8 Ways to be Successful as a CEO
There are certain differences between what made CEOs successful ten years ago and what makes them successful today. The attributes of CEOs have changed, as has the way they think about their organisations, employees, communities, and even themselves.
Leaders may set the conditions for success in today’s workplace in eight ways, regardless of what has prompted these changes.
You should be aware that many of these will force you to venture outside of your comfort zone.
Your Purpose is Fuel
Nobody wants to work for a corporation that declares “shareholder value” to be its top priority. While this may have been true in the past, today’s business involves customers and employees as well.
To energise your employees and stakeholders to work for your company, bring them together around a common goal. Employees desire to make a positive difference in the world and understand how their activities affect others.
Drive a Culture you Believe in
To attract and retain the best employees, invest in your company’s culture as a differentiator. Many leaders talked about their teams ten years ago, especially when the economy was struggling. It was almost as if they didn’t have any other options.
That isn’t the case now. Employees are self-employed. According to the latest Vistage CEO Confidence Index Survey, 56 percent of CEOs intend to employ in the coming year. Finding and retaining talent is a vital task, especially with unemployment at a decade low. Crafting a culture that appeals to the type of person who will propel your company ahead is more crucial than ever.
Bridge the Generational Divide
In today’s world, it’s not uncommon for a company to employ five generations. It’s nearly impossible to speak to each constituency with its own set of characteristics. Every age will nod in agreement if you communicate that your organisation appreciates teamwork and respect.
Champion Transparency and Candour
Today, any reaction to anything we say can be shared instantly on social media.
This feedback, whether positive or negative, should be welcomed by leaders since it promotes transparency. It indicates where you and your company should concentrate your efforts. Your own candour boosts loyalty and alignment as well. Create an open environment for your team to celebrate accomplishments and learn from setbacks together.
Embrace Vulnerability as a Strength
Leaders increasingly want to talk about vulnerability as a strength. They want to be open and honest about their flaws and mistakes. This is significant because it demonstrates to your teammates (and family) that you are attempting to improve. A leader who believes they must know all the answers in order to appear strong in front of their team is not setting themselves up for success.
Understand the Details of your Business, But Don’t Get Lost
Top executives can no longer get away with simply being corporate cheerleaders. Your board and executive team expect you to use data about every aspect of your business since you have it readily available. You shouldn’t micromanage just because you’re familiar with the intricacies.
The responsibility of a successful CEO is still to make bold, strategic decisions. However, in order to provide meaningful advise and keep up with the data-driven competition, leaders must comprehend the intricacies.
Challenge your Perspective
Surrounding yourself with individuals that push you to be more clear and offer other perspectives is a must for success. Internal teams as well as peers outside the office should provide this type of input.
It’s critical to avoid confirmation bias, which occurs when we’ve made up our minds and begin asking people we know will agree with us. We must be able to open our minds to completely alternative ways of thinking. When CEOs create a method to obtain unbiased input on a regular basis, they set themselves up for greater success.
Make a Decision
The inability to make timely, precise decisions can harm a company and its leader in today’s market. Nothing more indicts a leader than their inability to make judgments. One of the best traits of a CEO is their ability to carry out a strategy and then make adjustments based on the results.
There’s no shame in making a risky move that doesn’t pan out, as long as you learn from it and share your findings with your team.
In today’s workplace and economy, CEOs who see themselves as unilateral decision-makers with minimal accountability will fail. Yes, being the chief strategic decision-maker is your major responsibility.
You are the one who bears the brunt of the blame. Employees, on the other hand, expect to be active participants in your vision, and the complexities of today’s fast-paced, data-driven environment mean you can’t make good decisions without their participation. Today’s great leaders must learn to embrace this complexity, even if it means stepping outside of their comfort zone.