The info-graphics below is extracted from The Star, 16 March 2024.
Chief executive officers (CEOs) will have to make some tough decisions in 2024 in managing costs and growing their businesses. Growth is an important factor and they remain cautious about the uncertain outlook for recession, inflation and rising interest rates.
About 65% of CEOs globally believe their companies are prepared for any additional global shocks in 2024 and 70% have enough visibility to make long-term capital-investment decisions. They are prioritising overall cost management, with a special interest in supply chain and manufacturing costs, according to a survey report from Boston Consulting Group (BCG) involving over 600 global CEOs.
Following cost management, growth is the next priority for executives. Globally, growth via geographic expansion is a priority, especially for consumer, infrastructure and logistics executives.
More than 50% of them believe accessing talent will remain a challenge this year amid digital disruption, cyber risks, higher cost of energy, access to capital/financing and meeting climate commitments.
Artificial intelligence has great potential, growing demands for sustainability offer business opportunities and early investments can boost revenue, reduce costs and enhance brand reputation, BCG said. Exploring new markets and product/service segments can help unlock new sources of top line growth amid shifting global economic and geopolitical dynamics, the report said.
The key for companies, as I have said before, is to remain lean and nimble. Those who have got into trouble had to carry-out painful redundancies and other cost cutting measures. Too much optimism and wanton hiring generally leads to difficult choices when things are no longer good. Being cautious in people hiring helps to keep stability for companies and lives.
Reference:
CEO to balance cost and growth in 2024, B.K. Sidhu, The Star, 16 March 2024
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