Looking Ahead: Top Concerns for CEOs in 2020

With 2020 quickly approaching, assessing your mid-year success thus far and looking ahead to your goals for the next year, many CEOs are acknowledging a growing concern in two key areas.

These are in the area of growth and technology proficiency. Though growth is always a hot topic among CEOs, the issue of being prepared for the technological changes coming in 2020 and beyond is a new and ever-pressing concern.

According to a recent 2019 Garner Survey of 473 CEOs and senior business executives, almost all report that their businesses have seen an incredible surge in growth through Q1 and Q2 of 2019. As more CEOs are positioning their companies for growth and exploring ways to expand operations, finding ways to leverage virtual workers and freelancers is quickly becoming a way CEOs are cutting costs. In addition, how leading companies are choosing to grow their operations has an interesting trend. With 58% of CEOs being worried that the political climate and the use of tariffs may interfere with their income, more are turning to opening new locations rather than expanding their product offering as a way to achieve sustained growth.

However, as the rollout of 5G and the emergence of AI-powered technology quickly approach, many CEOs are worried that their executive teams lack the technical/digital proficiency needed to help them identify new technology to compete. When surveyed, CEOs wanted their sales, risk, supply chain, and HR departments to be more technologically-savvy to be able to both find and implement new systems to improve business efficiency and productivity. Despite this immediate concern, only 32% of CEOs acknowledged making increasing their staff’s technology skills a top priority for 2019 and 2020. 

So, the question becomes, are you and your executive teams positioned to help your company grow? Are there skills or training you feel you need to help your company better compete in the ever-changing business landscape?

If you would benefit from information sharing and having access to veteran CEOs to help you navigate these challenges and many more, then we invite you to join The Brain Trust. We are an Atlanta and West Palm Beach-based CEO advisory group comprised of CEOs, Presidents, Managing Partners, and business owners. During our impactful, monthly CEO peer group meetings you’ll have the time and resources you need to generate winning strategies to help you overcome everyday business challenges. Click here for more information.