FEAR OF FAILING
Another impediment to growth for CEOs is a fear of failing. Providing leaders with a growth and decision-making framework, as well as financial analysis capabilities can help them convince cautious business partners and recognise not growing is often far riskier than growing.
Fear of failing can also often be linked to feelings of isolation; simply not having a peer or mentor to talk with about the business and its various challenges.
The research found even just being in the company of like-minded individuals who are trying to grow their companies has helped CEOs and executives overcome their fear of growth.
PROOF OF SUCCESS
The ANZ for Business Growth is proving to be a highly effective mechanism for helping CEOs build their companies and achieve sustainable growth. At the end of the module in August 2015, 75 per cent of the CEOs involved said their business had grown.
Most predicted a 25 per cent increase in revenue over the previous year and projected a 41 per cent increase in staff numbers.
With the Asian opportunity growing, it is essential too CEOs look deeply at how to prepare their companies for growth in offshore markets.
Last year ANZ surveyed 1000 Australian businesses and released the Opportunity Asia 2015 report which found 76 percent of businesses who have expanded into Asia say their profits have increased substantially. Close to 60 per cent of medium sized businesses accomplished this within three years.
Impressively, 50 per cent of the Growth Program participants said since attending, they had started exporting into new markets - including the United States, China, Japan, Singapore, Germany, and Italy.