British managers seem less willing to take risks. It’s a sweeping statement – my only experience is of the oil and gas industry – but research from organisations such as CMI and AIM has said that business as usual will not prosper in a world where others are rapidly improving.

The UK has failed to close the productivity gap on our rivals, and companies’ risk aversion is a likely contributor to that failure. There is a larger degree of conservatism among UK managers than I have experienced in Africa or North America. It’s a cultural barrier that needs to be overcome.

It’s exhibited in many ways. One of the more striking is the way in which UK industry handles itself in client/supplier relationships and in the awarding and managing of contracts. British management teams tend to stick to traditional, tried-and-tested ways of managing suppliers that are rarely innovative. In the US, they are much more willing to try different things.

Fixation with fairness?

Even the British obsession with fairness plays a part. This is a culturally embedded preoccupation, which manifests itself in business. I often hear, “It wouldn’t be fair for you to get all the work.” Well, I don’t care about being fair to my competitors!

The fixation with fairness works both ways – companies here also seem to be far more satisfied with keeping and maintaining their “share” than in the US. They’ll say, “We are never going to win all the work” or “We couldn’t deliver the extra work.” In the US, they are more likely to ask, “Why not?”

That said, there are some areas where we should never take risks. Employee health and safety; legal matters and ethical issues – there are clear lines beyond which there is no place for risk-takers. But there are many, many areas where UK managers could take a calculated gamble and try something different.

How do we solve the problem? It’s hard to take educated risks when everyone around you doesn’t appreciate or reward such behaviour. As a first step, UK managers need to learn to understand risks – if they’re well thought-out, then managers may be more energised to take them. I’d rather regret something I’ve done, than regret something I haven’t done. At the moment, I’m not sure that enough managers feel the same way.

Simon Seaton is UK country vice-president for Halliburton, one of the world’s largest providers of products and services to the energy industry