Businesses in the region are being offered a road map to the future, thanks to the North East Automotive Alliance. The member-based body has been awarded a project by the Local Enterprise Partnership to deliver GROWTHmapper to eligible businesses.
GROWTHmapper, is a proven SME business diagnostic tool, created and developed by Oxford Innovation Services.
It consolidates 25 years’ experience of nurturing successful high growth businesses. Over the last ten years alone, it has been used by 30,000 firms on national and regional business support programmes and underpins the development of their plans that have led to positive changes and business growth.
The North East Automotive Alliance, which has been working closely with the North East Growth Hub to offer a specialist diagnostic to automotive supply chain companies to assess the impact of COVID-19 and assist recovery, will offer eligible businesses the assessment for free.
Successful applicants will use the tool to gather information about six key areas, including cash-flow, finance, market, demand capability, human resources and personal resilience, to minimise risk and support effective management and recovery planning. The assessment can be completed remotely and takes approximately 15 minutes. The results provide a comprehensive report and action plan, allowing businesses to assess immediate needs, identify key priorities and highlight tactical approaches to creating stability.
Paul Butler, chief executive of the North East Automotive Alliance, said: “We are fully committed to supporting businesses within our cluster throughout the pandemic and we have a track record of doing just that.
“The GROWTHmapper will allow us to continue supporting organisations in the region, as they look to create a strategy for post COVID growth.
“The impact COVID-19 has had on business is immeasurable and the effects will continue to ripple for some time. It is essential that organisations take stock, assess any weaknesses and create stability. This is imperative and of the utmost importance for recovery and growth.”
Lorraine McGill, operations director, Bowe Digital Ltd, said: “I had the opportunity to go through the GROWTHmapper process. There were lots of questions about the business and you, as an individual. To get the best out of it you need to be very honest and detailed with your answers.
“The results were shared with me in a one-to-one session with my North East Automotive Alliance partner and I found the whole process very useful and informative. Following the feedback, suggestions and initiatives were put to me that have helped strengthen Bowe Digital. I would thoroughly recommend any business to use the tool to highlight areas of weakness and to develop a strategy for strong growth.”
Colin Bell, business growth director at the North East Local Enterprise Partnership, said: “After reacting to the initial shock of the coronavirus pandemic in 2020, businesses are now looking ahead to their recovery.
“GROWTHmapper is a diagnostic tool that provides businesses with a practical list of actions to help them assess the current health of their business, and importantly, plan for their future.
“Small businesses have been forced to put all their resources into responding to the changes brought about by COVID-19 and the UK’s exit from the EU. GROWTHmapper offers them the chance to take stock of where they are, gain a holistic view of the business and then make informed decisions about how they begin their recovery and continue their growth journey.”