How ethical values helped this Cornish surf brand make waves
Led by Tom Kay, Finisterre’s ethical values have led to a financial renaissance for the business
A dedicated surfer in Cornwall’s rugged waters, Tom Kay realised that surf brands often catered to more tropical settings. Mainstream surf brands did not speak to the hardened cold water surfers in Cornwall and many places around the world.
We spoke to Tom about how this USP has gone on to inform everything from product design to partnerships.
Sticking with a USP despite challenges
Through its ethical values, Finisterre found a way to stand out in its wetsuit design and manufacture: it would recycle old wetsuits to create new ones.
“There had been no motivation from the wetsuit industry, with some giant brands out there not even close to interested in looking at this sort of thing. The advantage of us being relatively small was that we could have an agile, innovative outlook,” Tom explained.
Very quickly, however, Finisterre ran into a hurdle. As an SME of around 60 staff, it didn’t have the technical firepower to work out how to recycle a complex material like neoprene.
Luckily, the University of Exeter’s Centre for Alternative Materials and Remanufacturing, over the border in Devon, did.
Finisterre approached the centre, and the two parties launched a Knowledge Transfer Partnership, a collaboration of between one and three years, part-funded by the government.
“We never questioned whether we’d do it, even though it wasn’t in the business plan. It’s true to who we are and why we exist as a business, so it just gets written in.”
Tom Kay, founder, Finisterre
Fitting ethical values into the business plan
Finisterre’s story illustrates how USPs aren’t solely for consumers. By clearly understanding what makes you unique, you can approach hiring, product development and marketing in new ways.
Through its innovative partnership, Finisterre recruited the world’s first full-time wetsuit recycler. The person works three days a week at Finisterre, spending the other two at the university being mentored by a professor of material re-engineering.
Tom’s firm grasp of Finisterre’s ethical values created intellectual and strategic wiggle room in his decision-making. The wetsuit recycler, for example, was a non-sales role. This worker would not directly generate any sales.
For new or smaller businesses, it can be hard to hire tactically in this way. The pressure is on to pursue sales. But by grounding his decisions in Finisterre’s ethical aspirations, Tom was able to think outside the box.
“We never questioned whether we’d do it, even though it wasn’t in the business plan. It’s true to who we are and why we exist as a business, so it just gets written in.”
The financial bonus of an ethical USP
Finisterre’s ethical values have led to a financial renaissance for the business. It has grown consistently over the last few years and built out its brick-and-mortar store presence across the UK.
That’s not to say the ride has been easy. Finisterre is no different to any other SME, and risks coming unstuck on the same rocks. “Earlier on all I was doing was fighting off cash flow demands,” Tom said. “We nearly went under five or six times.
“But when it comes to these ambitions there’s never a perfect time to start. Take our wetsuit recycling: all the parts have come together, but if I’d waited for the answer to come at the start it would never have got off the ground.”
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website: https://finisterre.com/
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location: South West (England)
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business type: Retail & wholesale
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business size: 50-99
Top takeaways
Your USP could be staring you right in the face. Tom Kay built a brand for cold water surfing after noticing that existing brands focused on warm, idyllic settings.
By identifying what makes you tick, you lock on to a powerful USP that can guide your hiring, expansion and commercial decisions for the better.
Starting and running a business is a continually evolving process. The business you build could differ from the one you envisioned.