{"id":50325,"date":"2024-10-07T17:44:54","date_gmt":"2024-10-07T16:44:54","guid":{"rendered":"https:\/\/www.elixirr.com\/en-gb\/?p=50325"},"modified":"2025-11-11T07:59:14","modified_gmt":"2025-11-11T07:59:14","slug":"new-research-from-elixirr-pivoting-for-success-amidst-economic-challenges","status":"publish","type":"post","link":"https:\/\/www.elixirr.com\/en-gb\/new-research-from-elixirr-pivoting-for-success-amidst-economic-challenges\/","title":{"rendered":"New research from Elixirr: Pivoting for success amidst economic challenges\u00a0"},"content":{"rendered":"\n

Research released by Elixirr 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.<\/strong> <\/p>\n\n\n\n

Elixirr was born out of a necessity for change<\/a> \u2013 to be the solution, or ‘Elixir’ \u2013 to a declining industry standard. This commitment to challenging the status quo and taking action motivated us to explore the impact of bold leadership across industries.<\/p>\n\n\n\n

In the last four years, UK businesses have faced three different Prime Ministers, 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 stay ahead of the competition, realising that risk is rewarding. <\/p>\n\n\n\n

The research, which surveyed over 500 enterprise leaders* in 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.<\/strong><\/p>\n\n\n\n

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\"\"<\/figure>\n<\/figure>\n\n\n\n

Entrepreneurial mindsets encourage risk taking<\/strong> <\/h2>\n\n\n\n

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\u2019t.<\/strong>  <\/p>\n\n\n\n

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<\/strong>. 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.  <\/p>\n\n\n\n

Seizing growth opportunities amidst economic & political uncertainty<\/strong> <\/h2>\n\n\n\n

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.<\/strong>  <\/p>\n\n\n\n

What\u2019s 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<\/strong>. Being bold and pivoting strategies has proved to be a winning tactic as only 10% of these companies had to prioritise making layoffs over the past twelve months.<\/strong>   <\/p>\n\n\n\n

Evolving and innovating through positive change  <\/strong> <\/h2>\n\n\n\n

Unsurprisingly, industry leaders are leveraging technology to pivot and shake up the status quo. Learning from previous downturns, they\u2019re doubling down on investing in the latest technology, seeing this as a key tactic to outpace their competitors.  <\/p>\n\n\n\n

As a result, a third (33%) of enterprises said that cutting back on tech investment was the biggest mistake during past periods of economic uncertainty<\/strong>. This was followed by cutting back spending on marketing and advertising (25%) and waiting too long to seek external investment (24%)<\/strong>. Looking ahead, over the next year more than half (56%) of enterprises are planning to prioritise tech investment to drive growth<\/strong>. <\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Leading businesses are also betting big on AI as a way to open up new revenue opportunities and streamline operations, despite the Labour government axing a \u00a31.3billion tech and AI fund.<\/a> Nearly two thirds (60%) of enterprises said that AI was their top investment area when it came to technology, far ahead of the Internet of Things (23%), ML (22%), AR\/VR (15%) and blockchain (12%).<\/strong>  <\/p>\n\n\n\n

However, industry visionaries have spoken; in order for companies to innovate through technology, they need greater private investment opportunities. Calling on the new government, a quarter of business leaders (25%) believe that making the UK a more attractive proposition for private investors should be the top business priority.<\/strong>  <\/p>\n\n\n\n

Stephen Newton<\/a><\/strong>, <\/strong>Founder and CEO of Elixirr, comments: <\/strong> <\/p>\n\n\n\n

\u201cBusiness confidence is dropping. We\u2019re hearing from leading business groups that confidence is plummeting over potential government measures that will raise taxes and deter investment. <\/em> <\/p>\n\n\n\n

As we\u2019re already seeing in China, when ambitious entrepreneurs who aren\u2019t afraid to invest heavily in the country\u2019s economy start to leave for more appealing financial incentives elsewhere, businesses close and jobs are lost. This has a significant domino effect on the wider economic outlook.<\/em> <\/p>\n\n\n\n

Ahead of the UK\u2019s upcoming Autumn Budget, it\u2019s clear that the UK still has a way to go when it comes to raising this confidence and rewarding more ambitious business leaders. With a quarter of business leaders calling on the new Labour government to make the UK more attractive for investment, cutting government red tape, especially around proposed inheritance tax reforms and taking a more holistic approach to tax cuts, will be crucial. Creating an environment that encourages success and returns is absolutely necessary to boost investment and grow thriving businesses. <\/em> <\/p>\n\n\n\n

However, our research has shown that these industry giants are going against the grain, taking risks to ensure they are the front runners when the economy becomes more favourable. We need to ensure that we are celebrating high performance and, most importantly, encouraging the willingness to take risks to deliver returns.\u201d<\/em> <\/p>\n\n\n\n

Fresh viewpoints build stronger companies <\/strong> <\/h2>\n\n\n\n

When it comes to talent, the best thinkers are already looking ahead to the roles they\u2019ll need as AI and new technology continue to shape the future workforce. More than half (56%) of enterprises reported that over the past year bringing in new staff was key, with 48% continuing this into the next 12 months.<\/strong> In fact, when asked about mistakes made during previous turbulent periods, a fifth (20%) said making early layoffs damaged their business. <\/strong> <\/p>\n\n\n\n

However, the challenge for most businesses is finding the right talent. With Brexit still impacting the number of skilled individuals in areas such as technology, businesses are struggling to find the right talent who not only have the skills but the entrepreneurial spirit to support their ambitious growth plans. As a result, almost a quarter (23%) of businesses want Labour to focus on tackling the UK skills gap to propel their industries forward.<\/strong>  <\/p>\n\n\n\n

While businesses are taking matters into their own hands when it comes to battling against an unfavourable economy and investment landscape, it\u2019s crucial that the government rewards this entrepreneurial spirit. <\/p>\n\n\n\n

Read more about our capabilities to help you ignite change in your industry: <\/p>\n\n\n\n\n\n

Methodology<\/strong> <\/h2>\n\n\n\n

*This research was carried out using Vitreous World. It sampled 501 UK business leaders with \u00a310M+ turnover online in August 2024. The margin of error is +\/- 4.4%. <\/p>\n","protected":false},"excerpt":{"rendered":"

Research released by Elixirr 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.  Elixirr…<\/p>\n","protected":false},"author":5,"featured_media":50330,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[116],"tags":[85,146],"related_service":[],"related_industry":[69],"class_list":["post-50325","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-entrepreneurs","tag-leadership"],"acf":[],"yoast_head":"\nNew research from Elixirr: Pivoting for success amidst economic challenges\u00a0 - Elixirr<\/title>\n<meta name=\"description\" content=\"Elixirr research reveals 86% of industry visionaries believe risk takers make better leaders. 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class=\"wp-component-card__preview-icon\">\n <span class='edwp-svg '><svg width=\"47\" height=\"47\" viewBox=\"0 0 47 47\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g>\n<path d=\"M23.4141 0.539062C36.1232 0.539183 46.4258 10.8416 46.4258 23.5508C46.4257 36.2599 36.1231 46.5624 23.4141 46.5625C10.7049 46.5625 0.402465 36.2599 0.402344 23.5508C0.402344 10.8415 10.7048 0.539062 23.4141 0.539062ZM23.4141 1.68945C11.3606 1.68945 1.55273 11.4974 1.55273 23.5508C1.55286 35.6041 11.3607 45.4111 23.4141 45.4111C35.4673 45.411 45.2743 35.604 45.2744 23.5508C45.2744 11.4974 35.4674 1.68957 23.4141 1.68945Z\" fill=\"currentColor\"\/>\n<path d=\"M19.2841 33.6992C18.9579 33.6986 18.6374 33.6111 18.3543 33.4454C17.7167 33.0759 17.3203 32.3585 17.3203 31.5797V15.8189C17.3203 15.0379 17.7167 14.3227 18.3543 13.9531C18.6442 13.7827 18.9735 13.6951 19.3078 13.6994C19.6421 13.7037 19.9692 13.7998 20.2548 13.9776L33.4237 22.0406C33.6981 22.2166 33.9244 22.461 34.0812 22.751C34.238 23.0409 34.3203 23.3668 34.3203 23.6982C34.3203 24.0295 34.238 24.3555 34.0812 24.6454C33.9244 24.9353 33.6981 25.1798 33.4237 25.3558L20.2527 33.421C19.9604 33.6017 19.6256 33.6979 19.2841 33.6992Z\" fill=\"currentColor\"\/>\n<\/g>\n<\/svg>\n<\/span> <\/div>\n <\/figure>\n <div class=\"wp-component-card__content edwp-row-load\">\n <p class=\"wp-component-card__eyebrow\">\n Articles <\/p>\n <a href='https:\/\/www.elixirr.com\/en-gb\/new-research-from-elixirr-pivoting-for-success-amidst-economic-challenges\/' class='wp-component-card__title'>\n <h2>\n New research from Elixirr: Pivoting for success amidst economic challenges\u00a0\n <\/h2>\n <\/a> <div class=\"wp-component-card__description\">\n Research released by Elixirr 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.  Elixirr… <\/div>\n <div class=\"wp-component-card__meta\">\n <p class=\"wp-component-card__date\">\n 07 October 2024 <\/p>\n <div class=\"wp-component-card__terms\">\n <div class=\"wp-component-tags edwp-component\">\n <div class=\"wp-component-tags__tag\">\n Business Services <\/div>\n <\/div>\n <\/div>\n <\/div>\n <div class=\"wp-component-card__button-wrapper\">\n <button class=\"btn btn--link arrow wp-component-card__button\">\n Read more <span class='edwp-svg '><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<g id=\"Lg\">\n<path id=\"Vector\" d=\"M1.12509 9.50162H15.8648L9.43259 3.06941C9.374 3.0113 9.3275 2.94216 9.29576 2.86599C9.26403 2.78981 9.24769 2.70811 9.24769 2.62559C9.24769 2.54307 9.26403 2.46137 9.29576 2.38519C9.3275 2.30902 9.374 2.23988 9.43259 2.18177C9.54971 2.06535 9.70814 2 9.87328 2C10.0384 2 10.1969 2.06535 10.314 2.18177L17.8151 9.6829C17.8737 9.74101 17.9202 9.81014 17.9519 9.88632C17.9837 9.96249 18 10.0442 18 10.1267C18 10.2092 17.9837 10.2909 17.9519 10.3671C17.9202 10.4433 17.8737 10.5124 17.8151 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