Fitness for Growth - a business breakthrough |
THE Steve Stuart Partnership has devised a revolutionary diagnostics tool to measure the key ingredients businesses need to maximise their growth potential. Steve Stuart, founder of The Steve Stuart Partnership, believes his Fitness for Growth project, will provide a detailed list of business success factors that are sensitive to the prevailing and forecasted market conditions. |
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Fitness for Growth is underpinned by a new cutting edge business health check which will in itself assess Small to Medium Enterprises’ (SME) potential for growth. This is done by analysing the interaction between their current performance, core business characteristics (such as training and networking) and the environment within which they operate.
A graph will reveal the combination of characteristics that successful businesses share and those that failing companies have in common.
For the first time the project will be able to graphically illustrate how fit each company is relative to its market and competitors.
Mr Stuart is confident the Fitness for Growth project will play an important role in developing the Merseyside SME environment at a time when businesses are struggling to grow.
Mr Stuart, who has been voted Merseyside Dealmaker of the Year for two years running, said: “We are producing something for businesses that has never been done before – to graphically show where a business is in terms of its fitness and how it can get better.
“This is an extremely powerful diagnostic tool.”
The project is part funded through the Knowledge Transfer Partnership (KTP), a Government initiative, led by the Department of Trade and Industry (DTI).
The DTI's main aim is to assist in the practical implementation of innovation through the transfer of knowledge and facilitation of relevant research.
All KTP projects are therefore undertaken as partnerships between the private sector and Further Education establishments; in this case The University of Liverpool.
The partners strongly believe that this KTP project will be of great value to all businesses of any size.
Murray Dalziel, professor of management and Director of The University of Liverpool Management School said: “The research that underpins this project is potentially groundbreaking.
“It will graphically show the way that individual companies perform within complex, dynamic landscapes.
“Using information provided by the companies that take part, we hope one day, to be able to provide a detailed list of characteristics that are vital for a successful business.
“Such a list is potentially very powerful and businesses on Merseyside together with the Management School will be leading the way on this.”
Mr Stuart added: “As an owner managed business ourselves, we understand the challenges that our clients encounter – especially in these uncertain times.
“Part of this tool involves forecasting what is going to happen in any sector in the next year.
“We can then narrow that forecasting down from the sector to the specific company and see how fit it is to cope with future economic requirements.
“The business can then use its strengths to prepare for the future and also identify the best opportunities for growth.
“At the end we will be able to identify the top performers not only in Merseyside but throughout the North of England and beyond.
“It will also highlight those companies that are highly sensitive to changes in their environment.”
David Brookfield, senior lecturer at The University of Liverpool Management School, added: "The University and TSSP have been developing this new approach to assessing business performance which has already attracted interest from a number of commentators for almost two years.
“The prototype is now ready for testing and we anticipate even greater interest. Especially as we think it can account for the very challenging economic circumstances we now face."
TSSP will shortly be contacting a number of companies in the region to invite them to participate in the Fitness for Growth programme. Companies who will participate will, in return, receive their very own unique company profile providing their Fitness for Growth.
Mr Stuart said: “Initially the project will be focused on Merseyside. We then hope to roll it out to the whole of the North before going UK and European wide.
“There is a lot to be said for being one of the first firms to be involved in this. Those who are will have a serious head start on their competitors.
“We will identify why more Merseyside businesses are not on the national and international radar by looking at the common characteristics that hold them back.
“This will really boost the local economy and I am delighted it will be our businesses here in Merseyside that are going to be leading the way.”
TSSP and the University are hosting a workshop on Friday March 6 2009 to introduce Fitness for Growth to a select group of Liverpool organisations which includes some of the city’s leading financial and professional services firms. These firms will work alongside TSSP and the University to recruit SMEs to participate in the project.
Photograph credit: Photographer