Executives face various barriers to growth, with the most significant being slow decision-making, lack of agility, and internal politics. These challenges were identified in a survey of over 400 global executives, indicating that internal, rather than external factors, are the primary obstacles to organisational growth.
Slow decision-making was cited by 65% of respondents as a significant barrier, with a lack of agility and internal politics close behind at 64% and 62%, respectively. These internal barriers are considered more detrimental than external factors such as economic uncertainty (cited by 52% of respondents) and regulatory changes (39%).
The survey also uncovered that larger organisations tend to struggle more with these internal barriers. For instance, 74% of executives from companies with over $5 billion in revenue cited slow decision-making as a barrier, compared to 60% from smaller firms.
To overcome these barriers, organisations must foster a culture of agility, speed, and adaptability. This involves encouraging open communication, reducing bureaucracy, and promoting swift decision-making. By addressing these internal challenges, companies can enhance their growth potential and competitiveness in the market.
Go to source article: https://hbr.org/2016/05/the-greatest-barriers-to-growth-according-to-executives