In July, the Wales Fast Growth 50 project will wind up its search for the businesses showing the fastest growth. The initiative has been continuing its celebration of Welsh entrepreneurship every year since it started in 1999.
The project serves as a big boost to businesses in Wales and is also a means to highlight the tremendous potential present in the region. Since its launch, around 674 firms have featured on its annual lists. Around 48,000 jobs and a turnover of £27 billion have been estimated to be realised from the businesses with a major amount of the income being spent in the locality.
According to Dylan Jones-Evans, the project founder, the companies featured in the list are expected to continue with their fast growth. Their productivity will in turn drive the Welsh economy in the right direction. With the list for 2022 not yet fully completed, we decided to find out how the pandemic and economic factors impact the business in the region now.
As the world recovers from the rampage brought on by the Covid-19 pandemic, the Welsh region is not far behind in its recovery efforts. A promising factor amidst the dismal economic situation is the boost the fastest growing firms can bring to the region.
ASD Build, which featured in fifth place in the 2021 list of firms is a building development firm for the local community. The firm has shown 401% growth from 2018 to 2020, which is pretty impressive for a construction company.
The property market is another field that has not lost its demand during the pandemic. Homes which have been renovated or extended are popular among house hunters. Bathroom fixtures such as free-standing baths are among the additions that attract prospective buyers. Letta London is a firm specializing in luxury bathroom and bespoke wardrobe supplies.
From the expansive collection of freestanding baths that this company features, we can know the variety the firm can offer. It caters to all types of budgets and user needs. Top-quality luxury products especially bathroom fixtures and fittings are always in demand. The rise in popularity of the Letta London products is a fitting example.
The Welsh government offers support for businesses in many ways. Business Wales is one such service that offers guides and tools to assist businesses in their growth and expansion. As per the service, for a firm to grow at a fast rate it has four significant ways to choose from. You can sell more of your existing product, create a new one, expand your market, or create a product and sell it to a new market.
From the high growth shown by the companies found on the Fast growth list, we can understand the efforts and perseverance involved. For the year 2022, the awards announcement for Fast Growth 50 will be held in October. Mercure Hotel in Cardiff is the venue for this year’s awards ceremony. Eligibility criteria for the award include
- The firm must be based in Wales
- It should be a privately owned and independent firm
- It should have recorded a sales growth of a minimum of £250,000 in 2019
The revenue growth percentage from 2019 to 2021 will be taken into account for the rankings.
Business growth is a crucial factor as it decides the survival of the business in the long run. Growth helps a company to buy new assets, increase its workforce, and infuse much-needed capital into the business. An increase in performance and profit are other perks of fast growth. A business will be open to new opportunities, expand its products, increase its customer base, and employ more staff with fast growth.
Business credibility greatly improves allowing the firm to expand its supply base, and enhance its stability and returns. However, growth needs to be sustainable to create the necessary impact. Irresponsible use of resources and ignoring environmental health can affect the business and the community in the long run.
To achieve sustainable growth, a firm needs the right blend of strategy, elements, and foresight. The value a business offers to the customer, customer satisfaction, and customer-centric service is vital for sustainability. A business that focuses on solving customer problems, feedback, and enhancing the service it offers can ensure sustainable growth.
Being open to new concepts is a must for increased growth. Listening to new ideas from all levels of the business is important. Exposure to new ideas helps redefine business objectives and address the constantly changing customer needs. To enable this, a teamwork environment is vital. It will motivate all employees to share their ideas.
When there is a robust focus on combining knowledge and skills, companies will find it easier to grow regardless of the market or the economic situation. The annual list of fast-growing companies is an example of how it is possible for firms to consistently deliver value to customers.
Regardless of the ways a company uses for driving growth, we find that one characteristic sets apart a fast-growing company from the rest. The ability of a business to adapt to the changing environment is a vital feature. At the same time, the firm should not compromise on using innovative ideas and collaborative efforts.
There is no shortcut to achieving growth on a mammoth scale. If such growth occurs it is more likely to harm than benefit the company and the community as a whole. But as the Welsh companies have proven, growth can occur in the short term with a proper approach toward customers, product quality, and productivity.
Growth hacking is a term that is popular among businesses now. It is a process that gets your business to grow at a very fast rate. But while the process may be exciting and provide excellent results, most often the methods used to achieve such rapid growth cannot be sustained in the long term. Hence, it is crucial that a business has a solid strategy that is sustainable and scalable. Using a controlled approach focusing on intentional growth is vital for effective results.