Top 5 Challenges Facing Today’s Corporate Leaders
It’s not news that running a company takes countless hours of dedication, commitment, and hard work. For those of us in charge, every day has a habit of bringing new challenges and curveballs with it, especially in today’s technology-dominated economy. Between constant software changes, automation, and product model updates, today’s executives undoubtedly have a lot to keep track of. With knowledge of everything it takes to juggle a company, it’s intriguing to take a look at which issues are deemed most detrimental to an organization’s growth and productivity and why. According to Forbes, these are the five challenges that corporate leaders struggle with the most.
1) Generating Revenue:
While making money is a prevalent concern for the majority of companies, it’s always on the minds of the executives in charge. A whopping 26% of those surveyed by Forbes listed revenue and sales issues as their greatest obstacle. Many specifically noted that they find it difficult to get in front of the right people in order to pitch a business idea, and others pointed at troubles with generating leads, adding new clients, and bringing in business.
Quick to follow up, a large percentage of corporate leaders reported that time in general was one of their most prominent stressors. The common theme seemed to be “not having enough hours in the day” to get everything done well. In particular, executives reported issues regarding prioritizing tasks, balancing multiple commitments, and finding time to generate original research or create new content. In addition to this, several participants mentioned a severe lack of work-life balance and inability to take time for themselves without worrying about what needs to be done.
That there are leadership issues among even executives is not shocking – it’s difficult to manage a hierarchy of employees with different roles and clearances. However, the greatest challenges that were described regarding leadership focused more on the inability to find and keep good employees and finding ways for those employees to build enough self-awareness to work on their performance. Executives also mentioned the exertion resulting from managing a global team and the feeling of having to direct everything themselves.
Another daunting issue that many corporate leaders face is how to achieve sustainable growth. Since short-term growth is not reliable in the grand scheme of things, it’s important to implement business strategies that support the business in the future, not just the present. Many leaders are intimidated by this and lack the skills necessary to foster goals such as national expansion, long-term strategies, and entering new market sectors. According to many of them, generating organic growth is a priority, but one that they don’t know how to turn into a reality.
Last but not least, marketing is also a prominent source of executive stress. While it might seem that every company has marketing in some form or another, their levels of efficiency vary drastically based on visibility, adequate communication of services, and ability to stand out from the marketing of competitors. Marketing can be an extreme asset to a company in terms of creating a brand, but if not done correctly, it turns into wasted time and money. Figuring out how to effectively market is something that many corporate leaders struggle with, especially as the number of companies only continues to grow.
Being a leader in the corporate world can be tough, and there are several factors to consider when trying to make the best decision for your company. It’s clear that some of these factors – generating revenue, time management, leadership, fostering growth, and effective marketing – carry a much more significant weight than others. In fact, these are often the roots of issues that make or break a company. While this might seem intimidating, it is important to note that there is absolutely nothing wrong with calling in for backup when facing these challenges. You cannot do it all, especially when it comes to refining staff behaviors and habits that have been the norm for years. This is where executive coaching comes in.
In short, executive coaches believe that the client is already naturally creative and resourceful, and that it is their job to provide tools and support while enhancing the skills, resources, and creativity that the client already has. The goal is not to completely overhaul the way a company functions, but rather to streamline the processes already in place and dig to the root of underlying issues to ensure that they don’t facilitate further destruction. Overall, executive coaching has the potential to transform a company and put it back on track towards a more successful and sustainable future, ultimately depleting the great stress placed on the shoulders of those of us in leadership positions.