By Daniel Hunter

A study by coaching programme GrowthAccelerator has revealed that more than half of the Midlands’ fastest growing businesses have predicted expansion by up to 20% during 2013.

The study found that 58% of firms in the region believed they would see big increases in business during the next 12 months.

The study, which questioned the growth predictions of 500 businesses across the UK, also found that a third (33%) of Midlands businesses were likely to spend around £3,000 on additional resources such as staff training. In addition, 38% of firms questioned said they had taken advice or had coaching support in the past.

“In prioritising investment in staff training next year fast-growing businesses are showing they have faith in the strength of their business models," Simon Littlewood, Head of Business Growth services at GrowthAccelerator said.

"The impact of the recession has hit hard for many companies and we know from the businesses we work with every day that there is nonetheless huge ambition and drive among the UK’s business owners.”

Business owners who had received formal advice and coaching said the creation of new networks and relationships had been one of the biggest benefits to their companies.

“We’re seeing an emerging trend for businesses seeking an external perspective on their perceived and actual business challenges, to ensure they’re primed for optimum growth. We have 2,000 businesses signed up to GrowthAccelerator, and they are telling us that getting a fresh outlook, energy and ideas from trusted advisors are invaluable to them,” added Mr Littlewood.

“Clearly, the optimism of these high growth business owners doesn’t look set to dampen any time soon either, with the majority citing their 10 year ambition as ‘achieving 20% growth or more, year on year,” added Mr Littlewood.

“Achieving 20% growth year on year is the a remarkable achievement for any business, so the fact that so many of the business owners we spoke to are aiming to exceed that level of growth is very exciting.”

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