PwC’s 23rd Annual Global CEO Survey involves 1,581 chief executives in 83 territories and explores global trends that affect the leadership of organisations.
You can read the full report here.
The big take-outs for CEOs from my lens:
- Prepare yourself and your business for tough times ahead (that’s not a pessimistic view, it’s just reality).
- Have a Plan B if your business hypothesis doesn’t work out.
- If you’re going to cut costs, cut early, cut more than you think you need, and do it in a way that allows you to sleep well at night.
- Think creatively about how to cut costs without cutting jobs. If you have a good culture and your people trust you, then you have relational capital you can use to your and their advantage.
- Your CEOship will need many different forms, shapes, tone: make sure you have access to more than one Leadership Modes as one won’t be enough.
- Your leadership will require small ‘nudges’ into new areas rather than grand gestures. There is not enough certainty for bold moves, so move quickly and fail fast.
- Creativity (as a skill) is important: if you are seeing things the same way you are likely not seeing useful new perspectives. Are you doing anything to build your ability to think outside the box?
- It is very unlikely that your business can reach its full potential on its own. Look for partnerships collaborations with unorthodox organizations like schools, governments, NGOs etc.
Challenging times are generally about mindset.
Resilient, creative, resourceful people have a significant competitive advantage and can use these passages of time to showcase their and improve their organisations’ competitive position.
This mindset and the associated actions that accompany it require work and preparation.
Now is a good time to make those plans and do that work.