Growth isn't a buzzword, it's a survival strategy

In a world where disagreements on key issues appear almost universal, one topic which almost all British people – and certainly all British businesspeople – can agree on is the importance of growth.

Now more than ever, the UK needs entrepreneurs and business leaders to prioritise and commit to creating growth. And while this certainly easier said than done, this is far more achievable than many would have us believe.

I co-founded a business and through a combination of good luck, incredibly hard work and a level of intelligent decision making along the way, scaled it to revenues of more than £250m in less than a decade. There are many lessons I have learnt from this experience, not all of them are applicable to all companies and leaders.

But one lesson I absolutely believe is applicable to all is that growth doesn’t happen by accident. It is the result of very clearly defined plans and, most importantly, delivered by leaders with the guts to see those plans through when times are difficult or the end result appears to be in jeopardy. It is during these difficult times that the best leaders stand out from the rest.

At the beginning of the journey, despite the lack of resources it is ironically very easy to have a growth mindset – your business is tiny and the only way is up. With 500 staff, multiple international offices and even more stakeholders, as my business Castore now has, the paradox of growth becomes more difficult to sustain.

I have a maxim that I’ve used from day one at Castore: grow or die. While this may seem extreme, it focuses not just my mind but the minds of all my leadership team and is the very clear framework through which we make all big strategic decisions.

If something doesn’t support growth, it doesn’t happen. If it does, we try our utmost to ensure we make it work. The famous phrase “simplicity scales, complexity doesn’t” is as applicable to business philosophies as it is products or business models.

Having an explicitly clear focus on growth, defined by an equally clear maxim that staff at all levels can understand, is a very powerful tool. When I’ve spoken to people outside Castore about my grow-or-die mindset, I’m often met with scepticism (probably not coincidentally, far more so in the UK than the US).

People often roll their eyes and put Castore’s success down to youthful ignorance, benefitting from a market cycle or, my personal favourite, dumb luck. I like to respond by saying very few UK businesses have scaled the way Castore has and its certainly not down to my intellect, so maybe our grow-or-die philosophy is worth considering. When you take away all other options, it's amazing how simple decision-making becomes.

Even more important than the philosophy itself is the ability to stay true to it during difficult times. Every business textbook in the world (along with every bank and almost every investor) will tell you to slow down, cut costs, refocus and reign in investments on R&D, product development or innovation when the economy or your business is suffering.

Individual investment decisions of course need to be reviewed on their merits. An overzealous commitment to spending without rigorous analysis or stress-testing is never advisable. But leaders who have a clear vision for where they want their business to be in 20 years – and the courage to stay the course during difficult times – are those who create the real value for all stakeholders.

Steady as she goes has its place for large corporations but for smaller enterprises, a commitment to innovation should be seen as a necessity not a nicety. Start every board or exec meeting with growth priorities and you’ll be astonished at how quickly this changes the dynamic of your organisation.

There will always be reasons to say no or postpone investment decisions. It is the leader's job to see into the future and inspire those around them to share their optimism. Nothing worth having in business comes easy but growth starts with a mindset and commitment to stay the course whatever the weather.

Capitalism favours the brave.

Tom Beahon is the co-founder and chief executive of the sportswear brand Castore