Fortune Favours the Bold in Business
Only a fifth (21%) of British businesses believe they operate boldly, despite evidence linking success in business to being bold, according to new research from Business Stream.
The research, among 400 senior decision-makers, examines the concept of what it means to be bold in business. The findings are described in a new report – Fortune Favours the Bold – which challenges British businesses to become bolder in their approach to business and reap the rewards of success.
Boldness in a business context is defined in three ways: being clear, defined and ambitious in business decisions, taking calculated risks and stepping out of the comfort zone, and being brave.
The report concludes that bold businesses stand apart from other organisations because of a number of key attributes. Much more flexible in their attitude to change, they are also more likely to consider themselves as having an energetic approach. They believe that they can make decisions quicker and implement actions. Finally, they consider themselves to be less traditional in their outlook.
With an analysis of sector and regional variations across Britain, the report also includes a 10-step plan to help businesses achieve more success by adopting a bolder approach.
Johanna Dow, chief executive, Business Stream said: “Businesses clearly associate boldness with success. However, our report suggests being ‘bold’ may not be something that comes naturally to British business. By providing a route map for success, we want to challenge and inspire businesses to be bolder in their approach. It has worked for Business Stream and will continue to inspire our goals to deliver for customers and bring about improvements to our industry.”
Other findings include:
- 61% of very successful companies, as defined by profit-making and customer satisfaction levels, consider their business to be bold in the way they operate.
- Employees and customer service are considered to be the most important contributors to business success.
- Commercial and service sector organisations regard themselves to be most bold, closely followed by those in the industrial, manufacturing and processing sector.
- Companies in Scotland, Wales and the North of England were less likely to describe themselves as being very successful.
- The top five situations where boldness is required for success are: spotting a gap in the market; launching a new product or service; facing a difficult decision; expanding; entering a new geographical territory.
A copy of the full report is available from www.business-stream.co.uk/bebolder