There is positive news coming from UK CEOs concerning the prospects for growth. Many feel that that there is definitely light at the end of the tunnel. In our CEO survey this year 93% of UK respondents were confident about their own company’s revenue prospects.
However, while optimism about growth opportunities is high, challenges remain around successfully gearing up to exploit them. There’s a range of opportunities to consider which will bring profitable, sustainable growth but it requires leadership, empowerment and trust.
This video explores how you can define your future direction more clearly than before and create new sources of value, at a faster pace. You can evolve your old organisation to create room for the new, whilst protecting yourself from the most damaging risks.
The current environment is making it harder for companies to grow profitably. They’re struggling to adapt to new dynamics and the dramatic rise of digital. Customers are harder to please. Products have a shorter shelf life. And more start-ups are using new business models, with less capital.
So, how can you change things to your advantage? Here’s what three companies did. Company A tried harder to sell the same products. Company B focused on serving the needs of their customers. Company C was bolder. They made the most of the four key levers of growth: innovation, customer centricity, globalisation and digital.
This involved understanding how they could innovate their business model, operating model products and services, putting customers at the heart of all their activities and processes, taking stock of where they’re doing business now and deciding where they could be in the future, and using digital technology across everything they do. Their leadership team understood the potential of each growth lever and how to combine them in a portfolio.
So, where were they two years on? Company A failed to adapt and didn’t survive. Company B enjoyed some growth before stalling. Company C achieved higher revenues and greater shareholder value.
What did company C do to make it so successful? They created a diverse leadership team that was aligned on what they needed to do, understood the full potential of the growth levers, considered the trade-offs, prioritised the best opportunities, and communicated their plan clearly to their employees, customers and investors.
Every company has the potential to grow, and with strong leadership and the right approach you can continually adapt, disrupt and outperform the competition, whatever the challenges ahead.