Risky Business: 86% of Industry Visionaries Believe Risk Takers Make Better Leaders, Elixirr Reports

In This Article:

  • Over a fifth of industry titans have pivoted their business over the past 12 months to seize new revenue opportunities

  • A third of industry leaders admit cutting back on tech investment was their biggest mistake during previous economic uncertainty as 87% plan to increase investment in new technologies

  • Making the UK a more attractive proposition for private investors must be the government’s biggest business priority

LONDON, October 08, 2024--(BUSINESS WIRE)--Data from Elixirr (AIM:ELIX), the challenger consultancy, reveals that over a fifth (22%) of business leaders and visionaries have pivoted their business over the past 12 months to seize new revenue opportunities. This follows a turbulent four years as UK businesses have faced three different Prime Ministers since 2020, fluctuating inflation rates and increasing corporation tax. However, businesses which have challenged the status quo and pivoted their strategy have put themselves in a stronger position to drive growth and revolutionise their industries.

The research, which surveyed over 500 enterprise leaders* across IT, retail, construction, manufacturing, finance and professional services, found that the majority (86%) of these industry titans believe that taking calculated business risks to outpace their competitors makes them a better leader.

Entrepreneurial mindsets encourage risk taking

Business leaders who think differently are already laying the groundwork for future growth, getting comfortable with uncertainty. Those looking to shake up their industries are, therefore, balancing strategic risk and reward. As a result, 86% of industry leaders have taken a calculated risk that helped the business grow in the past 12 months compared to just 11% who hadn’t.

This thinking ladders up to board members. Only 17% of board members believe that risk taking was a challenge and just 16% said becoming comfortable with uncertainty was another. At a time when many businesses across the UK are in preservation mode, those who are willing to go against the grain are best placed to succeed.

Seizing growth opportunities amidst economic & political uncertainty

Unafraid of being proactive when it comes to vital business decisions, over a third (36%) of industry giants have restructured entire business departments over the past 12 months.

What’s more, despite many businesses downsizing, those surveyed have, instead, committed to future growth with over a quarter (28%) having taken the step to expand their UK office space. Being bold and pivoting strategies have proved to be a winning tactic as only 10% of these companies had to prioritise making layoffs over the past twelve months.