Thriving in 2024: Do You Have the Right Leaders in the Right Seats?
As executive recruiters we have a unique vantage point to observe where companies are thriving, surviving, or failing and get early visibility on the impact of the latest trends, such as Artificial Intelligence (AI), and how the people side of the business determines their success or underperformance. We also get to discover the different growth strategies that companies adopt to meet the challenges and opportunities ahead.
BUSINESS GROWTH STRATEGIES FOR 2024
Looking at the business outlook for 2024 most all companies and our clients are adopting one (or more) of the three strategies below at the organizational level or for targeted growth areas:
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Flat Growth:
Negative to flat growth. Just surviving to get through the business uncertainties and slowdown of customer spend in their traditional markets. In some instances, they have made layoffs and are tactically focused quarter-by-quarter to stay in the game to grow another day
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New Growth:
Others have weathered the market hits and now realize that they must find new growth beyond their, for some declining, traditional business. To do so they are looking to offer new innovative solutions and business models to open up new markets.
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Sustainable Growth:
Fewer have the financial strength or courage to look longer term at the transformative impact and full potential of AI. This would require a revisit of their purpose and strategy to assure a continued path to sustainable growth in the new AI driven world. For some, this will require a mindset change and/or addition of proven creative and innovative leaders
DO YOU HAVE THE RIGHT LEADERS IN THE RIGHT SEATS?
For each of these strategies we show below the ideal leadership background and profiles to navigate the way forward. These profiles will help you to assess your leaders against your chosen 2024 strategies and get the right leaders in the right seats to ensure success.
Flat Growth:
Surviving to Grow Another Day: Leaders with a proven background of accelerating business growth and financial performance by getting the best out of people, processes, and technology.
They make an impact by streamlining operations, optimizing workflows, and increasing efficiency through AI-driven enhancements and are invaluable assets to their organizations. They understand that achieving sustainable growth requires continuous refinement, and that adopting and leveraging AI is critical to achieving that goal.
New Growth:
Seizing New Growth and Opening New Markets with Innovative Solutions and Business Models: Leaders with a proven background of launching a new product, service, or capability inside an existing company that drives new growth and revenue streams, enters new markets and/or defends against disruptive innovation from new entrants.
In a world where innovation is the lifeblood of sustained success, these leaders make an impact by driving innovations across the business. They not only identify new AI-driven market opportunities but also create them, driving growth and revenue streams that set their organizations apart. They are the visionaries who understand that staying competitive means constantly pushing the boundaries of what’s possible with AI.
Sustainable Growth:
Assuring a Continued Path to Sustainable and Profitable Growth in the New AI Driven World: Leaders with a proven background of transforming a company to deliver a new strategic offering, reinventing, or repositioning the business to meet future customer needs, and establishing a new path to sustain continued growth.
For these leaders staying relevant often means leaving behind legacy systems and capabilities and embracing disruptive technologies as well as new business models. They make an impact by being at the forefront of reshaping industries, and their ability to be among the first to market with entirely new AI-driven products, businesses, and industries.
IN SUMMARY
AI is transforming the business cycle to the point where you are either disrupting the market or being disrupted. This has come at a tough time for some as their traditional business markets are stalled and they just don’t have the time or resources to invest for early gains. To seize new growth and open new markets senior executives will need to focus, at a minimum, on an innovative style of leadership.
For each of your chosen strategies, to bust through these uncertainties and assure a continued path to sustainable and profitable growth, companies will want to make sure that they have the right leaders in the right seats. We hope these proven leadership profiles can be helpful in this endeavor.
Please let us know if you would like to talk through any of these leadership profiles and click below to see our teams and organization profiles. Also, please reach out if you have an interest in learning more about the best ways to select or recruit these types of leaders (getting the right leaders on the bus).
We are also curious to hear your thoughts on the outlook for 2024, growth strategies and leadership profiles to assure success. Please call to share your ideas, learnings, or questions.
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