Greatest Business Challenges research – thanks to Society for Executive Wisdom
Research undertaken by the Society for Executive Wisdom during the first quarter of 2011 collated the results of what Australian organisations felt would be their greatest business challenges for the financial year July 2011 – June 2012.
Here is a snapshot of the results in order of magnitude:
1.Cost-cutting strategies to maintain profitability – 38%
2.Faster financial growth – 35%
3.Government threats through policy and taxation – 29%
4.International competition caused by weaker Australian government regulations – 27%
5.Low-cost competition via internet – 26%
6.Competitor threats to market share – 22%
7.Requirement to expand into new markets – 17%
8.Requirement to launch new products and services – 15%
9.Requirement to refresh senior management – 11%
10.Coping with market changes – 9%
These results were obtained by interviewing 143 business owners or CEOs of Australian-based organisations with a turnover of more than $1M p.a. and more than 5 years in operation.