Aspirations for the Growth of their Business

Five respondents indicated that they had spe­cific objectives targeting revenue growth since the outset of their business. The remaining two respondents reported that while they did not de­vise specific targets for firm growth for the first year of business activities, they did so currently. The specific growth objectives were aligned to the perceptions of firm growth as described by respondents “Expanding the customer base whilst retaining existing business….ensuring profit margins are never jeopardised’; “it means increasing profits year on year with the gaining of new clients each year”; and “Increased turn­over andprofit and more clients”. These findings concur with the findings that multiple objectives exist for firm growth which are commercially focussed (Barkham, Gudgin, Hart, & Hanvey, 1996; Glancey, 1998; Philipsen & Kemp, 2003; Storey, 1994). Six owner/managers undertook regular business reviews (quarterly basis) to evaluate how well they achieved their growth objectives. All bar one respondent indicated that they had achieved growth in sales and profit for the previous two years. The remaining respondent suggested that firm growth was not achieved as her “focus had been on product development….. and establishing a solid foundation for growth” which required short term consolidation of busi­ness activities for longer term financial growth.