55 per cent of Australia’s CEOs expect to see a rise in profit in 2015, according to leadership organisation The Executive Connection.
While over half of CEOs have a positive outlook for the coming year, the research highlighted two barriers that will affect Australian business in 2015.
37 per cent pointed at the driving and development of innovation as the greatest barrier to growth, followed by the ability to find staff with the right talent and skills-set.
“CEOs in Australia faced a turbulent 2014 with fluctuating business conditions and wavering confidence. Negative economic rhetoric and uncertainty around legislation following the Federal Budget, has created a challenging environment to drive business forward,” Stephanie Christopher, CEO, The Executive Connection, said.
“Collaboration, technology, resources and lack of specialist skills all have an impact on an organisation’s ability to grow. While many CEOs are optimistic about the year ahead, those who successfully tackle innovation and talent barriers will become the ones to beat in today’s competitive market.”
The research also revealed that large companies and small business are facing the same barriers in the coming year. Ms Christopher said business with a turnover of over $100 million per annum pointed at finding talented and skilled staff as a barrier, a factor also highlighted by businesses with a turnover of less than $1.5 million per year.
Finding staff with the right talents and skills was found to be the biggest worry for 52 per cent of New South Wales’ CEOs, while driving innovation to gain a competitive edge was highlighted as the main issue worrying business leaders in Victoria (40 per cent), South Australia (39 per cent) and Queensland (37 per cent).
“Gaining a new perspective on a current business model or finding a group to share experiences and support with can prompt business leaders to move in a new and profitable direction,” said Ms Christopher.
“While uncertainty surrounding economic business conditions in 2014 has hindered businesses’ ability to plan ahead, those leaders who have identified their barriers to growth are best placed to move into the New Year with momentum and tackle these challenges head on.”
