Vistage CEO Confidence Index Drops – What That Really Means for SMEs
Vistage, the go‑to mastermind for small and medium‑size businesses, just released its Q3 2024 CEO Confidence Index. Spoiler alert: the score slipped from 111.6 to 107.1. That’s a small dip, but it signals a bigger issue: economic uncertainty is creeping into the brains of those at the helm.
What the Numbers Say
- Only 29% of CEOs think the economy will look up next year.
- However, nearly two‑thirds expect their revenue to grow.
- Moral support? Just 18% of leaders believe their companies won’t feel the budget’s blow.
Key Concerns Highlighted
- Sales – 39%
- Hiring – 37%
- Investments – 31%
- Inflation – 21%
- Interest Rates – 16%
The looming Autumn Budget from the new Labour Government has most UK & Ireland CEOs frowning. Worryingly, they’re also deciding how to move forward – and a lot of them are looking toward new tools.
How CEOs Are Addressing the Storm
Not all is doom and gloom. In fact:
- 46% plan to grow their workforce in the next year.
- 69% have already launched leadership and skills programmes.
- 68% are investing in team development.
- And a whopping 94% are focusing on corporate culture.
AI: The New Go-To Lifesaver?
When it comes to technology, the numbers are pretty telling:
- More than 50% have already integrated AI to streamline everyday processes.
- 42% are actively making plans to do so.
- And a surprising 85% either already deployed or planned to roll out AI across operations.
- 81% are also moving forward with automation.
Rob Ristagno, Vistage’s International President for the UK, summed it up nicely: “Despite the dip in confidence, leaders are taking crucial steps to steer through uncertainty while eyeing growth.” He added, “We’re optimistic that growth is on the horizon. Companies are equipping their biggest asset – their talent – with the right tools to adapt, plus embracing AI and automation to boost productivity.”
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