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Goldman Sachs 10000 Small Businesses (10KSB)

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Goldman Sachs 10000 Small Businesses (10KSB) BUILDING SMALL BUSINESS BRITAIN EQUIPPING SMALL BUSINESS LEADERS WITH THE SKILLS AND TOOLS THEY NEED ALLOWS THEM TO TURN POTENTIAL GROWTH INTO REAL SUCCESS, TO THE BENEFIT OF THEMSELVES, THEIR EMPLOYEES AND THE ECONOMY AS A WHOLE 4 EXECUTIVE SUMMARY: AMPLIFYING GROWTH This impact report summarises the collective progress of nearly 1,000 small business owners who have completed the programme. With the fullest sample size to-date, the analysis shows that 10,000 Small Businesses (10KSB) UK graduates are consistently growing their revenues and creating jobs, following the behavioural and strategic changes they implement as a result of the programme. The report looks at who the 10KSB UK participants are, the changes they make upon graduation from the programme and their impact on generating additional growth. The wider question of their overall impact on the UK economy is also addressed. 5 THE 10,000 SMALL BUSINESSES UK EFFECT GRADUATES MAKE KEY BEHAVIOURAL AND STRATEGIC CHANGES Having been equipped with new tools and strategies for managing their businesses, 10KSB UK participants make are more clear changes to their businesses after graduating. 93% confident managing growth of participants increase more 10KSB UK the training participants seek 77% opportunities they 4X external finance introduced new provide to their staff than UK small 92% processes after graduating. business owners. are still use financial launch a new developing product or services 84% data more in new products decision-making 64% in the year after 69% and services completing the three years after programme. graduating. sourced new 84% suppliers LEADING TO INCREASED PERFORMANCE AND FASTER GROWTH Participants are three times more likely than other UK small businesses to Participants are twice as likely to create new jobs after graduating, and increase their turnover as UK small 31% report higher employment growth 81% businesses, growing turnover on 1 averaging 31% a year.1 average at 81% a year. As a direct result of the programme, job creation is 17% As a direct result of the programme, revenue higher than graduates would have otherwise expected.1 growth is 19% higher than graduates would have otherwise expected.1 1 ONS Business Structure Database (2015). N.B. This report builds on the 2013 and 2014 reports, with a significantly larger sample size and looking at the changes participants make over a longer period of time than was previously possible. 6 PROGRAMME BACKGROUND 10KSB UK is a comprehensive programme of business development and leadership support for small businesses with high growth potential, designed to help them achieve that potential. Piloted in late 2010 and launched in early 2011, to date, 933 entrepreneurs from across the country have graduated from the programme. The 10KSB UK programme is a partnership between Goldman Sachs, the Goldman Sachs Foundation and leading UK universities. 10KSB UK 2010–2015 The core programme comprised 100 hours of expert tuition over 12 one-day curriculum sessions spread over four months, covering Leeds University topics including finance, marketing, Business School operations and leadership. Yorkshire and the Humber Each session featured education, discussion and peer-group work to enable individual participants to define their growth goals and pool their experiences. Manchester Metropolitan The result has been a close knit University community of business leaders North West who inspire, support and learn from each other. Aston Business School Midlands Saïd Business School Curriculum co-ordinator University College London London and South East 7 10KSB UK is one of several which provides a business to new markets. The course is a programmes developed and education to women entrepreneurs highly intensive applied method of supported by Goldman Sachs and in emerging economies, 10KSB learning that directly relates to their the Goldman Sachs Foundation that first launched in the United States businesses. Participants develop aim to stimulate the growth of high in 2009. their own business growth plan potential small businesses, create throughout the course to implement Through 10KSB, participants identify jobs and grow economies. Building back in their businesses. and execute the steps necessary to on the success of the Goldman enable them to scale their ventures, Sachs 10,000 Women initiative, create employment and expand EQUIPPING SMALL BUSINESS LEADERS WITH THE SKILLS AND TOOLS THEY HAVE NOT LEARNED BEFORE ALLOWS THEM TO TURN POTENTIAL GROWTH INTO REAL SUCCESS, TO THE BENEFIT OF THEMSELVES, THEIR EMPLOYEES AND THE ECONOMY AS A WHOLE. Module 0 Module 1 Module 2 Module 3 Online Getting Growth and Growth and Building the Face to face started opportunity: part 1 opportunity: part 2 opportunity Module 8 Module 7 Module 6 Module 5 Module 4 Strategies for People and Leading Leadership inancial finance and sales processes the team and culture metrics Module 9 Module 10 Module 11 Module 12 Module 13 £ Developing Cash and Strategic Business Business your market funding review growth plan growth plan 10KSB UK 2016: The national cohort model From 2016, 10KSB UK has been sessions, with over 100 hours of After they complete the course, run nationally, led by Oxford Saïd high-quality tuition. Throughout the graduates enter into a global Business School, with support 4-month programme, participants community of fellow business from Aston University, Manchester attend three residential sessions leaders where they receive ongoing Metropolitan University and Leeds over 7 days, and undertake 5 full educational support and guidance. University Business School. weeks of online learning. They continue to benefit from the rich network of their peers. To make the programme accessible The robust and stimulating peer- to businesses regardless of location, to-peer learning environment the world-class curriculum is allows participants to share delivered through an innovative their journeys and build on one blend of online and in-person another’s experience. 8 WHO ARE THE 10KSB UK PARTICIPANTS? 10KSB UK participants are selected based on their ambition and business strength, and represent the diversity of the UK small business population. 17% 29% Manufacturing Other activities 17% Professional, scientific 9% and technical activities Wholesale and retail trade 16% 12% Information and Administrative and communication support services 9 ELIGIBILITY CRITERIA Recruitment for 10KSB UK is a rigorous and selective process. Participants BUSINESSES ENTERING must be leaders of established small businesses, have chosen to apply for the programme, and demonstrate in an interview that they have the desire THE PROGRAMME HAVE to grow their business in a peer-learning environment. The criteria for joining 10KSB UK are: An average > businesses operating for at least three years of 21 > have between 5 and 50 employees > applicants should not have extensive or recent management education employees > businesses should have turnover of at least £250,000 in the previous financial year > applicant should be primary owner or main decision maker of the business. An average of £1.2m revenue of participants have 37% no university-level degree BACKGROUND SOCIAL ENTERPRISE 10KSB UK participants are a 37% of participants have no One in six 10KSB UK participants microcosm of the SME community, university-level degree which run social enterprises, and they coming from a wide variety of shows the programme is giving collectively employ over 2,500 sectors. access to university-level people with a combined turnover management education to those of £112m.3 Growth is demonstrated across all who had not had access before. business sectors, and is not limited Social enterprises grow faster than to any particular industry. Business partnerships and single- other 10KSB UK participants, with a ownership businesses represent a mean employment growth rate of 10KSB UK cohorts are more gender- greater proportion of the population 43%, compared to 29%. balanced than the leadership of than the UK overall. Far fewer small businesses in the UK. Over These social enterprises are twice as participant businesses are 30% of participants are women, likely small businesses to be led by family-owned. compared to 21% of business women than men. owners for the UK as a whole.2 There is no single profile of a 10KSB UK participant aside from 73% of participants are between 1in 6 an ambition to grow and the 30 and 50 years old, and over three 10KSB UK confidence to make changes to times as many participants are improve their business. 10KSB UK participants over 50 as are under 30, showing participants are not only technology ambition is not limited to younger run social or digital firms, they span all business owners. sectors, sizes and geographies. enterprises 2 BEIS Small Business Survey 2015. 3 ONS Business Structure Database (2015). 10 HOW DO 10KSB UK PARTICIPANTS CHANGE FOLLOWING THE PROGRAMME? The 10KSB UK programme increases participants’ growth by encouraging the development and application of key management practices and business strategies within their businesses. This section reports these strategic and behavioural changes, and the performance of participant businesses following their completion of the programme. 93% 92% 84% 84% more confident introduced new use financial data more sourced new managing growth processes in decision-making suppliers 11 STRATEGIC CHANGES OVER 70% OF PARTICIPANTS SOUGHT SINCE GRADUATING EXTERNAL FINANCING AFTER FOLLOWING FINANCING THE PROGRAMME, WHICH IS FOUR TIMES
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