"THE GROWTH BLOG" - A RESOURCE FOR B2B LEADERS, MARKETERS, SALES & SERVICE PROFESSIONALS

What's keeping CEOs up at night? Business leaders' top 5 concerns

5_issues_keeping_CEOs_up_at_night

Being the head honcho of an organisation means you probably don’t get the recommended eight hours of sleep. As a leader, your basic responsibilities fill up much of your workday, but your larger-scale responsibilities and concerns are undoubtedly on your mind well into the night. So, what are the things that CEOs worry about the most? 

In a recent article, The Executive Connection identified five key issues that are concerning CEOs across industries and sectors. Three of them are listed below:

1) Talent management – Are the right people working for you?

Most CEOs are well aware of the issues they face when it comes to talent management. As industries have become increasingly complex, the demand for individuals who can fill vital positions has increased.

It’s not just performance where talent management has become a major concern for CEOs – there is also the importance of finding staff with the right personality to match the culture of the organisation.

Regardless of whether these talent management efforts are aimed internally or at external experts, finding the right people that suit your businesses thinking is essential.

TEC speaker Trudy McDonald suggests employing Pareto’s 80:20 rule; devoting 80 per cent of the effort involved with talent management to upfront work defining what skills a business is looking for and the remaining 20 per cent to subsequent screening and interviews.

Making this step a priority can ensure hiring and promoting the right people who fit the company culture. Trudy also emphasises that great companies understand that people are their largest asset and a major factor for ongoing business growth.

2) Rate of change – Is your business meeting the technology standards of the future?

Digital disruption and new communication channels are now an engrained part of the business landscape. For leaders, this change presents a significant challenge as businesses look to adjust their performance in light of new threats to their business model.

Social media is just one example of this shift, and one that didn’t even exist a few years ago. Risk management has become increasingly difficult for companies to undertake as information can now be spread instantly by many users.

This only adds further fuel that technology is an increasingly dominant part of companies’ overarching strategies. With this rate of change continuing to increase, the scope for issues to arise for a company is going to rise in kind. However, the increasing rate of change also presents an opportunity for companies.

This was explored recently by consulting firm McKinsey & Company, which argued that companies in the future will build “digital hives” to manage this technological growth. These hives allow businesses to harness clusters of knowledge from multiple levels within a company and channel them towards broader organisational goals.

3) Globalisation of markets – Are you taking advantage of the global market?

The world has certainly become smaller in recent decades and overseas markets are now closer than ever before. With the Australian government entering into multiple free trade agreements in recent months, the scope for issues to arise with businesses is only going to increase with time.

As overseas companies have even-greater access to Australian companies, the challenge is now for businesses to be competitive on a global scale, not just a local one.

At the same time, local firms are now looking for new strategies to expand overseas in order to develop new growth potential. 

This was underscored by the Australian International Business Survey, conducted by the University of Sydney and the AusTrade. The most recent edition of the study reported that 74 per cent of respondents are planning on expanding to two or more overseas markets in the next 24 months.

These twin challenges of globalisation – pursuing an international growth strategy while also preserving local market share from international competitors – are going to continue to shape the performance of Australian companies.

As a leader in your organisation, what keeps you up at night? Are these business challenges top concerns for you? Head to The Executive Council website to read the rest of the article, ‘The 5 issues concerning CEOs the most’.

If you’d like help to alleviate some of these concerns, download a copy of our eBook, ‘The Business Leader’s Guide to Highly Effective Revenue Generation’ by clicking below. It offers practical advice for CEOs wanting to lead their businesses in a way that supports ongoing growth.

NEW_g2m_the business leaders guide to highly effective revenue generation_eBook_CTA (replacing old)

Topics: leadership business leaders