| With the coming year, CEO’s will have some challenges to overcome. Passive decision making will not resolve these concerns. Many sleepless nights are ahead for these individuals as they commit to making the right decisions. There is no doubt that the CEO’s of companies large and small have similar difficult problems to solve. Most companies will have to take into consideration the following issues for this year:
Marketing: With each passing year, new and innovative ways of reaching the masses in marketing are being implemented in companies across the globe. CEO’s have limited moneys to fund these campaigns, and deciding which methods best suit their target markets prove to be challenging. For businesses that have been hit hard by recession, finding the money to create effective marketing strategies is difficult. However, without proper marketing, these companies don’t stand a chance to become as profitable as they need to be. It is a vicious cycle that is hard to break. Often times, CEO’s have to make budget cuts in other areas to fund these marketing strategies, leaving the company vulnerable to being understaffed or in other areas. Hiring or Downsizing: As CEO’s move throughout this coming year, evaluating the past year’s sales will clue them in as to whether they need to increase jobs or eliminate positions. This is a tough call to make as it directly affects people’s lives, along with the health of the company. While the economy is on the uptick, it may not be enough for CEO’s to justify all positions within the company. Jobs may have to be eliminated or promotions may be limited. On the flip side, some companies may have the joy of expanding and hiring more personnel. These are the kind of decisions that haunt CEO’s while they lay awake at night contemplating the outcome of their choices. Employee Benefits: There have been monumental changes in health care reform in the past few years. CEO’s will have to figure out exactly how these laws affect their employees. Offering assistance in providing health insurance will be a great way of attracting employees. Also, combining health insurance coverage with other benefits will improve employees’ attitudes and motivation. CEO’s have difficult decisions to make in keeping good people working for them. With these difficult business decisions to make, CEO’s will have to take aggressive measures to ensure they are making the best choices. There is no doubt that these leaders will have to make heart wrenching decisions this year. But, their well thought out decisions are what will catapult their companies to greater heights. If you have any questions about this article, or about how we can help you with your current team building, performance, leadership, strategy, and / or hiring needs, contact us today! Marc Simms
Written by our associate Gary Sorrell, Sorrell Associates, LLC. All rights reserved worldwide. |