How do you prepare your organization when you’re operating in a time of profound uncertainty and an accelerating speed of change?
That was the question asked of C-suite executives from around the globe in the Inaugural Global Survey of Business Leaders. It’s also the situation many business owners and executives face daily.
Your organization is constantly affected and influenced by a variety of trends, both local and beyond. How you respond and interact with those trends can impact your organization and your bottom line.
Here are three critical considerations for today’s businesses.
1. Embracing new technologies. The digital revolution has impacted the way we do business. Technologies that just a few years ago did not exist are now at the forefront of many executives’ minds. In fact, 57% of business leaders trust technological advancements will help overcome future international challenges.
Strengthening digital capabilities will be a key component of future growth and innovation strategy for businesses. With digital innovation comes more data than we’ve ever had before. Understanding and harnessing that data will be critical for businesses who wish to make strategic growth decisions.
2. Readiness to adapt. Over half of business leaders feel economic uncertainty is a top risk to their organization. Yet they are also optimistic about their ability to adapt to an ever-changing economic and global business climate. In fact, 87% of business leaders are still confident in their ability to grow revenue in the next year.
This confidence stems, in part, from identifying opportunities within a turbulent business climate. In order to do this, many business leaders are searching for ways to enhance their business acumen and understand their customer landscape. This includes investments in customer research, search and enhanced CRM systems.
3. Future business models. The future of business is based on the ability to make informed business decisions in real time and based on accurate data. Business models must be focused on mobile and cloud-based technology that allows access to information at your fingertips.
Future business models aren’t just about information, however. They’re also about the quest for talent. Flexible working arrangements are key to an organization’s future. 81% of business leaders report exploring more flexible work arrangements in order to attract and retain future talent.
Why You Need to Pay Attention to Trends
Business success requires that you constantly be on the lookout for trends, issues and legislation affecting your organization. Knowledge is only part of the battle. Make sure you surround yourself with trusted advisors who can help you not only process this information and its impacts but also help you take the next step to grow your organization.
Ready to learn more about business issues for today’s leaders? Eide Bailly can get you going on the right foot.