What are the most pressing issues facing Australian business owners and CEOs? To find out, The CEO Institute polled its members on a range of questions during the month of October. Here are the issues that business owners and leaders deemed most important:
Economic conditions
- Do business results reflect we are coming out of the economic downturn? … it’s a mixed message
- What is the likelihood of a ‘double dip’ early in 2010?
- Irrespective of what phase the economy is in — push ahead
- Rising value of the dollar and its implications for business
- Where to for interest rates?
- Government stimulus package — will its affect run out soon?
- Impact of the Investment Allowance has been positive
- Expect unemployment levels will stabilize at higher levels and not likely to fall until overall business activity increases
Business opportunities
- How to identify new market opportunities
- Importance of getting accurate market intelligence before embarking on new market projects
- What steps or preparation can be done to achieve market success
Evaluating staff performance
- Discuss what the company can do for the employee — and what the employee can do for the company
- Written documentation will clarify mutual expectations
- Performance reviews should be conducted annually — at a scheduled period for all staff or on the anniversary of the staff appointment
- Quarterly mini reviews can monitor performance progressively
- Great benefits of setting values — but combine with 360 degree review
- Performance appraisal and salary review/bonus should be linked — but should be discussed separately
Business sales
- Importance of having good sales people who can close the sale at the right price
- When top performers become bottom performers. How long do you support them in the hope they will return to their old productive performance
- Client relations — the importance of trust, relationship building and client education
- Documenting pricing strategies
- Take on a new customer ‘safely’ and avoid bad debts by seeking a personal guarantee in the credit application
Corporate social responsibility reporting
- Understand its purpose and target audience
- Be able to substantiate claims or intentions
- Valuable for employee attitudes
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