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1、New-business building in 2022:Driving growth in volatile timesA new global survey finds that new-business building can boost growth and value.However,to meet revenue expectations in the future,companies must dramatically increase their efforts.November 2022In the past three years that weve been surv
2、eying executives about new-business building,weve witnessed a marked shift in their perspectives on the topic:the 2020 findings reflected how much business leaders were starting to prioritize new business building.1 The following years survey results captured their thinking on the strategic value of
3、 those efforts as well as potential factors for success,2 and the latest McKinsey Global Survey on new-business building finds that markets,too,are recognizing the value of new businesses.3 The latest survey,which garnered responses from more than 1,000 business leaders in 75 countries,shows that co
4、mpanies that have made business building a top strategic priority have grown more quickly than other organizations during this year of high economic volatility.In an effort to create new revenues and capture more market share,they are creating new products,services,or businesses that require them to
5、 develop new capabilities.By doing so,they are setting themselves up to be rewarded by the market:the enterprise value multiple of reported new business revenues represents nearly twice that of core business revenues.Surveyed business leaders say their companies are already investing a meaningful sh
6、are of their revenues in new businesses and that their companies are building more businesses now than they were just a few years ago.Yet,to meet respondents expectations for the share of revenues that will come from new businesses built in the next five years,companiesparticularly larger ones,with
7、annual revenues of$1 billion or morewill need to quickly ramp up the number of businesses they build and increase their scaling and success rates.The findings show that companies see a broad range of new business opportunities.Our research also points to best practices that set apart successful new
8、businesses from those that underperform or are discontinued.Key findings:Eight in ten surveyed CEOs report new-business building as a top five priority despite recent heightened economic volatility.Surveyed business leaders report that their companies are building 50 percent more new businesses per
9、year than they did two to five years ago.Business leaders report that every dollar of revenue from new businesses generates almost twice the enterprise value versus every dollar of core business revenues.Sixty-three percent of surveyed business leaders expect their investment in new-business buildin
10、g to increase from 5 percent of revenues today.Organizations will need to more than double their rate of business building to achieve leaders expectations that 29 percent of revenue in 2027 will come from new businesses.Responses suggest that new businesses built by large incumbent organizations cur
11、rently generate$5 trillion in revenues and could grow to$30 trillion in five years(see sidebar,“New-business building and the economy”).1 Shaun Collins,Ralf Dreischmeier,Ari Libarikian,and Upasana Unni,“Why business building is the new priority for growth,”McKinsey Quarterly,December 10,2020.2“2021
12、global report:The state of new-business building,”McKinsey,December 6,2021.3 The online survey was in the field from July 19 to September 1,2022,and garnered responses from 1,007 participants representing the full range of regions,industries,company sizes,functional specialties,and tenures.To adjust
13、 for differences in response rates,the data are weighted by the contribution of each respondents nation to global GDP.New-business building and the economyThe survey findings suggest that new-business-building activity is poised to have an increasing role on the global economy.Surveyed business lead
14、ers working for companies with at least$1 billion in annual revenues say that,on average,their organizations are seeing 5 percent of revenues in the past year generated by businesses built in the past five years.If we take their projection that 27 percent of revenues in five years time will be gener
15、ated from new businesses built between now and then and apply that across global businesses with annual revenues of$1 billion or more,1 we see that the revenue at stake from new businesses will be as much as$30 trillion in 2027,up from$5 trillion in revenues generated today.2 We also can extrapolate
16、 from the survey findings that,to generate this top-line impact,core organizations have invested approximately$800 billion in new businesses in the past year3more than the reported$645 billion venture capital investment in start-ups,from seed to growth.4 2New-business building in 2022:Driving growth
17、 in volatile times1 According to S&P Global,the revenue sum from available 12,123 private and public companies with annual revenues over$1 billion is$95 trillion.2 This assumes a global annual revenue growth rate of approximately 3 percent.Source:IHS Markit.Previous research examined the opportunity
18、 specifically for new green businesses and found that growing demand for net-zero offerings could generate more than$12 trillion in annual sales by 2030.See Rob Bland,Anna Granskog,and Tomas Nauclr,“Accelerating toward net zero:The green business building opportunity,”McKinsey,June 14,2022.3 This nu
19、mber was calculated by multiplying the share of revenue invested in new-business building by respondents at companies with more than$1 billion in annual revenues by the total global revenues of companies with more than$1 billion in revenues,according to S&P Global.4“Global venture funding and unicor
20、n creation in 2021 shattered all records,”Crunchbase,January 5,2022.3New-business building in 2022:Driving growth in volatile timesNew-business building continues to be a priorityparticularly among CEOsdespite recent economic uncertainty.Web Exhibit of Prioritization of building new businesses at re
21、spondents organizations,%Figures were calculated after removing respondents who said“Dont know.”They may not sum to 100%,because of rounding.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Al
22、l respondents2021(n=1,178)2022(n=995)2021(n=220)2022(n=156)CEO respondentsThe share of respondents listing business building as a top 3 priority has decreased from 57%to 46%,but about three-quarters still say its in the top 5About 6 in 10 surveyed CEOscontinue to say new-business building is a top 3
23、 priority for their organizationsNot a top10 priorityNot a top10 priorityA top 10priorityA top 5priorityA top 3priorityA toppriorityA top 10priorityA top 5priorityA top 3priorityA toppriority223588204122135A continuing priority despite heightened economic volatility:New-busines
24、s building continues to be a priority for business leaders,especially so for CEOsthough when looking at all survey responses,its ranking as a top three priority has declined since the previous survey.4 Among all respondents,46 percent say it is one of the top three strategic priorities for their org
25、anizations,compared with 57 percent who said so last year.However,nearly three-quarters of respondents in the latest survey consider it a top five priorityin line with last years finding.In both surveys,CEOs were more likely than other leaders to say building new businesses is a top three priority,a
26、nd the share of CEOs considering it a top five priority has increased this year.Companies continued prioritization is reflected in the number of new businesses being built.Respondents say their organizations are currently building an average of 1.5 new businesses per year,up from one business per ye
27、ar two to five years ago.4 Our definition of new-business building has changed slightly since the previous survey.In the 2021 survey,we defined business building as the creation of new products or services where a company does not have an existing footprint or the building of completely new business
28、 models.In the latest survey,the definition was the creation of new revenues through new products,services,or businesses in which new capabilities are required to do so.4New-business building in 2022:Driving growth in volatile timesResponses suggest that companies prioritizing new-business building
29、outperform other companies on revenue growth.Web Exhibit of Organic revenue growth performance in 2022,%of respondentsFigures were calculated after removing respondents who said“Dont know.”Only respondents who said their organizations growth was driven at least equally or more by factors within thei
30、r control(ie,commercial performance),as opposed to external factors(ie,market forces),were included in the analysis.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022report their organization g
31、rowing signifcantly above market rate10%above market rate10%below market rate410%above market rate13%above market rateAt marketrate13%below market rate410%below market rate 2625332195147%report their organization growing signifcantly above market rate31%Respondents who say new-business bu
32、ilding is a top 3 priority at their organization(n=274)Respondents who say new-business building is not a top 3 priority at their organization(n=396)New-business building and financial outperformance:The survey findings suggest that companies that make new-business building a top three strategic pri
33、ority or higher grow faster than other companies,even during times of economic shocks.In fact,respondents from those companies are more than twice as likely as others to report growth that is more than 10 percent above market rate.This outperformance in revenue growth is one of the primary attribute
34、s we have historically seen among resilient companies.5 5 Cindy Levy,Mihir Mysore,Kevin Sneader,and Bob Sternfels,“The emerging resilients:Achieving escape velocity,”McKinsey,October 6,2020.5New-business building in 2022:Driving growth in volatile timesThe fndings suggest that each dollar of revenue
35、 from new businesses generates twice as much enterprise value as that of the core business.Web Exhibit of Value that respondents say was generated by new businesses launched in past 5 years,by industry,%(n=953)Relative enterprise value of new-business revenues compared with organizations revenues,mu
36、ltiplesCalculated as(percent of enterprise value/percent of revenue)/(1 percent of enterprise value)/(1 percent of revenue).Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Advancedindustries1
37、3321221Consumergoodsand retailFinancialservicesEnergy andmaterialsHealthcare,pharma,andmedical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondentsAdvancedindustriesConsumergoodsand retailFinancialservicesEnergy andmaterialsHealthcare,pharma,andme
38、dical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondentsAverage share ofaggregate revenueAverage share ofenterprise value1.62.22.12.01.41.81.61.9The value of new businesses:The survey responses indicate that organizations that build new businesses are on their way to
39、 positioning themselves for growth and higher valuations.In the findings,the enterprise value multiple of reported new-business revenues represents almost twice that of core business revenues.Respondents estimate that new businesses built in the past five years accounted for 12 percent of their comp
40、anies revenues and 21 percent of their enterprise value.This finding holds broadly across industries with different levels of digital maturity.6New-business building in 2022:Driving growth in volatile timesOn average,respondents organizations are investing 5 percent of revenues into new-business bui
41、lding annually.Web Exhibit of Investment in new-business building by respondents organizations,past 12 months,%share of revenues(n=969)Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Advanced
42、industries73354755Consumergoodsand retailFinancialservicesEnergy andmaterialsHealthcare,pharma,andmedical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondents Investment in new-business building is strongand expected to increase:Companies recognize that building these
43、new businesses requires significant investment.On average,surveyed business leaders say their companies are investing about 5 percent of their revenues in building new businesses.Respondents in advanced industries and technology,media,and telecommunications report the highest share of investment by
44、revenues.6 Most respondents63 percentexpect their companies to increase their investment in business building over the next 12 months.6“Advanced industries”includes respondents in advanced electronics,aerospace and defense,automotive and assembly,and semiconductors.7New-business building in 2022:Dri
45、ving growth in volatile timesBusinesses built in the next fve years will need to generate 2.4 times the share of revenues of businesses built in the past fve years.Web Exhibit of Aggregate revenue from new businesses at respondents organizations,by industry,%Assumes constant new-business success and
46、 scaling rates.Calculated as share of aggregate revenue generated by new businesses launched in next 5 years/share of aggregate revenue generated by new businesses that launched in the past 5 years.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and busi
47、ness unit or division heads,July 19 to September 1,2022Advancedindustries723212291.72.73.23.21.32.22.22.4Consumergoodsand retailFinancialservicesEnergy andmaterialsHealthcare,pharma,andmedical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondents S
48、hare of current revenuesgenerated by businesses(n=953)Expected share of revenuesgenerated by businesses(n=995)Increase in business building requiredto achieve revenue share expectationsThe need to increase new-business-building activity:To meet business leaders expectations for the revenue contribut
49、ion of new-business building,companies will need to quickly ramp up their new-business-building activity and increase their scaling and success rates.Survey respondents say they expect that the new businesses their organizations develop over the next five years will contribute 29 percent of total or
50、ganizational revenuesabout 2.4 times the share of revenues that respondents say have been generated by new businesses that launched in the past five years.Assuming the average success rates of new businesses stay constant,organizations will need to more than double the number of new businesses they
51、build per year,from 1.5 today to 3.5 per year,to meet those revenue expectations.Respondents from companies with more than$1 billion in annual revenues will need to set their sights even higher:the number of businesses they would need to build to achieve their revenue expectations(27 percent from ne
52、w businesses built in the next five years)would grow from about 1.5 per year today to about seven per year over the next five years.8New-business building in 2022:Driving growth in volatile timesRespondents expect a wide range of new businesses to be built in the next fve years.Web Exhibit of Types
53、of new businesses that respondents expect their organization will build,next 5 years,by industry,%of respondents(n=961)Respondents were able to make multiple selections.Figures were calculated after removing respondents who said“Dont know.”In advanced Industries,n=97;in consumer goods and retail,n=1
54、48;in financial services,n=132;in energy and materials,n=128;in healthcare,pharma,and medical products,n=100;in technology,media,and telecom,n=139;and in travel,logistics,and infrastructure,n=103.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and busine
55、ss unit or division heads,July 19 to September 1,2022AdvancedindustriesData and analyticsplatformsDigitalretailEcosystem and/ormarketplaceConnectedproductsPhysicalproductsEnvironmental-sustainabilityfocusedSoftware asa serviceOtherservicesConsumergoodsand retailFinancialservicesEnergy andmaterialsHe
56、althcare,pharma,andmedical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondents38343232463375745243237374653343343432936173The next wave of new-business building:Respondents expect to build ma
57、ny different types of new businesses in the next five years.While respondents most often say they expect their organizations to build data and analytics platforms and digital retail businesses,responses were fairly evenly distributed across the seven types of businesses we included in the survey.The
58、re are significant differences by industry,however.For example,energy and materials companies are expected to focus on environmental-sustainability-oriented businesses,while respondents working in consumer goods and retail and in financial services most often expect their companies to develop digita
59、l retail businesses.9New-business building in 2022:Driving growth in volatile timesExecutives say intangible services and sustainable products are the types of green businesses most likely to be built in the next fve years.Web Exhibit of Type of environmental-sustainability-focused businesses respon
60、dents believe their organizations are most likely to build in next 5 years,%of respondents(n=281)Respondents were asked this question if they said their organizations are likely to build environmental-sustainability-oriented new businesses in the next 5 years.The industries shown are the ones that h
61、ad a meaningful number of responses to this question.Figures were calculated after removing respondents who said“Dont know.”Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Energy andmaterials
62、(n=65)Travel,logistics,and infrastructure(n=44)Consumer goodsand retail(n=38)Allrespondents(n=281)Sustainable infrastructure(eg,high-speed rail)Sustainable process technologies(eg,battery recycling)Sustainable physical services(eg,capturing carbon,recycling packaging)Sustainable products and/or mate
63、rials(eg,solar cells,batteries)Sustainable intangible services(eg,supply chain tracing,green fnancing)Other344433242614762919Increased interest in green-business building:Responses suggest that companies are building more environmental-sustainability-oriented businesses now tha
64、n they were five years ago,and 29 percent of respondents say their companies will build a sustainability-focused business in the next five years.The respondents most often say they expect those businesses to offer sustainable intangible services,such as supply chain tracing or green financing,or sus
65、tainable products or materials,such as solar cells or batteries.Among industries,energy and materials has the most even distribution of types of new green businesses that respondents expect to build.Respondents in travel,logistics,and infrastructure expect most of their new green businesses to be fo
66、cused on intangible services or sustainable infrastructure,while in consumer goods and retail,the focus is on physical services and products.10New-business building in 2022:Driving growth in volatile timesIn most industries,a majority of respondents point to AI as a required technology for new busin
67、esses in the years ahead.Web Exhibit of Share of respondents who believe each technology will be required to deliver the value proposition of new businesses built in next 5 years,%of respondents(n=961)Respondents were able to select up to two responses.Figures were calculated after removing the resp
68、ondents who said“Dont know.”Respondents who said“Not applicable”are not shown.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022AdvancedindustriesArtifcial intelligence/machine learningInternet
69、 of ThingsAugmented reality/virtual realityBlockchainPhysical roboticsThe metaverse3-D printingQuantum computingOtherConsumergoodsand retailFinancialservicesEnergy andmaterialsHealthcare,pharma,andmedical productsTechnology,media,andtelecomTravel,logistics,andinfrastructureAllrespondents443172427231
70、37205452743602646121112512The leading-edge technologies that will enable new businesses:More than half of respondents expect that they will need to incorporate artificial intelligence into their new businesses to deliver on
71、 their value propositions,and 35 percent say the same about the Internet of Things.The technologies cited by smaller shares of respondents are of particular interest in certain industries.For example,respondents in advanced industries often point to physical robotics and 3-D printing,as well as augm
72、ented or virtual reality as requirements,and respondents in travel,logistics,and infrastructure also cite augmented and virtual reality more often than respondents in most other industries.11New-business building in 2022:Driving growth in volatile timesThe fndings show that access to venture capital
73、 and private equity funding set apart successful new businesses from the rest.Web Exhibit of Sources of funding for new business,by perceived performance of new business,%of respondentsSources of funding for new business,%share of all respondentsFigures were calculated after excluding respondents wh
74、o selected“None of the above”or“Dont know.”New businesses that respondents said significantly exceeded,exceeded,or met the core organizations expectations for growth or scale.New businesses that respondents said performed below the core organizations expectations for growth or scale,or were disconti
75、nued.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Unsuccessful businesses(n=214)Successful businesses(n=508)203937343615+14+10+1VenturecapitalPrivateequityGrants and/orpublic-bo
76、dyfundsCEOdiscretionarybudgetBusiness unitbudgetBusiness functionbudgetVenturecapitalPrivateequityGrants and/orpublic-bodyfundsCEOdiscretionarybudgetBusiness unitbudgetBusiness functionbudgetEXTERNALINTERNAL+2+9+3percentagepoints333938152116Sources of funding for new businesses:While internal fundin
77、g is the most common source of investment in new-business building,with roughly similar splits between CEO discretionary,business unit,and function budgets,we are also seeing external sources of funding such as from venture capital and private equity firms,as well as grants.Responses show that succe
78、ssful new businessesbusinesses that respondents say met or exceeded organizations expectations for scale or growthare more likely than other businesses to have received external funding.The benefits of external funding are self-reinforcing.It is no doubt easier for businesses to secure external fund
79、ing when showing signs of success,and the funding itself brings operational benefits.Venture capital firms can also encourage a greater level of discipline,resource efficiency,and potentially a greater degree of separation from the core.12New-business building in 2022:Driving growth in volatile time
80、sResponses suggest that successful businesses are more likely to have data-backed decision making,efective strategies for scaling,and sufcient resources.Web Exhibit of Practices in place while new business was being built,by perceived performance of new business,%of respondentsOut of 15 statements t
81、ested in the survey.Figures were calculated after excluding respondents who selected“None of the above”or“Dont know.”New businesses that respondents said significantly exceeded,exceeded,or met the core organizations expectations for growth or scale.New businesses that respondents said performed belo
82、w the core organizations expectations for growth or scale,or were discontinued.Source:McKinsey Global Survey on new-business building,995 C-suite executives,senior managers,and business unit or division heads,July 19 to September 1,2022Unsuccessful businesses(n=214)Successful businesses(n=508)321931
83、2253327Decision making based on data and hypothesis testingAn efectivestrategy for achieving proft-able customer acquisition at scaleCore organizationprovided the new business with sufcient timeand resourcesFollowed a clear and structured process to take the new business from ideation to
84、scalingSelected and collaborated efectively with external vendorsOperated using agile methods+12+10+9+7+5+13percentagepointsThe best practices of successful new businesses:In addition to increasing investment,organizations seeking to develop large-scale new businesses can look to the practices in pl
85、ace at companies that have succeeded with business building.The findings suggest that these successful new businesses are more likely than others to make decisions backed by data and to have an effective strategy for achieving customer acquisition at scale.They also tend to have sufficient resources
86、 from their core organization and a clear and standard process for scaling new businesses.Business leaders indicate that markets already recognize the value of building new businesses,and the scale of investment suggests that incumbent organizations have the potential to lead the next wave of innova
87、tion and disruption within their industries.However,companies will need to begin building many more businesses than they have thus farand do it quickly,with increased investmentto meet their revenue expectations for the years ahead.Continuing with the current approach will not suffice.Companies can
88、become better at scaling new businessesand we anticipate,and prior research shows,that the more companies build new businesses,the better they become.Building this critical muscle over time will support their valuations and longevity.Designed by McKinsey Global PublishingCopyright 2021 McKinsey&Comp
89、any.All rights reserved.The survey content and analysis were developed by Markus Berger-de Len,a senior partner in McKinseys Berlin office;Shaun Collins and Ari Libarikian,a consultant and senior partner,respectively,in the New York office;Ralf Dreischmeier,a senior partner in the London office;and
90、Belkis Vasquez-McCall,a partner in the Southern California office.They wish to thank Lilli Beard,Mark Begej,Rohit Bhapkar,Filippo Fabrini,Jop Gerritsen,Hanna Megaouel,and Joe Takai for their contributions to this work.Designed by McKinsey Global PublishingCopyright 2022 McKinsey&Company.All rights reserved.Scan Download PersonalizeFind more content like this on the McKinsey Insights App