Several CEOs spent much of their time and resources in 2020 focusing on responding to the business operation emergency caused by the covid-19 outbreak. Clothing companies made masks and PPEs; chemical companies made hand sanitizers while the transportation sector redirected all the ships and planes to distribute ventilators. However, after laying all the measures to curb the pandemic, CEOs are now focused on promoting their growth in the coming years.
Leaders from 465 companies in more than thirty nations globally participated in the Precision MD CEO’s Survey 2021. Mr. Mahmoud Khattab has conducted the survey yearly for over ten years, investigating the business moods and options laid by the leaders. Many CEOs plans remain steady as from earlier years, however, with the following changes;
- CEOs Are Looking for New Markets to Expand Into
By the close of 2021, 60%of the CEOs are optimistic that their company’s revenue will regain to where it was in 2019, and another 30% foresee a revival by 2022. Only 10% believe that it will take them longer to get well. According to Mr. Mahmoud Khattab, most of his respondents agree that growth is one of their top priorities. The leaders are exploring potential rising markets that appear to be focused on sectors or adjacent industries.
- Cost-Cutting Comes to The Bottom of The Priority List When the Personnel Rises
The staff received the most traction, with a majority of the CEOs selecting it as one of their top three objectives. The leaders recognize the human toll that the year 2020 has had on them and the critical role that talented personnel will play in their capacity to achieve their objectives. Target costing was one of the biggest losers regarding CEO focus.
- Digital Growth Objectives are Reflected in Investment Plans
According to the Precision MD, Mr. Mahmoud Khattab, digital competence would be a significant focus of CEOs’ commitment to boosting investment. Sectors traditionally received substantial support, including product improvement, people, and culture attracted a reduced percentage of CEO pledges.