There has never been a more difficult time to be a CEO — the urgency for bold and transformative leadership echoes louder than ever. In an environment where the stakes are high and the competitive landscape is rapidly evolving, complacency is a risk few can afford. In PwC’s 27th Annual Global CEO Survey, 45% of CEOs said they do not believe their companies would survive more than a decade if they remain on their current path. This means that a large number of companies are possibly at risk of being lapped by competitors or disruptors. CEOs need to better understand whether their strategy is bold enough to position them for future growth. This article covers four actions that CEOs should be taking now. Business model reinvention demands courage, but with the right team willing to make bold moves, you can propel your company to new and unimagined heights.
Not long ago, I had a difficult conversation with a CEO whom I also consider to be a friend. He operates in a highly competitive industry and shared how proud he was of his strategic agenda and how hard his team was pushing to bring their strategy to life. The team was fatigued, but energized by the progress they were seeing. In many ways, this CEO was right to be proud, as his company was doing well in several important areas. However, in observing other companies, including his competitors, and spending time with his organization, we knew they were falling behind in growth, efficiency, scalability, and regulatory positioning. I took the opportunity to both acknowledge what I thought was working well and share the harder message that we believed they were falling behind. Needless to say, it was a challenging conversation.
