Good CEOs plan to create value for the quarter; great CEOs create sustainable models for the years to come. For many companies, it is top-line growth that sets the precedent for growth projections in 2024. But how can top-line growth meaningfully impact the value created? And crucially, what should leaders do to keep their growth sustainable?
To help growth leaders navigate top-line growth management, SBI sat down with Jake Silverman, Kroll CEO and SBI board member, exploring crucial market factors that could impact the value created by top-line growth in specific industries, as well as key trends that CEOs leverage to drive value creation in 2024.
Aligning Top-Line Growth with Expectations
While cost-saving measures and price positioning can create value rapidly, Jake suggests that revenue leaders consider the growth levers that present the best potential in the long run through careful analyses of product white spaces and expansion opportunities.
Two aspects stood out in Jake’s outlook: the ability to attract and retain talent, as well as understanding what buyers’ sentiments and pain points are. Firstly, the best growth opportunity still needs a turnkey team to execute it. With chilling labor markets and slowing wage inflation rates, growth leaders should be prudent in capturing and retaining their best talent. Then, identify expansion opportunities from the buyer’s perspective: are there any services/products that are sorely missing?
With the revenue engine primed for the go-ahead, CEOs now must contend with aligning their expectations with reality. While a plan may sound good in theory, self-checks may not be enough to limit a CEO’s distorted perception of reality. This is where Jake highlights the importance of having a third party to confer with. With a critical eye on the plan, growth leaders avoid succumbing to clouded judgements and potential pitfalls ahead, giving them a greater potential of success with their plan.
Key Themes to Consider in 2024
Jake presents four questions for CEOs who are looking to get ahead of growth planning in 2024:
- Does the global economy (e.g. Fed Reserve) favor my growth initiatives?
- How can I attract and reward the right talent for my business?
- Can I utilize current or upcoming tech to enhance my growth potential?
- What global labor capabilities does my business possess?
By asking these questions, CEOs are poised to respond to evolving needs by customers and market conditions, achieving and maintaining the competitive edge.
Did your top-line growth outlook for 2024 reflect what was discussed? Tune into the full conversation here: Podcast Episode 7: The Talk on Top-Line Growth
