Finlay James has recently surveyed the Technology market to find out what are the main business issues that are keeping business leaders up at night.
The results are in and provide some interesting reading! Here are the 7 things playing on the minds of business leaders in the technology sector.
High on the list of what keeps leaders up at night is certainly something high on the list for most businesses - increasing revenue. It will come as no surprise really as to increase profits you need to increase revenue and therefore, increase the number of sales, however, getting sales teams hitting their targets can often be a harder task.
Going hand in hand with increasing revenue is cash flow. Whilst many businesses are succeeding in increasing their revenue, it is important not to overlook outgoings and have clear budgets set for your sales teams’ expenses.
It’s no surprise really to see that performance management is a headache for leaders. From the conversations I have had with leaders, it is certainly something that should be confronted, where necessary, and business leaders should provide as much help as possible to those who need it! After all, if you successfully manage performance, you are much more likely to succeed in increasing revenue.
Ability to Execute Strategy
The impact of strategy execution is huge to any business and again no surprise that it has made it on to this list. The lost productivity and lower performance means lower profits and an underperforming organisation. That said, from those we surveyed, most leaders appear to have a contingencies in place or a “Plan B” model.
Learning and Development
This is something that applies both to the business leaders themselves and their teams. Successful leaders are always looking to better themselves and learn from their peers. Leaders are looking for the next challenge and to provide the opportunities for their employees to do the same.
Few businesses understand what is going in the minds of their salespeople. With the biggest issue being increasing revenue, keeping your best sales people is essential when it comes to increasing revenue – so, often on the minds of business leaders is – “how can we keep our best sales talent?”
Hiring New Employees and Compensation
This goes hand-in-hand with increasing revenue and is particularly relevant when it comes to sales recruitment. Hiring not only the right sales people but also the best sales people is key when looking to increase revenue. Many leaders take employee problems personally and if financial realities mean they can't compensate their workers adequately, they see it as a personal failure.
Clearly, all of these things listed are all business critical issues and it is clear why they keep business leaders up at night!
In my opinion, a lot of this comes down to hiring the right people, not just in Sales, Technical and Marketing but in all areas of the business to ensure that the whole business is working as efficiently and effectively as possible.
50% of CEOs put recruitment and retention of staff as the key driver in their business for this year, and even though this is such an important business driver, less than 3% of CEOs have met with a recruiter face to face to discuss recruitment strategy.
My advice is to meet with the right recruiters and see them as strategic partners so you can get more sleep at night
Is the process of hiring new employees keeping you up at night? Contact Finlay James to discuss how we can help you to find the best talent out there.