CEOs have a lot on their plate to handle, and each year these challenges change and grow. They have to ensure their company runs as smooth as possible, but this means adapting to the never-ending changes in the world of technology and business. Politics introduce new changes to the business world as well. If you are curious as to some of these challenges, let’s take a peek at some of what CEOs are facing in 2016.
- The Upcoming Presidential Election: Most people don’t realize that politics play a huge role in businesses. 2016 is a huge year; this is when we will select the next president. It is hard to plan for the unknown. Each candidate has different potential policies and changes. From immigration reforms and changing health care plans, CEOs have to stay on their toes with all of the potential changes coming soon.
- Increase in Cybersecurity: Each year, cyber breaches are occurring more frequently. Hackers are more skilled than ever. Huge enterprises have faced security breaches, causing the loss of sensitive data. Customers have faced identify theft more frequently. While IT departments are the first defense, CEOs still have to take care. Also, this isn’t an issue just for large businesses; small businesses face cyber-attacks as well.
- Giving Flexibility: Younger employees are desiring the opportunities for greater flexibility in their work schedule. With the ability to work remotely and the growth of mobile devices, CEOs are faced with having to offer flexibility. If not, they risk losing talented people to other companies willing to offer what employees desire. Also, these people are looking for opportunities to grow and make a difference in the companies.
- Finding Great Employees: Even when CEOs offer flexibility, finding solid employees is a recent struggle. Over the last year, the unemployment rate has lessened, leaving only a small amount of people in the hiring pool. Finding qualified employees, in a time with competitive businesses, is tricky. Talent is scooped up quickly.
- Using Social Media: In the world of marketing, social media is playing a huge part. Companies and CEOs are learning how to utilize social media and connect with their consumers. Connecting and engaging with consumers help drive brand loyalty. Businesses have to learn how to utilize social media such as Facebook, Twitters, podcasts, periscopes and more. These are great tools for communicating with their clients.
- Managing Growth of the Company: Most CEOs desire to grow their businesses, but there are risks involved. Doing so when the market is weak is going to result in the loss of revenue and time. Also, CEOs are going to use contract manufacturing more frequently to create protocols of potential products. Technology is growing like fire; all of these new ideas need to have protocols made first before they can be finalized. Finding solid manufacturers to help their businesses grow is an important task of CEOs.
- Improving Reputation: With social media, customers can leave feedback. Managing your reputation is important when you want to draw in new clientele. If too many customers receive bad customer service, this is going to decrease your reputation and shrink the list of potential customers. CEOs have to properly manage their company as to not damage their reputation, all while trying to connect to the audience they are marketing towards.
CEOs face a host of challenges each year. This is just a few of the things they face on a frequent basis. Not only is the technology scene growing exponentially fast, but the attitude and desires of employees are changing as well. Keeping up with the times helps keep the business growing and succeeding for years to come.