What’s the top-of-list challenge for CEOs in the U.S. today? If you guessed uncertainty, congratulations! You’re ahead of the curve when you comprehend the challenge an unpredictable environment poses to the one sitting behind that mahogany desk.
Here’s a short list of four other obstacles facing today’s business leaders.
- Supply chain disruptions. Picture this nightmare scenario. The marketing department did a fantastic job with the new product-rollout promotional campaign. Orders are flooding in and customers are delighted with the new offering and are also posting rave reviews to their social media channels. Suddenly, out of the blue a major labor strike disrupts production at the only factory that produces that particular item. What a missed opportunity!
- Competitor intelligence. When an emerging business is flush with profitable orders, competitors begin to eye the new upstart with rapacity. Corporate spies can do an immense amount of damage before a business even realizes their exposure.
- Product liability lawsuits. Even more frightening is the prospect of competitor’s spy causing a breech that could deplete the value that comes from being the first one to bring an innovation to the market.
- Fear of collaboration. This particular challenge is perhaps the most grievous as it hampers the ability to tap the wisdom of other business leaders. How many CEOs have wished for even five minutes to pick the brains of another CEO? Imagine what gems of insight can be had by discussing an emerging challenge with another business leader.
Everyone of these challenges arise from a genuinely placed concern over exposing proprietary secrets, but all four can be turned into an advantage. How? Through a private meeting of the minds with other non-competitive business leaders.