10,000 SMEs Boost Productivity with UK’s Help to Grow Scheme!
Exciting news for small and medium-sized business owners! The groundbreaking MBA-style scale-up program, initially launched by the UK government, has welcomed over 10,000 ambitious owner-managers into its ranks, ensuring its continued success even under new leadership.
As of late September, a remarkable 10,635 entrepreneurs have signed up for the Help to Grow Management Course, as revealed by the latest statistics from the Department for Business and Trade. This impressive figure is a significant step toward the ambitious goal set by the government to enhance the UK’s productivity—a goal that has proven to be a hot topic in recent discussions.
While the program is still working towards its three-year target of reaching 30,000 businesses, the 12-week course stands out by offering 50 hours of comprehensive training, 10 hours of personalized mentoring, and valuable networking opportunities. In comparison, it has already outpaced several similar private sector initiatives.
For instance, Goldman Sachs’ renowned 10,000 Small Businesses program has supported about 2,300 small business owners since its inception in 2010, despite its expansive alumni network of over 53,000 and double the teaching hours offered by Help to Grow. However, the Help to Grow course is uniquely tailored for companies with 5 to 249 employees—ideal for those looking to supercharge their growth.
Current Chancellor Rachel Reeves has taken notice of the program’s positive impact and has committed to covering 90% of the fees, making it incredibly affordable for participants—just £750 for all this invaluable training!
The original aim was to enroll 30,000 businesses within three years, but challenges in attracting participants were mitigated after the government heeded feedback from business groups, according to industry expert Tina McKenzie. Many potential candidates simply lacked the time to participate due to their busy schedules.
Mark Hart, an expert in entrepreneurship policy, pointed out that a lack of marketing funding has held back broader participation. “If we had a bigger marketing budget, we could have easily reached 30,000 participants from the get-go!” he asserted.
The types of entrepreneurs enrolling in Help to Grow are not your typical MBA candidates; they are real business owners tackling everyday challenges. Take Naved Siddiqui, operations director at Pacific Seafood. Thanks to the program, he secured a £4.7 million loan and is now poised to double the capacity of his London hub.
Naved shared how the mentoring he received transformed his approach to leadership: “I realized I was the bottleneck with 35 people relying on me. Now, I’m empowering my team to drive the business forward!”
Julian Glyn-Owen, a leadership expert at King’s Business School, praised Help to Grow for reaching driven individuals who typically wouldn’t have access to formal development programs. “These are dedicated business owners navigating complex challenges alongside a handful of team leaders, and the impact is palpable,” he noted.
Remarkably, 62% of participants have reported increased sales after completing the Help to Grow program, with 91% gaining a better understanding of what drives productivity and growth. This is not just a training course; it’s a catalyst for transformation!
Furthermore, the program has fostered partnerships between business schools and small enterprises, leading to enhanced research opportunities and collaborative projects that were previously out of reach.
As the program gears up for the future, demonstrating tangible improvements in productivity and management practices will be crucial for its sustainability beyond 2025. Recent economic fluctuations pose challenges, but there’s optimism in the air.
Hart believes Help to Grow will be instrumental in the UK’s ambition to emerge as the fastest-growing economy in the G7 by the end of this parliamentary term. However, tangible impacts on the broader economic landscape may take time to materialize in official reports.
Looking ahead, the Treasury has committed over £200 million in funding for small business support, ensuring that Help to Grow can continue to thrive in the coming years. It’s a bright horizon for ambitious entrepreneurs ready to take their businesses to the next level!
