100 South West Challengers - Use people power
And because they are not the market leaders, achieving this demands great focus in creating inspiring, appealing working environments where people can enjoy performing at their best.
The truth is that if employees are highly motivated, feel that their hard work is appreciated and rewarded and that their potential is being fully maximised, they will perform at the highest standard and customers will receive the best experience.
Business Link Skills Manager Paul Gaunt believes a good leader is someone with vision, insight and the clear knowledge about where they want to take the business.
He said: "The most competitive organisations are the ones with effective leaders and a skilled, motivated workforce."
Sara Reader, a Business Link adviser specialising in high-growth companies, said: "Employees are far more likely to feel motivated if the management team creates a culture of encouragement and appreciation and provides regular updates on how the business is doing, whether it's good news or bad.
"Many small, growing businesses cannot afford to pay the highest wages, but they still entice the most talented people. They do this is by creating a dynamic environment where there are special opportunities – such as the chance to broaden and diversify roles, take on more responsibility or benefit from incentives such as share schemes."
Jill Sheen, head of skills at the South West RDA, said: "Well-led businesses are far more likely to be successful – and successful firms contribute the most to the economy of the South West.
"We're supporting the Learning & Skills Council with its leadership and management advisory programme, providing flexible learning for owners of small businesses to improve their leadership and management skills. It's part of our role to listen to what businesses want and understand how to help them exploit emerging opportunities."
To see case studies of Challenger companies click here.
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