The local business world as we know it has changed with economic troubles mounting and unwanted disruptions seemingly arriving every day in the form of loadshedding. Managing complex organisations is more difficult than it was a few years ago and one of the most challenging tasks for CEOs is to decide what needs to be prioritized and what can be put on hold. In order to find out what is most important today we have found six priorities that can be found on CEO agendas worldwide.
- Start new businesses
- Net Zero
- Rebuilding employee experience
Resilience is the main reason why some companies continue to move ahead whilst others are stagnant and it is emerging as a vital tool for companies operating in times of endless instability and disruption. Companies were forced to move much faster due to the pandemic and since then, the rise of depleted supply chains has led to ongoing inflation. This is causing companies to use their newfound speed across all six dimensions of resilience: Operations, finance, technology, organisation, business model, and reputation. Some companies are pursing one path whilst others are responding slightly differently as the best route taken is one that benefits a company’s circumstances. For CEOs the significant question is, how resilient is your company?
CEOs who wish to remain above their competitors need to empower a leadership that is practical yet courageous at the same time allowing them to be adaptable in many sectors. There are so many risky uncertainties when it comes to managing a business and although it may seem best to take the safer option and postpones initiatives to scale back on growth plans, the best leaders are prudent when it comes to managing the downside whilst remaining courageous as they pursue the upside. These leaders are not only thinking about their ambitions for the following month but their minds are clear on where they want to be in the next decade too. CEOs should be encouraging their organisations to rethink opportunities and get ahead of the current instability. It is more damaging for a company to set a benchmark in performance as opposed to reinventing the industry.
Many of the world’s greatest companies were founded in the depths of a recession and that is why more than half of top executives consider business building a top three priority. Reaching for success within a company’s industry is completely different from venturing into an entirely different sector but successful CEOs are not hesitant to do both. Begin by setting the standard very high and then continue to protect the new business from everyday challenges. To claim a leading position, CEOs need to remember that, in these capital-constrained times, they have an advantage that start-ups do not, they can provide new businesses with the assets needed for success.
Mastering the latest tech trends is essential to find growth in software, building new businesses, and transforming old ones. The fourth priority for many CEOs lies within new and advanced technology which goes hand-in-hand with building new businesses. This is also true for non-tech companies that are making adjustments to put software at the heart of their business as well as all the companies looking to get maximum value from their digital transformation. There are always new opportunities for CEOs looking to transform their business as technology is constantly evolving. CEOs can simply keep updated with the latest tech trends and identify which of these trends can be used to gain a competitive edge and build a successful digital business.
With the rise of recent catastrophic events around the world, it is clear that net-zero transition is becoming significant. Business leaders pledge to target nearly 90 percent of CO2 emissions for reduction which signalled that the private sector is truly invested in this initiative. In addition, some of the most serious challenges such as inflation, war, energy insecurity, and a potential global recession, are negatively influencing businesses in various sectors. However, it is the responsibility of CEOs to adapt, mitigate and use positive aspects such as the goals of sustainability to take their business from zero to net zero.
Due to the pandemic, the work-from-home world has risen which brings about the sixth priority of CEOs making a plan to re-engage with their employees. CEOs need to rethink the processes of the future office in order to encourage employees to work from the office again without rules and regulations that are sure to become mundane and discourage employees. The same can be said about companies who are happy to continue encouraging their employees to work from home, a plan needs to be set in place that helps employees find enough meaning in their work to get them through a long week of virtual meetings. If CEOs can successfully make these changes, their retention problems will be erased.
As a CEO, you are the company’s essential strategist and integrator that is challenged with identifying underlying issues that influence the enterprise and formulating a solution that makes use of all the right resources. To do this, you need a team of trusted advisors in customer communication management who can seamlessly integrate solutions into your current working systems.
Contact Communication Genetics, let us find your perfect solution.