How Leading CEOs Are Evolving Their Companies During COVID-19

With the pandemic redefining how many companies operate, now more than ever, revisiting corporate strategy is key. One way that leading CEOs are reducing uncertainty is by generating flexible strategies that have strong business cases. As the competition in all industries heats up, with many businesses having to pivot to new customers, new product offerings, and new ways of doing business, the key will be in which CEOs can implement these three forward-thinking approaches.

1. Reframe what winning really means now. It can be challenging for CEOs to manage competing interests and motives from employees, clients, vendors, and other key stakeholders. However, the most successful CEO masterminds are able to strike an intricate balance between all interested parties and set clear expectations of where they want the company to be both in the short and long terms. To do this, it is important to quantify what “winning” means for your organization. For example, rather than striving to be the number one in your industry, instead working toward being in the top 25% of companies across all industries could be a more impactful goal.
2. Make strategic and bold moves early. According to leading CEO consulting coaches, the world’s top CEOs consistently set themselves apart in how they allocate resources, make program changes, approach acquisitions, handle capital expenditures, and achieve productivity improvements. Studies have also found that by making one or two bold moves, this more than doubles a company’s chances to rise to the top quartile in their industry. However, when you make three or more strategic moves in the impact categories listed above, then the chances of becoming in the top 25% increases by a factor of six.
3. Stay active with resource allocation. In today’s extreme uncertainty, how you leverage your existing resources to create impact within your organization is key. That’s why companies that reallocate more than 50% of their capital expenditures generally create at least 50% more value within their companies. However, despite this significant benefit, most companies reinvest only 10% of their capital every year. If you’re looking for the fastest way to increase your market share and provide higher levels of value for your customers, then exploring ways to reallocate your resources could be what differentiates you from your competition.

These are just a few new insights that are coming to light, as the business world evolves during the global pandemic. And, the world’s leading CEO masterminds have been able to remain agile and grow their companies by redefining what winning means, making bold moves, and being willing to reallocate resources to drive value. For more information on this and other leadership topics, visit our blog here.