What do CEOs see as the biggest threats to their business?
CEOs have a lot on their plate at the moment, but what areas of their business are proving to be the greatest cause for concern? PWC has released its latest Global CEO Survey, which showed the biggest issue facing their operations is over-regulation, but there are other areas that create worry, too.
Of those polled, 78 per cent said they believe government action is most needed in the area of over-regulation. Other areas ranked high on the list included not being able to access key skills, fiscal deficits and debts.
PWC claimed that there are various areas in which businesses can invest to overcome these difficulties and safeguard their operations well into the future.
Digital technology, for example, can be used to drive innovation. Companies may choose to invest in mobile HR or other systems to improve interactions within their business, but as PWC points out, a clear strategy and vision needs to be in place to maximise these opportunities.
Expanding the workforce should also be high on CEOs’ agendas at the moment. Welcoming new talent into an organisation can bring a greater set of skills, while also giving firms the chance to diversify their staff profile.
Despite these challenges, the latest Commonwealth Bank Future Business Index found that sentiment is generally positive among the nation’s business leaders. It revealed that the number of companies expecting to do better than last year has increased, which many plan to achieve by focusing on cost management strategies.
“Mid-market businesses remain in good shape financially and as a result are looking to selectively fund their growth plans,” said Executive General Manager of Corporate Financial Services at Commonwealth Bank Michael Cant.
He added that risk management has also become a key feature of business outlook, especially as they prepare themselves to deal with any future volatility.