One year ago, CEO confidence surged following the election, fueled by expectations of pro-business policy, easing inflation, and lower borrowing costs. That optimism faded quickly. Shifting trade policy, stubborn inflation, and wage pressure made planning difficult through most of 2025. By Q4, CEOs had absorbed the turbulence, recalibrated expectations, and were looking ahead to 2026 with a steadier hand.
What they did not factor in was a war.
The Q1 2026 Vistage CEO Confidence Index fell to 87.2, a decline of 1.7 points from Q4 2025 and the first drop after a 3-quarter climb. The survey opened March 2, just days after the conflict with Iran began, and confidence weakened as the scope of the war became clear. Despite the pullback, the Index held above its 3-year average of 83.4. The adaptability that CEOs built through 2 years of disruption has not disappeared, but plans that seemed solid in January now require a second look.
That the Index declined but held above its 3-year average tells you something about where CEOs stand. The turmoil of 2025 was hard, but it was not wasted. CEOs who spent the year adapting to tariff volatility, inflation, and uneven demand came into 2026 with a better footing than they had 12 months earlier. The Iran conflict disrupted a trajectory that had been building for three quarters. The full impact of the war is still unfolding, and the right response is to revisit plans with fresh assumptions, not to wait for clarity that may not arrive on a convenient schedule.
Forward-looking economic sentiment turned negative for the first time in 5 quarters. More CEOs now expect conditions to worsen over the next 12 months (29%) than expect improvement (27%), a reversal from Q4 2025 when optimists held the edge. Tariffs compound the picture. Nearly half (47%) of CEOs report being affected, citing refund complexity, stalled investment decisions, and costs that are difficult to absorb or pass on to customers. Eddie Russnow, President of MAC Products in Kearny, New Jersey, puts it plainly: “[We’re] still trying to navigate the effects of the SCOTUS decision on Trump tariffs and what’s next for us. No idea where this ends.”
ITR Economics still projects mild growth for 2026, though the trajectory softens toward year-end and into 2027. Eric Post, Deputy Chief Economist at ITR Economics, offers this perspective: “Despite this recent decline in confidence and spike in uncertainty, we still think things will look better in 2026 than they did in 2025. We are forecasting mild economic growth and tempered uncertainty for the rest of the year, paving the way for economic softness in 2027. It is and will continue to be a tricky period for business leaders to navigate, but the best path is to manage through.”
Revenue expectations have held. Nearly two-thirds (65%) of CEOs expect higher sales in the year ahead, down slightly from 69% in Q4 2025. Profit expectations remain pressured. Just over half (51%) expect margins to improve over the next 12 months, while 17% expect further deterioration, up from 13% last quarter. Labor costs, insurance, and input prices continue to widen the gap between top-line growth and bottom-line results.
Pricing remains the primary response. Nearly half (45%) of CEOs plan to raise prices in the next three months, typically by 4% to 7%, with the increases aimed at offsetting rising costs rather than expanding margins. Jaime Zabala, President of Advanced Hurricane Technology, Inc. in Fort Myers, Florida, describes the pressure: “We are anticipating more fuel increases, tariff increases, and shipping increases. We have to increase prices, but only as long as the market can bear the increases.” The revenue and profit gap is not new, but it is not closing. CEOs who grow sales without addressing the cost structure risk a period of profitless prosperity.
Fixed investment plans have strengthened gradually over the past four quarters. Nearly 2 in 5 (38%) CEOs plan to increase fixed investment spending over the next 12 months, up from 36% in Q4 2025 and 34% a year ago. The proportion of CEOs planning decreases has also eased, with just over one in ten pulling back. Capital is moving toward productivity tools and technology with near-term payback, not broad expansion.
Workforce plans have cooled slightly. Just over half (51%) of CEOs plan to increase headcount in the year ahead, down from 57% in Q4 2025. The shift reflects cost caution more than a pullback in growth expectations. Most CEOs are still hiring; 54% are filling new positions, the same proportion are backfilling attrition, and only 11% report they are not hiring at all. Meanwhile, 14% are holding some roles open, balancing added expense against near-term revenue visibility.
Sentiment about the talent market is split. Over 1 in 5 (22%) CEOs say finding qualified candidates has gotten easier compared to last year, with layoffs in the technology sector creating a stronger applicant pool for some businesses. Luis Alvarez, President of Alvarez Technology Group in Salinas, California, has seen it directly: “The volatility of the tech industry is providing us with better qualified candidates who prefer stability over the potential of future success at bigger companies.”
Skilled trades are an exception. Dennis Carignan, President of Granger Construction in Lansing, Michigan, says his firm has responded by broadening who they consider: “With fewer conventionally qualified candidates for construction, we are now more open to cross-training those looking to transition into this industry from other industries.”
Geopolitical uncertainty has CEOs resetting expectations and adjusting strategies. Download the full Q1 2026 Vistage CEO Confidence Index Report to learn more.
Coming into Q1, talent management remained the top decision, investment, and challenge CEOs reported, and the data from the past 12 months shows why. Fewer SMBs grew their workforce (42%) than expected a year ago (45%), and more saw headcount decline (19%) than anticipated (14%). Looking forward, projections have recovered. Over half plan to grow in the year ahead, and just 9% expect declines, a meaningful improvement from where sentiment stood earlier in 2025.
Quit rates have returned to 2017 levels, easing turnover pressure. But hiring costs are still rising, which is prompting CEOs to move hiring decisions earlier in the year. Locking in talent at today’s wage rates is a hedge against wage increases ITR Economics projects throughout the year. For 48% of CEOs actively working to upgrade talent quality through attrition, the current market, with its mix of available tech workers and tight trade labor, offers a narrow window to act.
A 1.7-point decline in a single quarter does not undo the momentum CEOs built through 2025. The Index is still above its 3-year average. Revenue expectations still lean positive. Investment plans are still moving in the right direction. What Q1 adds is a set of variables that require active attention rather than a steady-state plan. This data was collected in the early days of the war when the longevity and specific impacts were unclear.
ITR Economics is direct about what that attention should look like. Eric Post put it this way: “Leaders really just have to understand how their specific segment is performing and make their plans around that going forward, rather than getting swept up in what they’re seeing in the headlines.” The geopolitical disruption is real, and its effects on energy, supply chains, and customer behavior are already showing up in the data. How long those effects persist will depend on how the conflict develops. CEOs can focus on building a strategy that aligns with their segment’s reality rather than the daily shift in macro sentiment.
To explore the full Vistage CEO Confidence Index survey dataset, view the infographic and visit our data center.
The Q1 2026 Vistage CEO Confidence Index survey was conducted between March 2 and 16, 2026, and captured input from 1,302 leaders who are active Vistage members of Chief Executive and Small Business groups in the United States.
Alex Draper had a problem.
As CEO of DX Learning, Draper had spent the past five years redefining leadership development through immersive learning experiences. But in March 2020, with the onset of the COVID-19 pandemic, the company’s revenue went to zero overnight.
Draper and his leadership team could have panicked. Instead, they rallied.
“Through radical honesty and clarity about what we had to change, the team collectively redesigned the business,” he says. “We pivoted fast, and here we are today.”
DX Learning navigated that pivot because, early on, Draper decided to build a leadership team he could trust. And it is important to understand that the word “trust” can be interpreted in several ways.
Merriam-Webster’s Collegiate Dictionary defines trust as an assured reliance on the character, ability, strength, or truth of someone or something.
While some might think that means showing loyalty, trust is more about character and capability. When you build a leadership team — whether it’s a group of individuals or a single person dedicated to supporting the CEO — you want people who will take responsibility and not falter in challenging situations.
“Trust is not warmth,” says Draper, author of “CARE to Win: The 4 Leadership Habits to Build High-Performing Teams.” “It’s mutual reliability, transparency, and consistency under pressure.”
CARE — Clarity, Autonomy, Relationships, and Equity — is the leadership operating system Draper has spent a decade refining. Where most frameworks stop at mindset, CARE is designed to reshape the environment itself so that high trust and high performance become the default, not the aspiration.
“If CEOs intentionally build cultures grounded in clarity, autonomy, relationships, and equity, they reduce threat responses in the brains of those they serve and unlock performance through high-trust climates,” he says. “Human skills are not soft skills. They are performance multipliers.”
Heather Stone is the founder and CEO of Practical PhD, where she teaches corporate leaders how to manage relationships with their “right hand” — often a COO or Chief of Staff at the company. She created her “Getting the Right Hand Right” training because she frequently encountered executives who needed a top leader but did not know how to find, hire, and manage the position.
A key distinction for her about trust is the difference between personal trust and performance trust.
“Sometimes when we say the word ‘trust,’ we are referring to someone’s ethics, values, and integrity,” she says. “Can I trust who you are as a person? Do you believe the same things I do about honesty, diligence, hard work, and respect? Certainly, these questions are important, but the problem is that I can trust your integrity and still not trust that you will make a decision or do a task the way I want. That’s about knowledge, not integrity.”
Personal trust is about integrity, intent, and reliability. Performance trust means strategic judgment, decision-making amid uncertainty, ownership and accountability, communication and alignment, and leadership through change.
For Draper, strategic judgment is about pattern recognition and trade-off thinking. When trying to assess someone’s strategic thinking capabilities, he looks for how they:
Draper also has a go-to question he recommends leaders ask as part of this assessment process: If this fails, why will it fail?
“Their answer reveals how far ahead they’re thinking,” he said.
Rarely do leaders have all the facts when a decision needs to be made. How those decisions are made often reflects organizational culture.
When trust exists between a CEO and their leadership team, the climate is one in which all voices are heard, and information is not hidden.
“Mutual trust is not a ‘nice’ climate, it’s a kind environment where nothing is left on the table,” Draper says. “Every debate is rich with perspective. The team speaks up early and often. Disagreement is welcomed. Silence is not acceptable.”
That type of culture creates an environment where leaders are comfortable voicing their opinions. That comfort contributes not just to what decisions are made, but more importantly, how decisions are made.
“Comfort with uncertainty isn’t about confidence, it’s about shared ownership and clarity of intent,” Draper says. “When principles are clear, decisions can be made without perfect information. When psychological safety exists, people challenge assumptions before mistakes compound. Uncertainty becomes dangerous when people are afraid to speak up. It becomes manageable when dissent is normalized.”
Stone sees immense value in leaders who can make decisions amid uncertainty and “right hands” who can take grand ideas and organize them into an implementation plan. The ability to make order out of chaos is a superpower not everybody has, she says.
“Senior leaders need to be problem-solvers, people who are willing to jump in and try to move things forward even if they don’t have all the answers,” Stone adds. “But they also need to be servant-minded, recognizing that they are a help and support for the CEO, not just a functional expert in their space.”
Like organizational culture, ownership and accountability are traits often modeled by a CEO and, ideally, mirrored throughout the company. It is essential to the business’s success that the leadership team takes ownership of decisions and actions made on behalf of the CEO and the company at large.
It’s not about blame or credit. It’s about accountability.
“Ownership is contagious,” says Draper. “If leaders deflect responsibility, culture fragments. If leaders model accountability, standards rise.”
Stone has been a company president 4 times, a business owner twice, and someone else’s “right hand” 4 times. And a recurring issue she has seen throughout her career is communication that doesn’t work for both sides of a leadership pair.
For example, imagine a CEO who just hired a Chief Operating Officer. This is the first time the CEO has hired a leader at that level, and they are still learning the best practices for it. The CEO, meanwhile, is looking to get tasks off their plate as soon as possible.
The CEO routinely bounds into the COO’s office and blurts out new ideas and tasks for the COO to pursue. The COO, who is often in the middle of another project, has to quickly make the mental switch to understand the CEO’s ideas and identify action items and next steps.
It’s a challenge, and because of that ad hoc flinging of requests, the COO quickly starts to flounder.
“Most miscommunication comes from lack of structure,” Stone says. “If you want to be better communicators, set up communication structures such as reports and meetings to help you.”
Draper agrees.
Organizational alignment occurs when great communication is seen as a 2-way street, with CEOs and their leadership team empathetic toward one another. They know each other’s strengths and how to support one another’s weaknesses.
“A leader who understands their strengths, recognizes their blind spots, and consistently asks for feedback will always outperform the brilliant but unaware executive,” Draper says. “Self-awareness shortens the gap between intention and impact.”
“The only constant is change” is an often-quoted trope by the Greek philosopher Heraclitus, used to promote everything from mindfulness to pickup trucks, but when it comes to business, the cliché is a reality.
How leaders navigate change is indicative of the strength of trust within their organization.
There is a company Stone knows well, where the CEO is described as a quick thinker, always willing to consider new ideas. As his leadership team heard these ideas, they kept trying to shift the business’s direction to implement them.
The problem, Stone points out, is that oftentimes, the leader was just brainstorming. He wasn’t actually looking to create change, but because there was no framework for processing new ideas, he wound up causing undue change.
The problem was solved when the CEO hired a “right hand,” and the leadership team began reporting to that person. Soon, that person became a sounding board for the CEO.
“Part of her job was to hear all his ideas, brainstorm with him on possibilities, and help him focus on the few key things he wanted done,” Stone says. “The company still changes frequently, but far less often than it used to. The “right-hand” relationship was a way to preserve agility in thinking while maintaining stability in operation.”
Draper is a firm believer that leadership is not a natural act. In his eyes, no one is born to be an effective leader.
“Under pressure, our brains default to self-protection,” he says. “We threat-scan. We tighten control. We withhold information. The higher you rise, the lonelier it becomes. Ego creeps in. And where ego dominates, trust lags. Trust becomes elusive when curiosity is replaced by control.”
But effective leadership can be taught — as can how to build a trusted leadership team. Here are 4 steps:
Ask yourself, “What responsibilities or tasks do you hesitate to delegate. What’s the reason for that hesitation?” Similarly, consider where decisions stall within your business and what role you may play in that stalling.
The answers to those questions should indicate where gaps exist — and where delegation opportunities are strongest.
“Self-awareness is the starting point of effective leadership,” Draper said. “You can’t fix what you don’t know. Assumptions are the enemy of trust.”
How often do you include leaders in enterprise-level discussions? Remember that organizational culture is a mirror of that company’s leadership. If you expect trust from your leadership team, you must show trust first.
That doesn’t mean you need to include the team in every decision you make, but be strategic in how you incorporate cross-functional perspectives in critical decisions.
Draper wrote “CARE to Win” to provide a consistent framework for how leaders can treat their teams. His belief was — and continues to be — that consistency in behavior strengthens culture. And a stronger culture creates more trust.
“Leadership is learned, not inherited,” he says. “Like art, cooking, or golf, you improve through practice. There is no perfect leader, only better ones.”
Stone agrees. She created the Right Hand Roadmap to provide structure to leadership pairs. By following formal frameworks such as those recommended by Stone and Draper and applying learnings to the workplace, CEOs and those closest to them can become better, more effective leaders.
“When you win with each other, then together you can win at business,” Stone says.
One of the most important signals that trust exists within a leadership team is when peers hold each other accountable.
“I trust my leaders to bring me bad news early,” Draper said. “They trust me not to shoot the messenger. We don’t have to like each other. But we respect each other, and we know we are better together.”
With accountability, growth can occur. Without it, dysfunction compounds.
For CEOs committed to building leadership teams they can trust, Vistage Leadership Development Programs offer a structured, peer-driven environment where team members at all levels in an organization can close capability gaps, improve execution, and grow to be leaders CEOs can trust.
Through leadership development, CEOs can build the trust that empowers their teams to step up, extend their impact and drive long-term growth.
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We conducted an extensive analysis of the top executive coaching firms from June 2025 through March 2026, evaluating 70+ companies in the process. We compared them using our proprietary assessment methodology and selected the top 10 to present in the table below.
Here are the key factors we considered in our analysis:
Our team rank-ordered all companies based on these weighted criteria and selected the highest-scoring ones for inclusion in the table below. Following the comparison table, we provide a more detailed analysis of each company along with customer feedback summaries.
| Rank | Company | Leadership Experience Score | Program Structure & Methodology | Client Company Size Focus | Global Reach | Peer Learning Integration | Media References | Specialty |
|---|---|---|---|---|---|---|---|---|
| 1 | Vistage | 4.9 | Structured peer groups + 1:1 coaching | $5M–$500M revenue | 20 countries | Yes – Core methodology | ~2,400 | CEO peer advisory excellence |
| 2 | Marshall Goldsmith | 4.9 | Behavioral change focus | Fortune 500+ | 15 countries | Limited | ~1,800 | C-suite behavioral transformation |
| 3 | Wharton Executive Education | 4.8 | 50+ open-enrollment + custom organizational programs | Mid-market to Fortune 500 | 30+ countries | Yes – Cohort model | ~2,600 | Research-based leadership & business strategy |
| 4 | INSEAD Business School | 4.7 | Multi-module immersive programs across global campuses | Mid to large enterprise | 90+ countries | Yes – Global cohort model | ~2,000 | Global cross-cultural leadership development |
| 5 | Center for Creative Leadership | 4.6 | Research-based programs | Mid to large enterprise | 12 countries | Yes – Cohort model | ~1,200 | Leadership development research |
| 6 | BetterUp | 4.2 | Digital-first platform | Startups to enterprise | 8 countries | No | ~950 | Tech-enabled executive coaching |
| 7 | Korn Ferry | 4.5 | Assessment-driven approach | Large enterprise | 25 countries | Limited | ~2,100 | Executive search integration |
| 8 | Franklin Covey | 4.3 | Principle-based methodology | SMB to enterprise | 18 countries | Yes – Workshop format | ~1,600 | Effectiveness and productivity |
| 9 | Heidrick & Struggles | 4.4 | “Assessment-led coaching + signature leadership programs (INSPIRE, UNLOCK, ELEVATE)” | Large enterprise to Fortune 500 | 30 countries | Limited – 1:1 and small group coaching | ~1,900 | Executive search + leadership advisory integration |
| 10 | Deloitte | 4.3 | Consulting-integrated custom programs via Deloitte Academy | Large enterprise / Global 2000 | 150+ countries | Yes – Cohort & workshop format | ~3,500+ | Business transformation-led leadership development |
Vistage is the world’s largest CEO coaching and peer advisory organization, with 65+ years of proven results and more than 45,000 members across 40 countries. The model blends monthly peer group meetings with one-to-one executive coaching from accomplished Chairs who are former executives themselves. This dual-structured approach creates accountability and actionable insight for leaders navigating acquisitions, restructuring, succession planning, and market expansion.
The program is designed for CEOs of companies with revenues of $5M-$500M, ensuring participants are matched with peers facing comparable challenges. Members report significant business impact, including 2.2x faster growth and 4x greater business longevity than non-members.
Summary of Online Reviews |
| Clients say Vistage provides “an environment where you can talk openly” and “the most valuable professional experience of my career.” Many highlight the mix of peer accountability and executive coaching as uniquely transformational. |
Marshall Goldsmith is widely recognized as one of the top executive coaches globally, particularly for behavioral change among Fortune 500 leaders. His methodology, often called “feedforward,” emphasizes future-oriented growth and measurable leadership improvement. Goldsmith’s reputation as a best-selling author and speaker has established him as a trusted advisor to CEOs and boards.
Engagements typically last 12-18 months and focus on executives who already have strong business acumen but need to refine behaviors that affect organizational culture and influence. His global reach includes Fortune 500 leaders in more than 15 countries, and his personal involvement gives engagements an elite exclusivity.
Summary of Online Reviews |
| Clients describe Goldsmith as “direct and insightful” and “a master of executive presence.” Several reviews mention that his approach “helps leaders change what matters most.” |
Wharton Executive Education delivers leadership development grounded in the rigorous academic research of the University of Pennsylvania’s Wharton School, combining analytical frameworks with real-world business application. Programs serve executives from emerging leaders through C-suite, with offerings spanning open-enrollment, custom organizational, and cohort-based formats.
Summary of Online Reviews |
| Participants call the programs “a rollercoaster that drives profound personal and professional change” and describe the experience as “like seeing yourself, your career and your life very clearly for the first time.“ |
INSEAD Business School offers executive leadership development through a globally immersive, cross-cultural learning experience delivered across campuses in Fontainebleau, Singapore, and Abu Dhabi. Programs spanning the full leadership pipeline emphasize self-awareness, strategic thinking, and leading across organizational and cultural boundaries.
Summary of Online Reviews |
| Participants describe the programs as “fantastic” with “so much to take back and think on.” Alumni note that it has “definitely made me a better strategic thinker.“ |
The Center for Creative Leadership (CCL) brings an academic approach to executive coaching, with programs rooted in decades of research on leadership effectiveness. Known for its cohort-based workshops, CCL attracts mid-to-large enterprises looking for structured, evidence-based leadership programs.
Their methodology includes 360-degree assessments, peer cohort discussions, and applied learning modules. With operations in 12 countries, CCL balances global credibility with locally delivered training. Average engagements run 12 months, aligning with corporate leadership pipelines.
Summary of Online Reviews |
| Clients often say CCL programs are “rigorous and academically strong” and “a gold standard in leadership training.” Others describe the programs as “structured, insightful, and transformative for teams.” |
BetterUp is a digital-first platform that makes executive coaching accessible at scale. Using an AI-driven platform, BetterUp matches leaders with coaches and provides analytics back to organizations. Their focus is on accessibility and integration, making coaching available to startup founders and enterprise-level managers alike.
While BetterUp does not emphasize peer learning, its technology enables a broad reach with consistency. With engagements averaging 12 to 15 months, clients value the flexibility and scalability.
Summary of Online Reviews |
| Users describe the platform as “easy to use” and “a breakthrough for making coaching scalable.” Some note that while sessions are valuable, “the experience depends heavily on the assigned coach.” |
Korn Ferry integrates coaching with its broader talent management and executive search services. Their programs are built around proprietary assessments that measure leadership competencies, making coaching especially relevant during succession planning and role transitions.
With presence in 25 countries, Korn Ferry supports global enterprises with consistent frameworks. While peer learning is limited, the strength of their programs lies in their integration with recruitment and leadership pipelines.
Summary of Online Reviews |
| Clients say Korn Ferry is “thorough and professional” and “an unmatched partner in aligning talent with strategy.” Some note engagements can feel “process-heavy,” but outcomes are valued for their rigor. |
Franklin Covey has a long-standing reputation built on principle-driven frameworks such as The 7 Habits of Highly Effective People. Their programs emphasize timeless leadership principles, often delivered in workshop or seminar formats.
They serve both SMBs and global enterprises, focusing on aligning personal effectiveness with organizational goals. Peer integration occurs through workshop cohorts rather than long-term groups, with typical engagements lasting 12 to 16 months.
Summary of Online Reviews |
| Reviews highlight Franklin Covey as “practical and habit-forming” and “a trusted resource for building effectiveness.” Some clients describe it as “timeless but less customized for executives.” |
Heidrick & Struggles is a premier global executive search and leadership advisory firm with over 70 years of experience working at the C-suite level. Beyond placing top executives, they offer a full suite of leadership development programs built around their proprietary “Connecting Leader” framework, helping organizations assess, develop, and retain senior talent.
Their work spans 63 offices across 30 countries, primarily serving large enterprises and Fortune 500 clients who need leadership strategy tightly integrated with business performance.
Summary of Online Reviews |
| Clients describe Heidrick & Struggles as “the gold standard in executive advisory” and “a firm that truly understands what great leadership looks like.” |
Deloitte is one of the world’s largest professional services firms, and its leadership development practice operates through the Deloitte Academy, offering custom enterprise programs that span leadership, teaming, and workforce capability building. What sets Deloitte apart is its ability to embed leadership development directly into broader business transformation engagements, making growth measurable and tied to real outcomes.
With a presence in 150+ countries and deep Human Capital research backing every program, Deloitte is uniquely positioned to deliver scalable leadership development for Global 2000 organizations.
Summary of Online Reviews |
| Clients describe Deloitte’s leadership programs as “rigorous, practical, and grounded in real business challenges” and “the most credible development experience we’ve run enterprise-wide.“ |
When peer accountability and shared experience are central to how leaders grow, these organizations stand apart. We evaluated each company’s depth of peer integration, cohort quality, and community-driven learning to determine the rankings below.
| Rank | Company |
|---|---|
| 1 | Vistage |
| 2 | Center for Creative Leadership |
| 3 | Wharton Executive Education |
| 4 | INSEAD Business School |
Not all executive coaching is built for the demands of the corner office. These rankings reflect each company’s ability to serve senior-most leaders, from CEOs to board-level executives, based on program exclusivity, client focus, and track record at the top.
| Rank | Company |
|---|---|
| 1 | Marshall Goldsmith |
| 2 | Vistage |
| 3 | Heidrick & Struggles |
| 4 | Korn Ferry |
The investment in leadership development pays dividends when it’s structured for real-world application rather than academic theory. Vistage provides the accountability, peer insight and expert guidance that transforms how you lead and how your business performs.
Walk the halls of a typical small and midsize business, and you’ll see enterprise AI adoption showing up in AI-generated drafts, forecasts, and code reviews, sliding into workflows with little fanfare. That pattern shows up in the Year 3 executive summary from the Wharton Human-AI Research and GBK Collective, which tracks mainstream use, tighter guardrails, and budgets moving to proven programs in 2025. External benchmarks echo the trend, from McKinsey’s 2024 global survey documenting regular generative AI use to Stanford’s 2025 AI Index showing broadening business engagement.
Three years of Wharton-GBK data trace a clear arc in enterprise AI adoption, moving from exploration to everyday work. The study’s 2025 findings describe daily use as common, with IT and procurement leading, while adoption is spreading across HR, legal, finance, and operations. The same report notes a U.S. executive sample of roughly 800 leaders surveyed between June 26 and July 11, 2025, reinforcing that these are decision-makers within large enterprises. This year, the report found that 82% use Gen AI at least weekly (up 10 points year-over-year) and 46% use it daily (up 17 points year-over-year). Moreover, 3 out of 4 leaders described positive returns on Gen AI investments.
This picture of enterprise AI adoption holds beyond this survey. IBM’s Global AI Adoption Index found that by December 2023, 42% of enterprise respondents had actively deployed AI, and another cohort was actively exploring, a pattern consistent with mainstreaming rather than novelty. McKinsey’s 2024 State of AI report found that 65% of organizations use generative AI regularly, with value concentrations in software, customer operations, and marketing. Stanford’s 2025 AI Index adds macro context on rising use and falling inference costs, which helps explain why adoption keeps climbing inside firms.
Executives aren’t treating AI like a toy anymore; they are instrumenting it. Wharton’s 2025 study highlights a decisive turn toward measurement, with most firms tying initiatives to business metrics and roughly 3 in 4 already seeing positive returns. Budgets follow accountability: 88% expect to increase generative AI spend over the next 12 months, and 62% anticipate double-digit increases, with more dollars shifting from pilots to programs that clear performance thresholds. KPMG’s August 2024 survey of billion-dollar enterprises backs this confidence, with 78% of leaders expecting positive ROI within 1 to 3 years.
The strongest evidence for usefulness comes from field data. A large-scale study of more than 5,000 support agents found that access to a generative assistant increased resolved issues per hour by about 15% on average, with the largest lifts for less-experienced workers. In software, a controlled experiment showed that developers with an AI pair programmer finished a coding task 55.8% faster than the control group. These results align with where Wharton’s study sees repeated wins: analysis, summarization, document workflows, and coding. The practical lesson is simple. Measure throughput, quality, and cycle time; scale what clears your hurdle rate; and stop what doesn’t.
Editor’s Note: This is part of an ongoing series examining generative AI and its continuing impact on the business world.
This discipline is reshaping how companies build. Wharton reports rising allocations to internal R&D and a shift toward domain-tuned capabilities designed for a firm’s data, guardrails, and processes in 2025’s “accountable acceleration” phase. The pattern aligns with Deloitte’s ongoing State of Generative AI report, which attributes outperformance to reworked workflows, strong governance, and targeted skilling rather than tool nostalgia. Leaders who treat AI as an operating improvement, not a stunt, are already harvesting repeatable gains.
Skeptics are not wrong to warn about poor execution. Boston Consulting Group’s 2025 analysis finds only 5% of firms achieving material value at scale while 60% report little impact, a reminder that buying tools is not the same as redesigning work. Gartner expects that more than 40% of agentic AI projects will be canceled by 2027 for weak business cases, high costs, or poor risk management. These cautions sharpen priorities: fewer vanity demos, more outcome-based design.
Read alongside those warnings, the Wharton study undercuts blanket pessimism. It documents a cohort of leaders moving past hype: as I tell my SMB CEO clients who I help adopt AI, success depends on embedding ROI metrics, tightening guardrails, and funding internal capabilities where they matter most. The OECD’s cross-country portrait shows that adoption is concentrated in larger and data-mature firms and in sectors such as ICT and professional services, where users tend to be more productive. That nuance reconciles the headlines: value arrives first where workflows are digital, measurable, and well-informed by data.
Enterprise AI adoption is past the novelty stage. Leaders are using it frequently, measuring it against business metrics, and backing the winners with bigger budgets. Skeptical reports serve a purpose by spotlighting waste and weak governance, but they describe the cost of poor execution rather than a dead end. The Wharton analysis supplies a usable blueprint: set ownership, measure outcomes, align people and processes, and fund the capabilities that move the needle. Pair that with external evidence from real workplaces, and the signal is clear. Treat AI as an operating system for work, and you will bank the advantage while others debate the headlines.
The information and opinions presented are the author’s own and not those of Vistage Worldwide, Inc.
Business leaders face tough questions. So, let’s start with a few of our own: Remember when pandemic shutdowns inspired hairdressers to take up hiking and waiters to plunge into white water rafting? What do you imagine life was like at the helm of an outdoor products company at that time? (Hint: it was not awesome.)
Resorts shuttered. Campgrounds closed. Supply chains disappeared.
Heather Stone found herself President of a company on the precipice of failure. What served as a life preserver for her and her CEO as they navigated these treacherous waters were the capable and trustworthy leaders at their side.
“Our inner circle,” Stone says. “We were trying to keep this company from falling apart, and the only way we could keep our own heads above water was from the support of these people. How in the world can you go through something like that without the support of an inner circle?”
Here’s another hint: you can’t.
Everyone knows that “It’s lonely at the top,” but only leaders really understand the weight of that isolation. A company’s financial health, sustainability, and vision rest in the hands of the CEO. When the stakes are this high, leaders need support — in business and in life.
More than half of this nation’s senior executives report feeling lonely, a problem that the American Medical Association cautions puts leaders at a 29% increased risk of heart attack and a 32% increased risk of stroke.
Vistage Master Chair Irina Baranov says CEOs don’t necessarily seek out a business sounding board “to get healthier and have a better marriage. But in reality, that happens. Personal development often goes hand in hand with leadership development.” Because when you are given the space to focus on the big picture, that big picture ends up including you, too, as she says, “The graph only goes up. It’s amazing.”
The relationship between overall well-being and strong social connections is so strong, that some medical experts have half-jokingly suggested doctors “prescribe friendships.”
While that may be a bit tongue-in-cheek, there is no denying that strong CEO inner circles lead to the kind of creative thinking and clear-headed decision making that successful leadership requires. And with ever-shifting headwinds in geopolitics and finance, SMB leaders today are asking themselves one of the most important questions of all: “Whom should I have in my corner?”
Inner circles span the spectrum from spouse and childhood best friend to mentor to a fellow CEO peer. Ideally, your trusted circle comprises a mix of experiences and backgrounds — and not all of them should have “skin in the game” when it comes to your decision-making.
However, those that do have a financial stake in your company’s success should be insightful enough to see the “Big Picture,” says Leo Bottary, a Vistage speaker and founder of Peernovation.
Assembling diverse experts willing to set aside personal agendas to help CEOs realize their goals is “the difference between having a cross-functional team and a dysfunctional one,” Bottary says.
“One of the difficulties that CEOs have in the C-suite is making sure that those people understand that they’re not in the room because they’re great at marketing or finance or legal, but they can close the door and put their enterprise hat on,” he said. “You need people who are going to do what’s right for the business, which might mean saying, ‘Hey, marketing is going to take a hit this year, but that’s what’s needed to move the business forward.’”
Of course, building a team is just another way of saying “hiring,” which can be a challenge for CEOs, both economically and emotionally, Baranov says.
“There are certain critical positions that are particularly challenging for CEOs to fill, especially if they haven’t filled them before,” she adds. “CFO, Head of HR, COO, and now Head AI. Whether those positions are vacant because someone left or they have never been filled, a company can really struggle. A CEO can really struggle.”
Baranov says that she has seen the investment in building the right team of advisors and trusted professionals pay off.
“If you’re the visionary, and all you’re doing all day long is running the operations, your company may never grow beyond a few million in revenue,” she says. “So, if you have your sights set on scaling your company, you can’t afford not to make the investment in hiring and developing the right people,” she said.
No matter how committed to the “Big Picture” the executives in your company are, they are still executives in your company. When problems get messy, complicated, or — as in Stone’s case — existential, having a close inner circle outside the C-suite or boardroom can help anchor your perspective and keep you moving forward.
“You need people you can bring your mess to,” says Stone, who is now a Vistage speaker and CEO of Practical PhD, a firm that teaches leaders how to have successful Right Hand relationships “People who will listen and help rather than criticize People who will not expect you to posture. You can’t always get that from the inner circle team that you pay in your company.”
One of those people might be in your bed. Studies have found a strong correlation between happy marriages and career satisfaction. Other members of your inner circle could come from the early days of your youth, peers from outside your industry or trusted mentors.
This strong, diverse inner circle allows you to process issues and learn from disparate experiences and expertise. In 2020, Stone’s inner circle tipped her off to government funding solutions and other ideas that helped her keep the company afloat.
As you assemble your inner circle bouquet, don’t underestimate the importance of a few thorns, Baranov says. She references bestselling author Adam Grant, who advocates for a “challenge network,” a group of helpful critics who help you see your own blind spots.
“If all you have are cheerleaders, you’re not hearing enough truth to course correct or to really improve yourself,” she says.
Bottary agrees. Being challenged is a key factor in growth.
“Your inner circle isn’t always about getting your questions answered, it’s about getting your answers questioned,” Bottary says. “Successful people ask for help. They don’t see it as a sign of weakness; they see it as an act of resourcefulness.”
An inner circle delivers the insight, perspective, and depth of experience that no search engine or solo reflection can replicate.
As Baranov says, “CEOs tell me all the time that having the support of their inner circle has not just incrementally, but exponentially leveled up their businesses, and more importantly, their lives.”
Ready for another tough question? Being isolated is no way to lead or live. Having an intentional, strong inner circle keeps leaders grounded, supported, challenged and inspired. So, how strong is your CEO inner circle?
Use this simple diagnostic to evaluate whether your inner circle is helping you grow — or quietly constraining your leadership:
Finding people in your CEO inner circle who can offer useful disagreement is critical, Baranov says.
“When you’re processing an issue, undoubtedly, somebody in your inner circle will say, ‘I’m so proud of you. Go you.’ And somebody else will say, ‘You know what? You need to rethink what you just said,’” she says. “You need both kinds of people to inspire robust conversations within a safe space.” Stone observes that a trusted “Right Hand” is often the only one at the company who will challenge you rather than just agree.
A high-functioning CEO inner circle is not built on agreement; it is built on participation. Bottary says it’s important to pay attention not only to how people show up for you, but whether they show up at all. He relates a story about a CEO who got annoyed that his Vistage peer group commented on his lackluster attendance record.
“He said, ‘Look, when I miss a meeting, I’m the one who loses,’” says Bottary, the Vistage Speaker. “So, I paused for a few seconds and asked the member sitting across from him, ‘Would you mind giving me one minute on what’s lost for the whole group when Richard can’t be at a meeting?’ And he starts talking about the very special gifts and contributions that Richard brings to the table. And then I ask another member, and so on. By the time I get to the third, I look at Richard. He’s welling up in tears. He had never seen himself that way, even as a CEO.”
The CEO role carries a unique emotional and psychological weight — one few people truly understand.
“CEOs are supposed to be experts, and they often feel a need to appear strong and smart in front of their people. So they need a safe space with their own peers (other CEO’s) where they can be vulnerable,” Baranov says. When it comes to your CEO inner circle, “The name of the game is, ‘I don’t know.’ I don’t know how to hire a CFO. I don’t know how to lose those 20 pounds. I don’t know how to have a better marriage. I don’t know. Help! That is the goal, to create a safe and courageous space where CEOs can become their best selves and build their best companies.”
“A transition happens as a company experiences significant growth, and the CEO starts to think, ‘I need a real bench,” says Stone, author of “Winning Together: How CEOs and Their Right Hands Build a Relationship That Works.” “But a lot of these CEOs find it challenging to build that bench.”
One place to start, says Bottary, is any place you wouldn’t normally think to look.
“When you learn about a process that’s practiced in one industry or one sector that’s unheard of in your own, it could be a competitive differentiator,” he says. “You’ll never find out unless you seek people who offer those perspectives.”
A common error is to trust solely on integrity, Stone says.
“I worked with a CEO in the chemical industry whose very senior, right-hand person signed a multi-year, multimillion-dollar contract with a customer they’d been trying to land for a while,” she says. “You would think the CEO would be excited, but the contract included fundamental provisions that were unsafe. The CEO said, ‘I physically cannot honor the contract — it would blow up the building.’”
The “Right Hand” leader wasn’t missing trust. He was missing expertise. Stone says that when building an inner circle, a leader needs to decide what level of delegation they and the company need – and then bring the right person into the fold and train them so they don’t make critical mistakes, rather than just assume they will somehow magically know what you have learned through years in the role.
Use this practical checklist to build a stronger CEO inner circle:
For many leaders, some of the strongest members inside their CEO inner circle aren’t inside the company at all. They’re peers — fellow leaders who understand the pressures of the role and are willing to question assumptions, challenge blind spots, and share hard-won experience.
Peer advisory groups create a space where those conversations can happen. In a confidential room of fellow CEOs, leaders can test ideas, wrestle with difficult decisions, and hear perspectives they might never encounter inside their own organizations.
“There is a value in being in a room where there is a mix of people who have been there, done that, or people who are going through the same thing as you,” says Baranov.
If you’re looking to strengthen your CEO inner circle, explore Vistage membership. Peer advisory groups bring together CEOs from non-competing companies to share perspectives, challenge thinking and help one another make better decisions.
Generative AI is moving at record speed — yet adoption alone does not equal leadership.
Business leaders are experimenting with AI daily; however, most still approach it as a smarter search engine. This is creating a false sense of progress. Casual usage is being mistaken for digital engagement, and the gap between “AI slop” and meaningful use is widening.
In reality, digital engagement requires leaders to leverage AI as an integrated system that shapes decisions, streamlines workflows, and drives strategy, not simply a productivity aid. And while many CEOs believe they are ahead of the curve, the data says otherwise. A recent Vistage study found that while 76% of CEOs report regularly using generative AI (an increase of 10% over just nine months), most remain on the sidelines when it comes to actually embedding it into how they lead and run their organizations.
Digital engagement cannot be handed off to frontline teams or buried inside an IT department. It must exist at every level of the organization, and that starts at the top. Leaders who excel with AI do so because they consistently demonstrate three key qualities:
This cannot be delegated or managed remotely. CEOs must model it themselves. As AI continues to transform leadership, successful CEOs of the future will not necessarily be those with the deepest technical knowledge, but those who are the quickest and most effective learners.
The way CEOs are using AI today follows a clear pattern. Most rely on it for familiar, tactical tasks like research, summarizing information, writing, and day-to-day communication. Far fewer leaders are tapping AI as a strategic partner. Simple prompts are not enough to move from experimentation to impact. Digitally engaged CEOs understand how to guide AI’s reasoning, shape its output, and use it to support decision-making, not just to create content.
AI is driving 3 productivity waves simultaneously:
Importantly, the first wave always starts with the individual, and it is already producing tangible time savings and output gains for leaders who engage with it seriously. Every committed AI user has a personal success story — a task completed faster, a better decision framed more clearly, or a workflow fundamentally improved. The AI-driven business starts exactly here: with the choices leaders make in how they work today and the habits they are willing to change first.
Accelerate your productivity and reshape your workforce. Get the report: Digital Engagement: A Predictor of Productivity.
Despite widespread usage, only a small number of organizations offer structured or embedded training. The risk is not that adoption will slow, but that capabilities will lag. Many companies are integrating AI into daily work without equipping leaders and teams with the skills needed to use it responsibly, creatively, and at scale, leaving significant value untapped and exposing organizations to unnecessary risk.
CEOs must take care to ensure their use of technology doesn’t erode trust. The effective use of AI requires transparency and taking ownership of all content AI creates. It also relies on the users’ ability to understand model bias, recognize its tendency toward “agreeability,” and actively use prompts to challenge its assumptions. When used thoughtfully, AI can enhance leadership credibility, improve decision-making, and enable businesses to operate more effectively. But it can and should never substitute the judgment, integrity, and accountability that define strong leadership.
To be successful in today’s rapidly evolving world, leaders must move beyond casual AI usage and become operators, rather than observers. They must invest in structured AI training and embed technology into how teams collaborate, plan, and execute — and do so in a responsible, transparent way.
The future will favor digitally engaged leaders who are willing to learn first, model change, and build organizations that evolve alongside technology. Rather than waiting to see how other organizations use AI, the most successful leaders will be the ones who create their own path forward.
This story first appeared in Inc.
We’re leading in a time when trust is harder to earn and easier to lose. AI-generated content and an increasingly noisy information landscape make it harder for employees and customers to know what’s real.
Meanwhile, headlines about mass layoffs undermine every internal message about how technology will make work better. Employees hear leaders talk about efficiency and improved work-life balance, only to read that companies are planning to cut hundreds of thousands of jobs in favor of automation. Layer in CEOs who are under investor pressure to grow without adding resources — and it’s easy to see why so many people are skeptical.
The following are the behaviors widening the CEO trust gap today — and the actions that best-in-class CEOs are taking instead.
One of the most common ways leaders lose trust is by trying to reshape stories when something goes sideways, whether it’s an employee departure or a failed product launch. While the intent may be to protect egos, the effect is almost always the opposite. Over time, people stop believing their leaders’ narratives and begin creating their own.
Most organizations prominently feature a mission, vision, and set of values. But some fail to uphold them with consistency. Trust breaks down when leaders say they believe in certain principles in theory but go against them in practice, leading employees to believe values are flexible and situational. This lack of clarity holds employees back from acting with confidence in difficult situations.
When performance slips, CEOs might assume that people aren’t working hard enough and need more monitoring. Tools now exist to track employees constantly, down to when they last touched email or what times they were at their desk. But trust is a two-way street. When leaders resort to surveillance, it sends a loud signal: We don’t trust you.
When the talent market tightened during the early days of COVID, CEOs increased wages and offered flexibility to retain their people. As conditions normalized after the pandemic, some leaders cut programs aimed at improving culture and required employees to return to the office. Employees received that message clearly: Flexibility was never about trust but rather leverage. When leaders are opportunistic, people start to wonder about the next big change, and that expectation alone is enough to weaken trust.
Trusted leaders believe that people of all levels can and should understand the business. They share financials, strategy, and context in plain language and invite dialogue and questions. These leaders are also intentional about staying ahead of communication on big issues. The same story is shared with all levels. Difficult news isn’t softened for some or sharpened for others. That consistency signals respect.
While micromanagement might feel like a quick fix, it’s actually one of the fastest ways to lose high performers. Leaders who overcorrect by checking up on employees’ every move are sending a clear message about trust.
Effective CEOs define clear roles, responsibilities, and results — then step back. They believe in their employees and make decisions to intervene based on outcomes.
Trusted leaders know their mission, vision, and purpose are more than just slogans; they are critical tools for alignment. Employees and customers alike notice when decisions line up with stated beliefs over time. That consistency builds credibility.
When mistakes happen, trusted leaders don’t hide. They acknowledge the situation and outline a clear plan to fix it. And they repair issues in ways that stay aligned with who they are as a company.
Companies build trust by consistently delivering on their brand promise. When results fall short, and leaders choose shortcuts over commitments, trust erodes quickly.
Trusted brands also regularly show up as good community stewards. They’re visible in the community because they genuinely want to be involved in causes that help people. This reinforces that the company stands for more than self-promotion.
The leaders who close the CEO trust gap are consistent in their beliefs and behavior, fair even in the toughest situations, and committed to authentic community stewardship. They know trust isn’t about shouting marketing jargon from a rooftop. The best leaders understand that trust is earned through the small, often quiet choices they make every day — the way they act when things go wrong, the way they build and maintain relationships with customers and employees, and the way they show up for their people and communities. Leaders’ commitment to earning trust through these actions will define which leaders, and which companies, people choose to believe. And in an AI-driven world, trust has never been more critical to success.
This story first appeared in Entrepreneur.
What if the greatest limitation you face isn’t external, but a label you’ve allowed to define you?
In this webinar, 2025 Vistage Speaker of the Year André van Hall will share his battle with adversity after suddenly losing his eyesight in 2011 and the leadership lessons that came from letting go and accepting help from others. Known as “The Curiosity Instigator,” André has spent nearly 15 years as a professional speaker, helping leaders navigate change and build engaged, high-performing teams. Drawing on his personal experience, André illustrates how humility, curiosity, and initiative are key ingredients required for any team to work cohesively in the face of adversity.
In this session, you will:
Date: September 11, 2026
Time: 1:00 p.m. ET/10:00 a.m. PT
*Please use the blue box on the right to register.
A native of Argentina, André has worked at some of the most prestigious hotels in the world, including the Hotel Vier Jahreszeiten in Hamburg, The Ritz Hotel in Paris (both considered 2 of the top 10 hotels in the world at one point), and the St. Regis in New York. Additionally, he has managed some of the largest hotels in the U.S., including the Hyatt Regency in Atlanta and the Adam’s Mark in Denver. Before retiring, he was the CEO of the historic Denver Athletic Club. A graduate of the school of Hotel Administration at Cornell University, he has held many key positions in hospitality and many non-profit roles.
After suddenly losing his eyesight in late 2011, he started a new career as a professional speaker, with an emphasis on motivation, change management and staff development.
His message of change, curiosity, and initiative has motivated thousands of individuals. He has spoken hundreds of times to groups large and small, garnering him huge accolades.
André lives in Denver with his wife, Nancy, and is proud of his two adult children and two granddaughters.
Uncertainty gained momentum this month, with detrimental effects on small business confidence. While there was optimistic news from the U.S. Supreme Court ruling regarding tariffs at the end of February, the announcement of new tariffs quickly followed. Just over a week later, military action against Iran began, resulting in rising energy costs. Amid this new round of “headline whiplash,” the WSJ/Vistage Small Business CEO Confidence Index fell 6.2 points in March, from 97.3 to 91.1.
The result? Ben Johnson, President/CEO of Freya Systems in Media, Pennsylvania, captured the overall sentiment of small business leaders. “Economic uncertainty is leading to decision paralysis in business leaders,” he says.
Indeed, this is reflected in the top challenges reported by small business leaders:
| Top Challenges (Ranked) | Business Impact |
|---|---|
| General Uncertainty / Political Climate | Decision paralysis, policy unpredictability |
| Revenue / Sales / Demand | Customers delaying purchases, pulling back |
| Hiring / Talent / Staffing | Still difficult; hesitation to commit |
| Tariffs / Trade Policy | Cost and planning disruption |
| AI / Technology | Adoption pressure and strategic uncertainty |
The sharpest change in small business confidence in March is the steep decline in sentiment about the future of the U.S. economy. Just one quarter (25%) of small business leaders expect improvement in the U.S. economy over the next 12 months, a drop of 11 points since last month. Pessimism rose at a greater rate, as those expecting conditions to worsen jumped 12 points to 33%. This swing reversed nearly all the gains made since December.
Profitability expectations among small businesses softened alongside the macro-outlook, with the proportion expecting improved profits falling 8 points month-over-month to 52%. The majority still expect profits to hold or improve in the next 12 months, but leaders are increasingly conscious of margins as labor costs remain high, and tariff costs continue to shift.
The Supreme Court ruling may offer relief for small businesses, though that is among the myriad of things that remain unclear. One quarter (25%) of small business leaders believe the ruling will have an impact, while an additional 25% are not yet clear. Refunds are becoming more than just a headline, with the U.S. Chamber of Commerce offering information on the refund system expected to launch in April. Small businesses are looking ahead to how those refunds can be deployed.
While tariffs pressure margins, the challenge is not simply the costs they impose; businesses have navigated rising costs before. It is more difficult to plan when there is uncertainty regarding what costs will be, or how downstream impacts of policy changes will affect demand.
Anne-Marie Hyatt, Co-Owner of KAD Construction in Raleigh, North Carolina, describes what that looks like in practice: “Tariff uncertainty makes budgeting long-term construction projects impossible without large buffers for cost.” When material prices can move between a bid and a build, a business must choose between pricing itself out of the market or absorbing margin risk it cannot control. Neither option is favorable.
This uncertainty also affects those operating in global markets. For small businesses with international customers or supply chains, the reality of that isolation affects who they can sell to, what they can source, and whether their competitive position holds a year from now.
Nearly 2-in-3 small business leaders (64%) expect increased revenues over the next year; however, this is down from a recent high of 71% in February. Not only are fewer small business leaders expecting increased revenues, but the growth they are experiencing is likely decelerating.
While the data quantifies small business sentiment, open-ended responses reveal more context to the demand challenges that leaders face.
Among the challenges small business leaders face regarding revenue, analysis reveals that buyers are delaying decisions and pulling back on discretionary spending. There is also a general caution spreading across a variety of segments. As customers consider delaying or pausing their purchases, small businesses can mitigate the impact by reducing decision friction, offering shorter commitments, clearer pricing, and faster delivery.
AI is adding a new dimension to decision-planning. Indeed, 1 in 10 respondents cited AI and technology as their biggest challenge this month, more than in prior cycles. Some are navigating how and when to adopt, while others are asking more fundamental questions about what their business model looks like in a world where AI keeps changing the economics of their industry. That uncertainty sits alongside the tariff and demand pressures already taxing the system, and it is shaping decisions about investment and direction in ways that are still playing out.
The data reveals that small businesses are continuing to grow, albeit at a slower rate, while watching carefully and moving selectively. Tariff unpredictability is creating a gap between those who wait and those who act. Decision paralysis is amplified by softening customer demand, AI-driven planning questions, and a sense that the policy environment keeps shifting. The businesses that pull ahead this year will choose to make bold decisions despite the noise. Waiting for clarity and certainty is a decision leaders can make, but it is a calculated risk with opportunity costs.
The March 2026 WSJ/Vistage Small Business CEO Confidence Index was calculated from an online survey sent to CEOs and other key leaders who are active U.S. Vistage members. The survey, conducted between March 2 and 16, 2026, collected data from 595 respondents with annual revenues ranging from $1 million to $20 million. The Index is calculated based on favorable minus unfavorable responses from this set of standard questions, plus 100, anchored to June 2012 = 100.
To understand the decline in the Index after a steady climb, below are the six components that comprise the Index, ranked by month-over-month change.
To explore the full March 2026 WSJ/Vistage Small Business data set, visit our data center or download the infographic.
The April 2026 WSJ/Vistage Small Business CEO Confidence Index will be calculated from responses to a CEO survey, conducted from April 6-13, 2026, gathering input from CEOs and other key leaders who are active members of Vistage.
“It doesn’t matter how good my clients are – if they focus their attention on the wrong things, they won’t be as successful as they could be”, says Zena Everett, Vistage Speaker and owner of a global leadership coaching and speaking practice.
In her upcoming Vistage Climb webinar in April, Zena’s focus will not be on productivity. Instead, it will be on helping business leaders decide where they can spend their time more wisely, and lead that decision-making within their organisations.
“For example, when they spend 20 minutes on LinkedIn, that could be 20 minutes spent having a valuable feedback conversation with their team”, she explains. “I’m helping people free up more time to spend it more valuably, steering away from Crazy Busyness: confusing being efficient with being effective.”
The perils of productivity drag
Huge numbers of leaders – and their teams – feel constantly tired, overworked and distracted. This, says Zena, is down to productivity drag: things like regular digital interruptions, lengthy decision-making processes, inefficient meetings and other low-value tasks. “Eliminating this Crazy Busyness”, says Zena, “is the vital bridge between strategy and execution.”
“It’s confusing being busy with making progress”, she explains. “Many of the organisations I work with have automated quite a lot: they’re getting ahead of the game…but people still don’t have any more time.
This is where the concept of flow comes in.
Greater flow = greater success
“Flow is deep thinking”, continues Zena. “It’s problem-solving. It’s uninterrupted time to really think and do something well – and it’s hard to do that in a state of constant distraction.”
Constantly switching from one task to another interrupts an individual’s flow state. “It takes a little time to get back into something once you’ve been distracted by something else”, says Zena. “Add up that little bit of time, that 15-20 minutes, over the course of a day, a week, a month, and you’ll see that you’re using up a lot of precious resource.”
Flow is the opposite. It involves concentrating on a single thing at a time: becoming fully absorbed in it, and doing it well.
“It essentially means getting your head down, blocking off notifications and doing an hour’s work without interruption”, she explains. “There’s so much data about how people can be far more productive, even if they do this for just a couple of hours per day. But when I ask people when they were last in flow, the answer is invariably ‘that’s an early morning or weekend activity’ – they say that it is very hard to get working flow during the day.”
A study by McKinsey reveals that working together in a state of flow for a couple of hours a day can make a team five times more productive. “It’s not just productivity that improves either”, says Zena. “People also report being happier, more successful, earning more money or working fewer hours as a result.”
Why you should attend Zena’s Vistage Climb Webinar
“How much difference would it make to your business if people were able to get their work done better, quicker and more efficiently?” asks Zena.
Zena’s Vistage webinar will help business leaders to uncover “the stone in their shoe”: the things that make things complicated and slow things down. “We’ll also look at how they lead the workflows as well as the workers, and ways they can make it easier for people to do really great work”, says Zena. “Business leaders lead time, focus and energy in the workplace – and also lead what gets in the way of getting things done. This webinar will help them free up time to coach, to give feedback, and to be truly strategic.”
Sign up for Zena’s Vistage webinar here.