Frost & Sullivan announced the results of its third annual CEO Survey, an evaluation of the thoughts and strategies of global industry leaders. Consistent with last year's results, CEOs continue to report that growth is their top objective (60% of respondents). Vision strategy and innovation round out the top three growth objectives; conversely, employee satisfaction and shareholder satisfaction are the lowest growth objectives rated.
CEOs have varied ideas on how to achieve this coveted growth. The largest proportion of CEOs (45%) report the number one projected growth strategy is increasing sales. Rounding out the top three projected strategies are strategic partnering (40%) and product development (34%).
Additionally, customer strategies and geographic expansion have also been utilized by nearly one third of CEOs (both 29%). For its second consecutive year, the least successful growth strategy appears to be growth outsourcing (5%).
However, CEOs realize the need for a competent, experienced management team in place to carry out growth strategies. In the survey, slightly more CEOs report having a dedicated team for growth strategy compared to last year's results (up 2 percentage points to 40%).
Economic downturns or a slowing economy often provide the most punishing environments in which to pursue growth strategies. Likely due to the economic recession, Frost & Sullivan finds that CEOs appear to be less confident in their organizations' ability to conduct core growth strategies. The largest decline was noted in launching new products (31%), down 22 points from 2008.
As a final point, given this year's economic climate, the most prominent external challenge to CEOs is the economic recession (65%), up 17 percentage points from 2008. All other external challenges appear to have become afterthoughts – becoming less important in just a short period of time.
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