How CEOs Prioritize and Focus on Growth and Innovation in Companies
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The business world calls for a constant change in approach, the core of that change comes from the management of those companies, driven by their CEOs. Their primary focus always remains on the growth of the company, how they enable it, is what determines the direction of that growth. The advent of technology and the introduction of innovative ideologies have aided the business to grow leaps and bounds. This technology has forced the CEOs and Executive leader to adapt their approach to achieving sustainable success. It helps them compete on multiple fronts and actively involve themselves in the market competitions. There has been altogether a new scene in the business world with the shift in C-suite and this has overturned the way things were perceived earlier.
The idea started evolving in the 20th century but was perfected in the last 15 years. The idea was to keep the capital assets less and focus more on the operations side of the business. This meant the costs of investment and running the business would be less, while the profits would be proportionally higher. What role the CEO plays in such companies can be studied here.
Innovation and Technology
The new age companies are relying more on technology to an extent that they built their business models around it. The more innovative the business model, the easier it is to scale up.
The most popular companies formed in the 21st Century like AirBNB, Zomato, Uber, Alibaba, Lyft, Zaarly, etc are reliant on internet and market development rather than people and asset development. The technology is the driver of their business in terms of expansion or market cap. These models rely completely on the drive of the CEO and his willingness to innovate and expand in the right direction.
There are companies that depend on various innovations like Navigation, AI, Blockchain, even drones for that matter. These innovations have created a base for the companies to build on and making the right use of these innovations and the combinations of them, purely depend on the abilities of the CEO. Similarly, the innovations currently in the final phase of perfection will create a base for future generations to build on,
The two terms together have revolutionized every industry vertical and every business domain. CEOs of almost every company, regardless of being a small enterprise or an industry giant, are focusing their resources on it to gain the stronghold in the market and pave the path of success for their companies with the latest and innovative technology.
Growth is the focus, not mere existence
The asset-light business models are easier to grow in terms of the expansion and over-reliance on the internet for an average user. The base is already formed for these companies to grow their markets into. One of the routes that these companies adopt is to merge with the local players thereby giving them the advanced knowledge acquired during their years of existence and experience; in turn, they learn the local markets on a broader scale before venturing in the market themselves. The other route is via directly competing with the local players and offering the market a premium international service due to higher technical know-how, larger marketing budgets and deeper customer integration.
These companies offer a chance for the newer recruits to work in a multinational company and learn and grow faster themselves. This largely helps in solving the unemployment problem in any developing country. Companies like Facebook not only create employment but also opened up newer job profiles with a deeper focus on key skills and growth of the employees. These growth-focused companies’ help the employees grow faster and vice versa.
The global economy has seen a few depressions and recessions in the last century and after the recent low in employment globally, the market is observing a rise again. This is the ripe time for CEOs and Executive leader to take the step and inspire their teams to take every opportunity to succeed, whether it’s in the existing market or newer territories. The C-suite executives of such companies are deliberately looking to expand their teams and onboard skilled workforce that can benefit the organizations with their innovative result-oriented work.
The unemployment crisis has been resolved to a certain extent because of the advent of technology and bloom in the innovative marketing. The newer avenues have thrown different jobs profiles suitable for the newer generation. This is all leading to a point where the digital era will compel companies to compete extensively on all fronts to grow.
The technology has been integrated into companies so much that even for the hiring process most of the CEOs are arming their Human Resource departments with the latest analytical tools to hire the best talent for them. Taking a leap of faith, the C-level Executive Leaders focusing on the growth of their companies are even joining hands with the expert Human Solutions around the globe for the best talent acquisition for their top hierarchy to all the levels.
We were a leading executive search firm has had to adapt ourselves to keep up with the growing trends to find the right fit for the companies who collaborate with us, who can aid the differential growth pattern required by their company.