Do you have what it takes to be a CEO?
What does it take to succeed as a first-time CEO? Stepping into the top job can be daunting and it’s rarely as one imagines. At a recent Criticaleye roundtable, our Members discussed the realities and challenges of taking on a CEO role and where newly appointed leaders should look for support.
We often hear about the first 100 days of leadership as pivotal to success and there is some truth to this. A new CEO, particularly if they are stepping into the role for the first time, needs to use the early days of their tenure to assess the capabilities of the business and its people. This will include evaluating strategy, performance and governance, thinking about key stakeholder relationships, evaluating the data and reporting available to them and looking at the culture of the organisation. Our recent roundtable provided some top tips for first time CEOs around these areas.
Adapting to the role: all roads lead to the CEO and having ultimate responsibility for high-level strategic decisions can take some getting used to. There may be areas of the business a new Chief Executive has not been exposed to before, so getting to grips with all the challenges and issues can be a steep learning curve.
Allocation of time: deciding where to spend your time is a crucial skill for any CEO. You’ll be pulled in many directions so ensure you have a good balance between building Board relationships, clear and consistent communication across the business, understanding the organisation and what challenges it has, and, perhaps most importantly, making time to think strategically.
Effective leadership: accountability for all areas of an organisation truly lies with the CEO but that doesn’t mean they should be dropping down into the business or micro-managing. The latter can result in an organisation that’s too immersed in today’s detail and not thinking about opportunities for the future. A ‘bigger picture’ CEO empowers others to take responsibility so the business is more forward-thinking.
Investor communications: building investor confidence is key to success as a first-time CEO. Although ownership structures will differ, It is likely you will need the support or investors and shareholders at some point, so building credibility through clear communication and transparency is very important.
The role of the CEO has broadened immeasurably over the last 20 years. At our discussion for first-time or aspiring CEOs, executives were encouraged to trust their instincts. Becoming a CEO is an exciting but humbling experience. Executives become steward of the business for a short time, but knowing they can leave a lasting legacy and shape the organisation for the future.
Here at Criticaleye, we support CEOs across a range of issues, from managing complex stakeholder relationships to the creation, validation and execution of strategy. With leaders are under pressure, and facing more challenges than ever, executives need quick and accessible reference points to make the right decisions.
Criticaleye’s global leadership Community provides a confidential and trusted space, offering diverse views which leaders can draw from when making decisions for themselves and their organisations. Get in touch to speak to one of our team about how we support individuals operating at the highest level of organisations.
