I am not talking about fortune-telling. But business vision is, in a way, fortune-telling. Two and a half years back, when we wanted to name our strategy consultancy, we looked at the core of our business idea: we were getting into the business of helping companies reimagine their future growth by directing their focus to new, emerging, high-growth markets. Hence, we named our consultancy Rmagine. Rmagine was born, to work with Canadian and US companies reimagine their future growth by helping them expand their business to the emerging markets of Middle East and India.
Fast forward thirty months and it is very gratifying to know that 1201 CEOs’ from around the world and one of the Big 5- PricewaterhouseCoopers agree with us. I am referring to one of the recent reports from PricewaterhouseCoopers called….surprise surprise……Growth Reimagined!
In total, PwC conducted 1,201 interviews with CEOs in 69 countries. By region, 420 interviews were conducted in Western Europe, 257 in Asia Pacific, 221 in Latin America, 148 in North America (40 in Canada), 98 in Eastern Europe and 57 in the Middle East & Africa. The findings of the study are best captured by a quote from Ed Breen, Chairman & CEO of Swiss-based industrial conglomerate Tyco International, who says “Any industrial company……has to have a large presence in emerging markets. Fifteen percent of our revenue right now is coming from emerging markets, and we’re looking to double that in the not too distant future. It’s an opportunity that you have to take very seriously.”
Take a good look at the numbers in the chart below summarizing the responses from 1201 CEOs’ and there is a learning for any business owner- every business needs to examine its business strategy for the future and plan for either entry into or aggressive growth in countries like India or the Middle East.
Where do CEOs’ from the developed economies see their growths coming from? In Western Europe the score is 92% from Asia and 75% from the Middle East . Closer home in North America, CEOs’ predict that growths most certainly will be from Asia – 94%, with Middle East at 73%. In fact, CEOs’ across the globe, from Africa to Central & Eastern Europe, to Latin America to North America, agree overwhelmingly when it comes to Asia’s role in their growth plans- figures for Asia, as you can see, stretch from 86% to 100%.
Business learns best from other businesses. So, if you are the CEO of your business or if you are on the Board of any business, I have one question for you: Where is India and the Middle East in your business plan?
Is your vision for your company ready for some rmagination?