85% of consumer business leaders prioritising “profitable”, “sustainable” growth in 2021: study
This is despite greater cost reductions and smaller profits.
Profitable and sustainable growth will be the priority of CEOs and CFOs of consumer businesses in the next 12 months, according to new data from Deloitte.
This is followed by developing existing products and services (70%), and introducing new products and services (52%).
Over the same period, however, profits are expected by respondents to fall as a result of both COVID-19 (41%), and Brexit (50%).
73% say cost reduction programmes are also anticipated to ramp up in 2021 due to the pandemic, whilst 44% said the same for the ongoing impact of Brexit.
In the short term, the leaders said the highest risks to business growth are identified as COVID-19 (78%) and the state of the UK economy (59%). Over the next five years, this is superseded by competition from challenger brands and new entrants (57%) and disruptive business models (54%).
Half say the biggest threat to growth over the decade is climate change.
65% of leaders add that they do not see the switch to online as a risk in future, as their response to COVID-19 pandemic has strengthened the online presence of consumer businesses.
