CEOs are assessing and preparing for the various ways their businesses will be changed by – and can capitalize on – long-term trends such as technological advances, demographic movements, global economic shifts, resource scarcity, and urbanization. While some of these trends can be daunting to contemplate, CEOs are confronting them full on. And they’re doing so with some wind in their sails. See how they’re going about it, in this latest issue of Growing Your Business.
Growing Your Business is a series published by the Private Company Services (PCS) practice of PwC. It discusses the opportunities and challenges that leaders of privately owned businesses face, suggesting ways they can make the most of both.
Trends CEOs believe will transform their businesses
Is your company as profitable as it could be? Reconciling the need to trim with the need to grow entails working through a much more complex set of considerations than in the past. For many companies, it might be time to abandon conventional wisdom and do things differently.
Private companies are leading the charge in making entrepreneurial use of social media, mobile devices, and other digital avenues to get closer to their customers. While these companies are still in the minority, more are likely to follow suit as competition for customers continues to heat up.
Globalization, economic realignment, and rapid technological change are likely to drive volatility for years to come. Against this backdrop, private companies need to rethink their approach to risk so that shocks to the system won't derail corporate strategy and undermine growth.
In today’s world of emerging technologies, emerging markets, and emerging consumer demands, companies must emerge too — out of old molds and into new ones — if they are to survive and thrive. For some companies, that means reinventing themselves. For others, it’s about seeking innovative ways to make their business newly relevant. Read about why 75% of US private companies are prioritizing innovation, with growth as their top objective.
Businesses are going where demand is growing. That means venturing into new markets abroad — a move that doesn’t come naturally to all private companies yet may be more manageable than they think.
Cyber criminals are increasingly targeting private companies in hopes of easy access. The cost to a business can be high, ranging from financial loss to reputational damage. With heightened awareness, private companies can fight back.
A clearly communicated succession plan signals that the business is here to stay. Lack of a plan, on the other hand, may suggest an uncertain future for the business in an already uncertain economy. Early planning can nip that concern in the bud.