Will 2013 Be The Year For Business Growth?
Shine.com, March 7, 2013. A new survey of global business leaders has revealed a high degree of optimism about the business outlook for 2013, with those in the Asia Pacific region even more upbeat about likely economic and business conditions.
The Executive Outlook Survey 2013 shows that, despite the economic turmoil of 2012, the overwhelming majority of senior executives believe that the current year will see significantly better trading conditions.
In the Asia Pacific (APAC) region, 92 per cent of those surveyed have a positive outlook for business growth, with 36 per cent expecting significant growth much higher than the America and Europe, where 55 per cent expect business growth and only 11 per cent expect significant growth. The annual Executive Outlook Survey, conducted by BTI Consultants, Executive Search Division for Kelly Service India, canvassed the views of almost 200 senior business executives and leaders across the Asia Pacific, America and EMEA. (Also read: Finance & Banking sector overview)
Pamela M Berklich, Senior Vice President, Direct Hire Practices, KellyOCG said, “The survey shows a marked turnaround in business expectations from recent years, and a strong focus on the importance of key organisational issues that can turbocharge growth and innovation. There is a definite rebound in sentiment that will be extremely welcomed in the business community, and more so in the APAC region, which is leading the globe in terms of expectations of business growth and profitability”.
Globally, the Executive Outlook Survey 2013 shows the following trends:
- More than one-third (42 per cent) indicated that they take a proactive approach to innovation, and have measurable goals and resources to manage it. However, 20 per cent says core business remains their sole focus, while 37 per cent sees incremental change as the way forward
- More than half (52 per cent) identify cultural issues within the organisation as the main barrier to business growth, specifically citing a lack of accountability, a focus on short term fixes, and a lack of knowledge
- The critical factors cited by business executives needed to strengthen competitiveness are headed by “employees and the organisation”, identified by 65 per cent, followed by product innovation (53 per cent), goals and policy (51 per cent), technology (48 per cent), education (27 per cent), and environment (26 per cent)
- Approximately one-in-ten (11 per cent) business leaders consider their competitive position so strong that no challenges currently exist
- Those businesses with a proactive approach to growth and innovation are much more likely to be expecting significant revenue growth than those focusing entirely on core business alone.
The global survey highlights many of the institutional factors that inhibit firms from fully maximising their competitive position in the market.
When asked by leaders to rank the main barriers to innovation, almost one-third (31 per cent) say that their organisation simply has a resistance to change. In 20 per cent of cases the cause is attributed to legal requirements, but other factors include are risk-averse culture, lack of plans, lack of funding and lack of time.
M Anthony Raja Devadoss, Vice Pesident APAC, KellyOCG said, “It’s not surprising that when you drill down, the culture and the people are pivotal to the way that organisations manage growth and prepare for the future through a proactive approach to innovation.Those firms where employee populations embrace the need for change have a real advantage as businesses position themselves for what appears to be a new growth cycle in the global economy.”