43% of Executives Say Companies Have Been Weakened by Business Disruptions & Market Volatility
Monday, July 10th, 2023
Amid an ever-changing landscape – challenged by inflation, recession concerns, geopolitical tensions, talent scarcity and more – four out of 10 business leaders surveyed admit their companies have been weakened by the volatile business environment and that their companies have been slow to respond. Executives in the insurance (55%), government and public sector (50%) and private equity (48%) sectors were most likely to report experiencing weakening of their businesses, according to The Crowe Executive Outlook Study, a joint research project from Crowe LLP and Forbes. As shared in the study's debut report, "The Unlikely New Frontier Of Enterprise Growth: Why Innovation Leaders Pull Ahead In Times Of Volatility," of the eight industry verticals included in the study, private equity (51%) and government (47%) executives were the most self-critical when assessing the speed with which their organizations responded to market signals.
In contrast, the study, comprising feedback from 1,001 C-suite and business leaders, also found that more than two-thirds of respondents are confident in their ability to predict, detect and reduce risk associated with business volatility. Private equity and banking executives (74% or more) were most bullish on their ability to anticipate and react to these turbulent market conditions.
"While many executives acknowledge the impact that disruption has on their business models, companies that proactively treat business resilience and sustainability as strategic imperatives adapt to market dynamics the fastest, and in turn, are best positioned to identify and deliver value based on new and emerging customer demands," said Crowe CEO Mark Baer. "Every business cycle has peaks and valleys, along with unexpected turbulence. Winning organizations have a knack for charting a course that ensures consistent, sustainable performance in every aspect of managing the business – from technology adoption and talent planning to risk management and operational efficiency."