McKinsey – CEOs Choice for Growth, 2023

According to the latest McKinsey Global Survey on new-business building, CEOs are increasingly focused on creating new revenue streams as their top strategic priority, even in the face of ongoing economic uncertainty. This reflects the belief among business leaders that the current climate presents opportunities for resilient growth, especially due to the advantages possessed by incumbents and the potential for acquisitions. Additionally, CFOs see business building as the most likely strategic action their organizations will take in the next 12 months. In their fourth annual report on business building, McKinsey examines the types of new businesses that respondents expect in the coming years, with a particular focus on the role of generative AI in enhancing these efforts. The report also includes insights from a separate survey of public-equity investors and analysts, who also view business building as beneficial. As a result, McKinsey provides practical advice to help business leaders navigate investor perspectives and maximize the value of their new businesses. Despite economic uncertainty, organizations are continuing to invest in new-business building, with many business leaders seeing now as an opportune time to prioritize these efforts. Survey results indicate that the rate of business building has not slowed down since last year, and a significant majority of respondents believe that new-business building has become a greater priority for their organizations in the past year. Additionally, respondents note that their organizations have a relative advantage over start-ups, which are facing challenges in raising capital.