Some surprises for new CEOs arise from time and knowledge limitations—there is so much to do in complex new areas, with imperfect information and never enough time. Others stem from unexpected and unfamiliar new roles and altered professional relationships.
Entering a C-suite role can often feel like a career-defining moment, and it should, especially for those rising to the executive level for the first time or now leading their own business. For those advancing to leadership positions for the first time — or those moving into the role for a new company — there are plenty of challenges that quickly cloud the elation of that moment.
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Still, others crop up because of the paradox that the more power you have, the harder it is to use. While several of the challenges may appear familiar, it is discovered that nothing in a leader’s background, even running a large business within the company, fully prepares them to be CEO.
Whether in times of crisis or recovery, here are practical lessons and CEO practices for launching—and growing—any company in 2022 and beyond:
Legends about CEOs who always seem to know exactly how to steer their companies to wild success seem to abound in business. But high performing CEOs do not always make big decisions; rather, they shine forth by taking swift measures. They make decisions early, quickly, and with great confidence. They do this consistently — even in the midst of ambiguity, incomplete knowledge, and in unusual places. Effective CEOs understand that the wrong decision is often better than no decision at all.
Successful CEOs also know when to stop. It is very easy to get caught up in the decision-making line. Many successful CEOs recommend pausing to consider whether a decision should really be made within the organization and if delaying it for a week or a month will allow important information to emerge without causing irreparable damage. Once the decision is taken, effective CEOs move forward without hesitation.
Once CEOs set a clear course for the business, they must get buy-in from their employees and other stakeholders. Strong performers balance keen insight into their stakeholders’ priorities with an unrelenting focus on delivering business results. They start by developing an astute understanding of their stakeholders’ needs and motivations and then get people on board by driving for performance and aligning them around the goal of value creation. CEOs who excel at bringing others along with the plan and executing disciplined communications and influencing strategies.
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CEOs who engage stakeholders do not invest their energy in being liked or protecting their teams from painful decisions. In fact, both those behaviors are commonly seen in lower-performing CEOs. Instead, the skilled CEOs gain the support of their colleagues by instilling confidence that they will lead the team to success, even if that means making uncomfortable or unpopular moves. The ability to handle clashing viewpoints also seems to help candidates advance to the CEO’s office.
CEOs that excel at adapting are more likely to succeed. It means dealing with situations that are not in the playbook. CEOs are constantly faced with situations where a playbook simply cannot exist. It is best to be adaptable.
Most CEOs know that they have to divide their attention from short, medium, and long-term perspectives, but adaptable CEOs spend more time thinking about the long term. Some managers, on the other hand, devote 30% of their time to long-term thinking. Adaptable CEOs also recognize that retrenchment is an important part of changing courses and treat their mistakes as opportunities for learning and growth.
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Swapnil Mishra is a Business News Reporter with over six years of experience in journalism and mass communication. With an impressive track record in the industry, Swapnil has worked with different media outlets and has developed technical expertise in drafting content strategies, executive leadership, business strategy, industry insights, best practices, and thought leadership. Swapnil is a journalism graduate who has a keen eye for editorial detail and a strong sense of language skills. She brings her extensive knowledge of the industry to every article she writes, ensuring that her readers receive the most up-to-date and informative news possible. Swapnil's writing style is clear, concise, and engaging, making her articles accessible to readers of all levels of expertise. Her technical expertise, coupled with her eye for detail, ensures that she produces high-quality content that meets the needs of her readers. She calls herself a plant mom and wants to have her own jungle someday.
