Here are five areas that I believe must be focused on for the CEOs:
Get to grips with AI
You might guess I would start with AI – it has been the most significant narrative of the last few years. This game-changing technology breakthrough has now reached every sector, and CEOs must now tackle three critical aspects: which business segments are poised for benefits, how to devise strategies to expand from single applications to numerous, and understanding the transformative impact of these new tools on their industry.
Fully embrace the digital revolution
For those still holding back, 2024 is the time for CEOs to fully embrace the digital era if they want to stay competitive and relevant. Not only does digital transformation enhance operational efficiency, enable better customer engagement, and open new revenue streams, it is also crucial for navigating rapidly evolving landscapes. and improving data-driven decision-making. It also facilitates remote collaboration, vital in this now globalised world.
Get serious about protecting the planet
Amidst escalating global climate concerns, in 2024, CEOs will bear significant responsibility in shaping corporate strategies, influencing policies, and inspiring innovation towards environmentally and socially responsible practices. They’ll need to show they have become forward-thinking leaders who are committed to driving positive change that will benefit both their organisations and the planet – which includes fully transitioning to green energy.
Learn to talk to investors
While many may view investors as only out for profit, they can be an important source of new ideas. Many have had a long history in the industry at hand and so have unique insights and perspectives. Crucially, if there are business problems that need addressing, it’s in their interest for them to be fixed – so a CEO can hardly ask for a better ally.
Focus on improving your leadership skills
A recent study by Harvard Business Review found that companies with strong leadership are 15 times more likely to outperform their peers. The study also found that companies with a positive company culture are 30% more productive than those with a negative culture. This all comes down to the same point – great companies need great leadership. In 2024, CEOs should take an unflinching look at their own performance and be unafraid to change, grow, and learn new skills. In other words, lead by example.
Murtaza Hashwani Murtaza Hashwani
Deputy Chairman and CEO, Hashoo Group
