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Being bold in business
10 Aug

Being bold in business

New member, Business Stream, one of the largest retail water suppliers in the UK, has been exploring the concept of boldness in business and whether such an approach delivers success. Working in partnership with the British Chamber of Commerce, they have published a report Beyond Bold: Strategies for Growth, which follows on from their first Report ‘Fortune favours the bold’.

In discussion with business leaders for Business Stream’s first Report, boldness in a business context was defined as follows:

  • Being clear, defined and ambitious in business decisions, such as when launching a new product
  • Taking calculated risks and stepping out of ones’ comfort zone, such as when entering a new geography
  • Being brave and standing by decisions, especially when facing a difficult situation such as taking on well-established competitors in a new market

Their latest report focuses in particular around the link between being bold in business and growth, seeking the views of over 400 business leaders. The results showed that there is definitely an appetite for growth, with 93% of respondents looking to grow their business within the year and 86% planning to do this by entering a new market or territory.

However, perhaps more interestingly, whilst an appetite for growth is most definitely apparent, what appears to be lacking is the planning process that goes into preparing for growth – as from the 90% of respondents looking to grow their business, only 46% had written a growth strategy.

To help companies plan for growth, the Report includes a 10 step plan with helpful tips on what needs to be considered to develop a strong business growth strategy.

Both Reports will give you food for thought and motivate you to consider how being bold could help you achieve the results you want. We’d love to hear about your experiences – have you been bold as a business and has it delivered results?