The risk it takes to grow
But with rapid technological innovation, changing workforce dynamics and evolving consumer habits, the economy faces unprecedented change. Scaling for global growth requires a laser focus on long-term strategy. It is all too easy to be blown off course by global volatility – the 'permacrisis' of political and economic turbulence, as well as wars and energy shocks, can exert a powerful impact. On top of that are the operational challenges such as regulation and compliance complexities, cultural and language barriers, the product-market fit and protecting company culture. So how can UK organisations pursue global growth without compromising on existing performance?
Going long
Today, many UK businesses struggle to plan long-term, and fail to invest for the future. The UK lags behind other major economies in areas such as capital investment, innovation and infrastructure. A 2024 study by think tank IPPR has found that the UK has been bottom of the G7 in business investment for 24 of the past 30 years. In 2022, the UK was 28th out of 31 OECD countries.
Fear of economic uncertainty and the pace of change can hold leaders back from making the bold plans required for expansion. Accenture's Pulse of Change Index found that the rate of change affecting businesses globally grew 183 per cent between 2019 and the end of 2023, fuelled by the pandemic and the rise of AI. Some 88 per cent of business leaders predicted even faster rates of change in 2024 than the year before.
To succeed in this period of transformation, businesses must focus on the fundamentals. Of course, this doesn't mean sticking rigidly to a three- or five-year plan and refusing to adapt to market dynamics. But it does mean planning for the future. Long-term thinking helps businesses remain resilient and weather temporary difficulties – as long as they keep their eyes firmly fixed on the ultimate destination.
A clear 'north star' purpose, which guides all aspects of the business through volatile times, is essential. So while the tenures of chief executives and senior leaders may decrease, a long-term lens is essential to creating a stable, high-performance business that thrives in international markets.
Standing out from the crowd
In uncertain times businesses are tempted to cut back on costs that don't deliver immediate returns. Investment, training, internal communications and – crucially – culture are all on the chopping block when short-term cost savings are demanded in response to market disruption.
Making such cuts would be short-sighted. These areas are essential because they preserve the core of the business and are critical when confronting the challenges of global expansion – including complying with a diverse range of laws and regulations, understanding cultural differences, coping with financial risks, renewing supply chains and adapting products to new markets.
Whether built on stand-out customer service, sector-beating innovation, an engaging brand story or a clever twist on existing technology, companies must safeguard the fundamentals that underpin their business models when entering new markets.
People first
A key component of any business culture is talent. With global skill shortages and a growing need for specialist staff, managing your workforce is a major differentiator and a key to success.
MHR provides cutting-edge human resources, payroll and finance services, and is gearing up for global growth. Its US expansion focuses on customer experience, agility and sustainable growth. Key to winning new business in the US is its People First HCM product, a cloud-based human capital management platform that handles HR, payroll and talent management, which helps businesses boost collaboration between employees, minimise skills shortages, extend training and improve the employee experience.
For instance, luxury flooring company Karndean has used People First as a key lever in its own expansion strategy. The family business founded in the UK 50 years ago employs some 500 people and has operations across the globe, and People First has helped to promote company-wide learning on compliance topics such as GDPR and anti-bribery policy.
By bringing core business functions together, platforms like People First help customers improve their communication, knowledge sharing and decision-making – critical for any high-performance growth strategy. And it's a powerful, interactive tool for a company that's scaling up. Being cloud-based and a mobile app means it can be accessed from anywhere, and its newsfeed is able to connect workers across multiple territories so that everyone everywhere is up to date and in the know when it comes to a company's business.
With the right foundations, technologies and mindsets, UK companies can go beyond merely competing on the world stage – they can thrive.
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