Working ON or IN your business?
If you are the business, growth ends with you. Working IN the business caps your time, energy, and impact. Working ON it builds systems that grow beyond you to turn a job into an asset.
Tag: Growth&Scale
Elite Business: Strategic resilience in a tariff-impacted world: A practical blueprint for UK exporters
In this article, originally featured in Elite Business: Rising U.S. tariffs are set to disrupt global supply chains, tighten margins, and push inflation and interest rates higher
Rising U.S. tariffs are set to disrupt global supply chains, tighten margins, and push inflation and interest rates higher. For exporters, this means higher costs and unpredictable market conditions.
The key to thriving in this environment is resilience—guarding against risks while seizing new opportunities.
A brand exporting manufactured products must act decisively to keep operations agile, cost-efficient, and market responsive. Here’s a practical blueprint to navigate these challenges effectively.
Reinforcing the foundation
Why it works
Relying on a single source is vulnerable. Spreading orders across multiple suppliers reduces risks from tariff hikes and supply disruptions and allows for negotiation with existing suppliers.
Example: A hair extension distributor once sourced Remy hair exclusively from Italy. When an earthquake disrupted supply, the company turned to an alternative provider in Brazil. This move secured supply and introduced a lower-cost fighter brand, making their offering more competitive and resilient.
Localize production or assembly
Action: Shift parts of the production process to the U.S. or regions with favourable trade agreements.
Why it works: Partial localisation can bypass tariffs, reduce lead times, and improve market responsiveness.
Example: A U.S. engineering firm expanding across Africa partnered with a local geospatial intelligence supplier. This move provided on-the-ground insights, strengthened relationships with regional governments, and led to a preferred status on new projects.
Optimize inventory and production processes
Action: Build a safety stock of key materials and apply lean manufacturing principles.
Why it works: Holding essential inventory shields against supply disruptions, lean processes reduce waste and lower costs, making operations more resilient. Tariff-induced inflation also makes holding stock a strategic store of value.
Example: A biker clothing brand struggled with denim shortages in China. When a factory’s large order was cancelled, the company capitalised on the opportunity, securing bulk denim at a favourable price. This stabilised supply and provided a higher return than cash in the bank.
Adjust pricing strategies and product configurations
Action: Develop flexible pricing models and redesign products to minimise tariff-sensitive components.
Why it works: Passing every cost increase to customers is unsustainable. Innovative pricing and product adjustments help maintain a competitive edge while protecting margins.
Example: A company splits its value proposition between a physical product and essential services. While the product attracted tariffs, the services did not.
Build strong, local partnerships
Action: Establish relationships with U.S.-based distributors and retailers.
Why it works: Local partners provide market access, logistical support, and insights, accelerating market penetration while mitigating tariff impact.
Example: When Brexit hit, many exporters partnered with Dutch distributors to share warehouse space and logistics resources. This strategy minimised tariff exposure and expanded their European presence and relevance.
Embrace continuous innovation
Action: Invest in R&D to improve products and explore new materials.
Why it works: Innovation ensures competitiveness even as cost pressures rise.
Example: A German company invested in a green steel plant in Namibia, gaining access to carbon credits and eco-friendly credentials. This move strengthened its market position in Northern Europe, where sustainable products command a premium.
Expand market reach
Action: Reduce dependence on the U.S. by targeting alternative international markets.
Why it works: Diversifying across multiple regions spreads risk and uncovers new growth opportunities.
Example: Nando’s, initially a South African brand, expanded globally by franchising to South African expatriates. Similarly, rising UK emigration has opened new markets in the UAE, Singapore, and the U.S., where British nationals are investing and relocating.
Strengthen brand positioning through authentic storytelling
Action: Enhance marketing by showcasing your brand’s heritage, quality, and innovation.
Why it works: A strong brand narrative builds customer loyalty and justifies premium pricing, even when costs rise.
Example: British heritage brands like Brompton Bicycles and Denby Pottery emphasise their craftsmanship and local production advantages, creating deep emotional connections with consumers.
The path forward
This is not a theoretical exercise—it’s a practical roadmap for exporters facing a tariff-driven landscape. Companies can strengthen their defensive position by diversifying supply chains, localising operations, and optimizing production. Meanwhile, forging strong partnerships, continuously innovating, and expanding into new markets create opportunities for sustained growth.
The key to long-term success is adaptability. Implement these steps, stay alert to market shifts, and refine your approach as conditions evolve. A well-executed strategy ensures your brand thrives in an ever-changing global economy.
Elite Business: Exhausted and overwhelmed? How to break the cycle of cognitive burnout
In this article, originally featured in Elite Business: Simplifying your business focus is a necessary and effective approach to easing cognitive burnout and re-energising yourself and your business.
As business leaders we face constant decisions, information, and pressures, leaving many exhausted and disillusioned. While it might seem like an inevitable part of business, this mental drain has a specific cause. George Parsons’ research into cognitive overload tells us that our brains can only juggle so much at once. When flooded with demands, we slip into a “freeze, fight, flight, or fawn” state, similar to how the body reacts under threat. If left unchecked, this cycle of overload and avoidance can paralyse decision-making.
To remain effective, regain control and break the burnout cycle, we need to simplify our business focus.
Understanding cognitive overload and the cost of ‘doing everything’
Running a business has become a lot more complex as a result of Brexit, COVID, skills crises, the cost of living, collapsing infrastructure, and morphing tax, climate, and employment legislation in a moribund economy. This load is compounded by the 24/7/365 information cycle—endless streams of news, events, and opinions accessible around the clock via digital channels. Each input demands attention, shifting focus and energy from meaningful decisions to constant reactions.
When constantly overwhelmed, our brains struggle to manage it all, slipping into cognitive overload. George Parsons’ research on memory says that our brains handle around 7 (give or take 2) pieces of information at a time, and operating beyond this causes lapses, errors, and mental strain. The freezing, fighting, fleeing, or fawning, behaviour often seen in business decisions. The result? Fatigue, hesitation, and even avoidance in making choices.
Instead of stretching to meet every demand, the answer may lie in slimming down: identifying who you serve best, what problems you solve, and aligning your business around that specific purpose.
Simplifying through purpose: Shift from selling to solving
If you’re feeling drained, it may be time to refocus on a core purpose—moving from merely selling products and services to solving tangible problems for a defined customer group. Rather than trying to attract everyone, determine your addressable market, not just anyone who could buy your product but those who genuinely benefit from your solution. By narrowing down your focus to a specific problem or set of problems, you simplify decisions, define clear objectives, and build credibility in one area.
Redefining your purpose lets you gain clarity on the customer experience and understand exactly what drives your target buyer. This clarity lets you streamline your lead generation, conversion, fulfilment, and retention processes. When you specialise in solving a defined problem, every part of the customer journey, from initial interest to loyal repeat customers, becomes clear and refined. As a result, cognitive load reduces, and your expertise grows, allowing you to deliver a solution repeatedly, efficiently, and with greater impact.
Next, delegate to build expertise. Reducing cognitive overload requires offloading tasks to others where possible. As you narrow your focus, empower your team to manage parts of the process. Delegation isn’t about giving up control but establishing a trusted system for repeated success.
And try to limit information overload, limit digital inputs to specific times each day. By creating boundaries around digital consumption, you avoid reacting to each update and focus on meaningful decisions.
Purposeful simplification as a path to lasting resilience
You create a structure that combats cognitive overload by aligning your business with a focused purpose and a clear audience. Instead of juggling every demand, you work intentionally, focusing on high-impact decisions that drive meaningful growth. This refined approach allows your brain to engage in deeper, strategic thinking, building resilience to handle future challenges.
George Parsons’ insights remind us that success isn’t just about doing more but about simplifying effectively to do better. Cognitive resilience comes from managing mental resources wisely, avoiding burnout, and creating a focused environment that builds expertise, confidence, and strength. By slimming down, business owners can regain control and clarity and, ultimately, a path to more sustainable and energised growth.
Embracing Imposter Syndrome: A Key to Business Growth
As a business leader, you’re often expected to have every answer at your fingertips. Whether leading a senior team strategy session, onboarding new suppliers, or fielding questions from customers, the expectation is clear: you should know it all. However, this expectation is neither practical nor sustainable, and many leaders grapple with imposter syndrome as a result.
Understanding Imposter Syndrome in Leadership
Imposter syndrome for business leaders tends to surface during periods of growth, particularly at a point often called the “ceiling of complexity.” This is the stage where tried-and-true strategies no longer yield growth, and you’re tasked with guiding the organization to the next level. It’s natural to feel as though you don’t have all the answers. In fact, the habits, practices, and mindsets that carried you to this point can often become limiting.
Why Imposter Syndrome Isn’t a Weakness
Imposter syndrome might feel like a weakness, but it’s actually a sign that you’ve reached the limits of your current mindset and practices. The feeling of inadequacy often arises because much of a leader’s methods have become second nature and are, therefore, difficult to analyze or change. Embracing these doubts can be the first step toward identifying new paths for growth.
Overcoming the Imposter Mindset by Seeking New Perspectives
To overcome imposter syndrome, it’s essential to recognize that your limitations aren’t a reflection of your worth but simply the natural boundaries of your current skill set. Being open to feedback and new ideas, both within your team and from outside mentors or industry networks, can illuminate new paths forward. Engaging openly with others without fear of judgment allows you to remain a capable leader while exploring new strategies to lead confidently.
Embracing Vulnerability for Growth
The path to overcoming imposter syndrome is through vulnerability. Ask yourself and others, “What needs to change to reach the next level?” By allowing vulnerability, you foster an environment where learning and growth become priorities, not just for you but for your entire team. Opening up to these questions enables growth and can keep the journey exciting and filled with fresh learning opportunities.
Imposter Syndrome as a Growth Catalyst
Ultimately, imposter syndrome isn’t a roadblock; it’s a signal. It’s an indication that you’re ready to step beyond your current limits. As you expand your skills and adapt to new challenges, your business will naturally grow alongside you.
Imposter syndrome, rather than being an obstacle, can be an invitation to grow and evolve as a leader, pushing your business to new heights. Embrace it and use it as a springboard for continuous improvement, both personally and professionally.
The Power of Purpose: Why Every Business Needs It
The Power of Purpose: Why Every Business Needs It
In today’s ever-changing business landscape, purpose has become a buzzword—so much so that it has lost much of its meaning. But if you strip away the trendy jargon, what remains is a simple yet profound question every business must answer: Why does your business exist? And more importantly, what right does it have to exist?
For many entrepreneurs, the initial reasons behind starting a business vary. Some may say they began their venture to create financial security for themselves, while others might boast about having exceptional products or deep loyalty to their employees, particularly in family-run businesses. Yet, when faced with the hard question of why their business truly exists, these answers often fall short.
Why Purpose Matters
At its core, purpose is more than a personal goal or a well-designed product. Purpose is about solving a problem for your customers and creating a meaningful experience for them in the process. This is the key reason any business exists—because customers are seeking solutions to their problems. Whether they’re buying a high-performance sports car or employing a cleaning service, they are ultimately paying for a solution, not just a product.
Take, for instance, a business that sells luxury cars like Maserati’s and Ferraris. On the surface, it may seem like their customers are simply indulging in a “fancy.” However, upon closer inspection, these cars are often seen as alternative assets that appreciate over time—thus solving the problem of finding valuable investments. The purchase is less about luxury and more about smart financial planning.
The Experience Factor
Besides solving a problem, the other key factor driving a business’s existence is the experience it offers. A great customer experience can turn a one-time buyer into a loyal client. This applies across industries, from the sale of sports cars to more mundane services like cleaning companies or real estate agencies.
Consider a disaster recovery cleaning business. Initially, their purpose was clear: they helped companies recover from floods, fires, and chemical spills. But after reaching a certain level of growth, they found themselves stuck, struggling to differentiate from other cleaning companies offering similar services. What they discovered was that their true purpose lay in providing an exceptional experience for their clients—particularly those in the food industry, where contamination prevention is critical. By narrowing their focus and creating an impactful experience, they reinvigorated their growth.
How to Use Purpose
Once you’ve identified your business’s purpose, the next step is knowing how to use it. Purpose should be at the heart of every communication you send out. It informs your marketing, your team’s motivation, and how you engage with customers. When people understand that you are solving a specific problem and creating an experience around that solution, they will see your business as purposeful, not just another company trying to make a sale.
Purpose also resonates at a human level. When your employees understand the broader impact of their work, they feel more motivated and aligned with the company’s goals. For example, the disaster recovery company that shifted its focus to preventing contaminated food in laboratories saw a remarkable change in employee engagement. Workers understood that their efforts went beyond cleaning—they were actively protecting public health. This sense of purpose helped the company grow and unify its team.
Elite Business: Beefing up the meat in Britain’s sandwich economy
In this article, originally featured in Elite Business: Think of the economy like a sandwich, with the mid-tier businesses making up the meaty centre.
The highest nutritional value of a meat sandwich is the meat. Its high protein and minerals outweigh the high-carb content of its neighbours.
Most economies are like meat sandwiches. The UK’s economy is a sizable one, with 5.59 million businesses employing 27 million people and generating a hefty £ 4.5 trillion annual revenue.
The bottom slice of bread makes up the largest segment of business: the 5.3m sole proprietors and micro-enterprises who employ, on average, 1.6 people each. In effect, these businesses are self-created “jobs” for their owners. They also make up a significant voting population. Let’s make a tentative assumption that most of these entrepreneurs have a partner with everything to gain and lose from their economy. That means the voting power of this segment approaches a meaningful 10.6m ballot wins. Keeping them happy is a vital priority of any adept politician with eyes on Downing Street.
The top side of the sandwich sees dramatically smaller 8,000-odd companies that carry significant punch in their employment and tax contributions. With their extensive boards, NEDs, advisors, investors, c-suite executives, and deep establishment, sometimes centuries old, they carry weight in the corridors of Whitehall and feed a thriving public relations and media industry. A ‘lobbying’ budget to access the biggest customer in the land is not uncommon, nor is the understanding that your government representative today will likely be your board member tomorrow as the revolving door of politics and business swivel on the axis of shared interest.
The middle of this sandwich makes up the remaining 246,000 companies that carry the unfortunate moniker SME. Mostly privately held by growth-minded, self-funded entrepreneurs, they employ an average of 58.5 people. They don’t have the numbers to impact voting significantly, nor the budgets to invest in lobbying the government for access to opportunities or to influence policy. They also are considered by many to be “doing just fine”, implying that they are better off than the many who are not and, therefore, no resources or support should be directed their way. Yet society should pay closer attention to them.
Building a business that matures from micro to established and growing requires a growth mindset. That mindset sees the business owner continuously investing their money and time, committing to the 50 to 80-hour week commonly needed to fill the multiple roles their business demands, making them some of the most committed investors in our country. Their limited access to funding also increases their investment horizon. Building a business into a wealth-generating asset typically requires a 20 to 30-year investment horizon. It takes time and money to anchor the business within its locations, communities, suppliers, customers and employees. SMEs also face high levels of competition, given the maturity of our economy and the vested interests in this segment. Competition drives innovation, which attracts talent and funding. Focusing on SMEs across the UK is vital to levelling up and creating a fairer, more inclusive economy, which is the cornerstone of sustaining a democracy.
As an aside, my objection to SME as a descriptor of this segment is manifold. I’ve yet to meet a business owner who is joyously risking everything they have, griding out 80-hour weeks, contending with the relentless challenges posed by suppliers, customers, employees and increasingly government red tape with the intent of building a ‘small’ business. Reducing the dreams and ambitions of front-footed entrepreneurs is offensive and condescending. Governments and corporations that refer to this segment ought to think about changing their language to change their behaviour and find resonance and relevance to this segment, whether they be clients or a voting segment of society.
Building, amplifying and accelerating the nutritional value of the meat in the sandwich to deliver these outcomes is critical to unlocking a thriving economy that puts Britain back in a leading position in the global economy. Let’s back these businesses with fervour and enlightened self-interest.
Elite Business: What does being a ‘leading business’ in your industry mean?
In this article, originally featured in Elite Business: Like a health-check for humans, a business health check aligns you and your team to drive towards a common destination.
Achieving industry leadership is not trivial in the business world. Yet, when asked about their future ambitions, many state they want to be ‘a leading business in the industry’ or ‘the industry leader in XYZ’. Given this propensity and to not trivialise this achievement, let’s dig into what it truly means to be a leader in your industry and outline practical steps to move from a vague vision statement to a measurable and achievable business objective.
What does it mean to be a leading business?
When pressed to explain what “leading” means, business owners often struggle to provide a clear definition. Without a precise and measurable definition of leadership, this goal can become an empty claim, communicating that your commitment to growth is thoughtless and relies on hope and prayer rather than a clearly defined intent and action plan.
The importance of clarity
A business must define leadership in its specific context to become a true industry leader. Is it about market share? If so, who constitutes the market? For example, if you manufacture luxury furniture, you need to break down what “luxury furniture” includes. Is it dining room tables, sofas, chairs, or lounges? Understanding your market and product specifics is crucial.
Setting realistic and measurable goals
Let’s say your focus is on luxury dining room tables. The first step is determining how many such tables are bought annually in your target market. If you identify that 500,000 dining room tables are sold each year in your defined geographic region, you then need to ascertain how many of these qualify as high-quality luxury items. Suppose 5,000 of these meet the high-quality standard. This gives you a tangible target to aim for.
Understanding market share
You must know your competitors and their market shares to claim industry leadership. If you have ten competitors and the market is evenly split, each would sell about 500 tables annually. If your goal is to be the leading supplier, you must sell more than 500 tables annually. By consistently increasing your sales figures—say from 500 to 600 to 1,000 to 1,500—you can objectively measure your progress towards market leadership.
Enhancing business operations
Achieving and maintaining a leading position requires continuous improvement in various aspects of your business. This includes enhancing your products’ quality, price, service, delivery, durability, and brand reputation. By systematically improving these areas, you can increase your market share and solidify your status as an industry leader.
Claiming to be the leading business in your industry is more than just a statement—it requires a clear, measurable, and achievable plan. By defining what leadership means in your specific context, understanding your market, setting realistic goals, and continually improving your business operations, you can become a true leader in your industry.
I give a quick overview of this idea in a 2m 23s video.
The taking stock trilogy, starting with WHY?
This Week@Work it’s time to do an annual stocktake and over the next three weeks we will be revisiting three fundamental questions you need to ask yourself at least every year, to ensure your business stays on course.
First up: Why do you do what you do?
Growth Engines: Carving out a real estate niche
In this article, originally featured in Business Leader: In the fiercely competitive market, The Modern House is setting itself apart using rich, curated content and a design-centric approach
Leader in your industry? So what…
This Week@Work what does it mean to be a leader in your industry? You need to define and measure your specific sphere of leadership to lead your decision-making, manage your resources and align your team. Otherwise, it is just a hollow platitude.