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2014 CEO2CEO Summit:
Growing Your Business in Uncertain Times

Sometimes you have to get out of your office to be more effective in it. That, in a nutshell, is the premise behind events like December’s CEO SUMMIT at the New York Stock Exchange, where leaders gathered to share insights and brainstorm on solutions for their most pressing business challenges. These pages offer takeaways and highlights from the event.

CEO2CEO TAKEAWAYS

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CONCEPT: In group brainstorming sessions, CEOs tackled the challenges of driving innovation, building effective work environments and coping with regulatory overreach and political uncertainty.

Questions:

To drive innovation:
• Define what it means for your company. Is it a new product, a process improvement or a new market?
• Avoid confining innovation to a single department—it should wash across the organization.
• Champion, but don’t dictate. Innovation should be bi-directional, top-down and bottom-up.
• Govern innovation efforts to validate ideas and manage the value-add they can deliver.

To harness technology:
• Carefully vet the build vs. buy decision
• Define the technological opportunities in your industry.
• Ensure leadership is engaged in exploring new technological capabilities.
• Identify and prepare for the disruptive forces in your industry.

To cope with regulatory uncertainty:
• Size up your impact by joining forces with industry peers, trade groups or local business networks.
• Hedge your bets by doing business in more than one region to reduce the risk of being derailed by a political upheaval or regulatory event.
• Be vocal about how potential regulatory action will affect your business—and the jobs you provide.
• Look for the opportunities regulation may bring.

To build an effective work environment:
• Recognize that your offices, not you, make the first impression on potential hirees.
• Environment plays a huge role in corporate culture, which, in turn, impacts performance.
• Charitable activities that tie into employee values boost morale and strengthen ties.
• Performance-based compensation is effective, but high-visibility recognition in the workplace also motivates effectively.

 


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