Companies must take brave approach to new markets

Companies must take brave approach to new markets

The 14th annual PwC Global CEO Survey shows that business leaders across the UK are focusing on developing markets and looking to innovation and the development of new products and services for future growth.

UK CEOs' confidence levels for their businesses over the next 12 months are slightly higher than last year, though markedly lower than the global average. Only 15% of UK CEOs believe the domestic market presents their companies with high-growth potential relative to other markets. In contrast, the major regions polled outside Europe tend to have more faith in their home turf with around half thinking their domestic markets offers high potential for growth. Some 83% of CEOs in India, for example, see their domestic market offering high growth potential and an even greater number of CEOs based in Brazil think the same.

Some 20% of UK CEOs identified new geographic markets as the main opportunity to grow their business over the next 12 months, up from 14% the previous year. There is also a marked new commitment to developing new products and services and they believe that the innovation needed to make this happen will come from inside the UK, through external partnerships with suppliers, for example.

Almost half of UK CEOs worry that talent with the right technical skills tends to lack flexibility and creativity. Perhaps in recognition of this, almost 60% of UK CEOs intend to increase their use of non-financial rewards and 58% are planning to deploy more staff on international assignments over the next 12 months, presumably to build international experience and breed the skills needed to work successfully across different markets and cultures. Elsewhere in the talent field, 39% of UK CEOs plan to change their people strategies to attract and retain more women and 25% say they will make changes to recruit and retain older workers.

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