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UK CEOs look to innovation and international expansion

2010 was the year that UK CEOs realised that they must look far beyond the domestic UK and traditional markets to safeguard their prospects and futures, according to a new survey.

The 14th annual PwC Global CEO Survey shows them focusing on developing markets and looking to innovation and the development of new products and services for future growth.

Paul Woolston, senior partner, PwC in Newcastle, said: “UK CEOs recognise that they need to be braver and specific in their focus on new markets if they want to compete in the global environment.

“Many of the UK’s traditional export markets are currently underperforming and, compared to their counterparts in other countries, UK CEOs see less opportunity for growth at home.

“The fact that our exports to the whole BRIC group of countries are roughly the same as those to Ireland is not a sustainable equation.”

UK CEOs’ confidence levels for their businesses over the next 12 months are slightly higher than last year, though markedly lower than the global average.

Only 15% of UK CEOs believe the domestic market presents their companies with high-growth potential relative to other markets.

In contrast, the major regions polled outside Europe, like India, tend to have more faith in their home turf with around half thinking their domestic markets offers high potential for growth.

This was posted in Bdaily's Members' News section by Ruth Mitchell .