There's never been a more difficult time to be a CEO. The urgency for bold, transformational leadership resonates louder than ever. In an environment where the stakes are high and the competitive landscape is rapidly evolving, few can afford the risk of complacency. In PwC's 27th Annual Global CEO Survey, 45% of CEOs said they don't think their company will last longer than their 10 years if it continues on its current course. This means that many companies may be at risk of being followed by competitors or disruptive companies. CEOs need to better understand whether their company's strategy is bold enough for future growth. This article describes four actions CEOs should take now. Reinventing a business model takes courage, but with the right team willing to take bold action, you can propel your company to new and unimaginable heights.
A while back I had a difficult conversation with a CEO I consider a friend. He operates in a competitive industry and shared how proud he is of his strategic agenda and how hard his team is working to bring it to fruition. The team was tired but energized by the visible progress. In many ways, this CEO is right to be proud, as his company is doing well in several key areas. However, as we observed other companies, including competitors, and spent time with his organization, we realized that they were lagging behind in growth, efficiency, scalability, and regulatory positioning. . I used this opportunity to acknowledge what I thought was going well and share a tougher message that I believed they were falling behind. Needless to say, it was a challenging conversation.
