what they told us.
Organic growth and new product development are going to be two of the most significant drivers of business growth over the coming year, according to a poll of our GBA finalists.
Other key factors will be increased demand in domestic markets and export led growth.
As part of the nominations process for the 2021 Growing Business Awards, shortlisted businesses were asked to complete a survey in order to gauge their views of the next year of trading. The findings, based on a sample of well over 50 companies, give a fascinating insight into how some of the UKs most promising growth businesses are lining themselves up to forge ahead after what for many has been a difficult trading period.
The finalists also gave some indication of how they plan to manage this growth, with almost all of the respondents saying they expect to hire new staff over the coming year. Nearly 38% said they expect to hire more than 20 additional people, while 13% said they expect to hire more than 50 additional people.
However respondents also warned that they expect the recruitment process to be difficult in the current climate, with two thirds of those surveyed saying they expect talent management and recruitment to be more challenging than in previous years.
Indeed recruitment was identified as the single most important barrier to growth over the coming year by 38% of respondents.
Ongoing pandemic conditions, supply chain worries and specific market conditions affecting individual businesses were also ranked as the main concerns. However competition and market maturity were only flagged by a handful of respondents, while just 5% of respondents said they had no specific cause for concern.
Meanwhile more than a quarter of the GBA finalists are expecting to raise new equity funding in the next twelve months, while a further 20% have not ruled out that possibility.
Almost all of the short-listed businesses said they were upbeat about the trading prospects for 2022, with 70% saying that they were very positive.
The 23rd annual Growing Business Awards will take place on 24th November 2021 at the JW Marriott Grosvenor House Hotel in London. For more information visit www.growingbusinessawards.co.uk or contact the Growing Business Awards team on 0207 360 3460 or email firstname.lastname@example.org.