Life in the fast lane
A roadmap for scaling up your medium sized business
The importance of innovation in sparking fast-growth is well documented – businesses that innovate grow twice as fast, both in employment and sales, than firms that fail to do so.  Productivity is boosted too with innovative companies 13% more productive than their non-investing competitors. 
Innovation can come in many forms, from improving a product through to utilising a new marketing method to attract customers. Scale-up businesses are often best in class when it comes to delivering on good ideas.
"Investing in the algorithm behind Love Home Swap's points system transformed the business. The innovation spurred x6 more home swaps and improved the liquidity of the business."
Debbie Wosskow, CEO and Founder, Love Home Swap
When interviewed, fast growth companies talked at length about the products and services that had stimulated their fast growth. The challenge identified by these thought leaders was often how to ensure their company retained its innovative core as it grew larger. From retaining the close contact with customers that keeps the product at the cutting edge of the market to competing against new disruptive influences in your sector, the need to engrain innovation in a company is paramount.
Actively think about how your business will be disrupted, adapt and adopt early
Provoke ideas at all level of the company through internal innovation events such as ‘hackathons’
Retain a relentless focus on the customer and understanding their challenges
"It's an exciting process developing new cider products. Customers taste change and we are always keen to stay at the cutting edge of the market."
Helen Thomas, Managing Director, Westons-Cider
Think bigger – consider how your product can be adapted for new markets, whether that be new industries or international markets