By Melissa Raffoni
In your role of CEO, you face tough choices every day. The path is often unclear and even the very best of you can falter. Some of the most costly missteps are ones that can be avoided. Here are five mistakes you don’t want to make:
1.) Thinking you know the answers and not collaborating with other CEOs. In a CEO Collective (peer group) meeting yesterday, one of our CEOs was weighing the pros and cons of accelerated growth, versus slower and more controlled growth. In the end, the group came to some strong conclusions on what to do and not do that were completely customized to this CEOs specific business, its ownership, its industry and his strengths as CEO. This exercise reminded us all of the power of the collaborative process and the importance of vetting big decisions with other credible colleagues who know you and your business. Making decisions in a vacuum is a sure-fire way to fail.
2.) Forgetting that your demeanor, attitude and words matter. A lot. The best CEOs have egoless-confidence. As a result, they often forget that others look to them not only for business direction, but for tone and inspiration. If the CEO is frenzied, the organization will be frenzied. If the CEO is structured, the organization will be structured. If the CEO is entrepreneurial, the organization will be entrepreneurial. If the CEO cares about culture, the organization will have a strong culture. It’s like a parent-child relationship; children undoubtedly carry many of the traits of their parents.
3.) Being too open when setting strategy. The best CEOs are open to the ideas of the stellar leadership team they have built, but the role of the CEO is to set direction. A CEO should walk into a strategic planning meeting clearly communicating direction and vision and then, be open. Most experienced executives appreciate having a place to start when it comes to strategy, especially since the larger portion of their day is focused on their operational day jobs. It also makes for a more productive conversation, which all team members appreciate. The CEO's role is the oversight of all the functional areas of the business, putting him or her in the best seat to set direction.
4.) Getting stuck in the day-to-day and neglecting strategy. In the case above that illustrated the need for collaboration, the CEO was living the pain of day-to-day growth strains. With the encouragement of his peers, he took a step back and what resulted was a more thoughtful plan that tied targeted growth to key strategic goals. Building a thoughtful plan requires time away from the business, the office, the clients, and the blocking and tackling. Not once have I heard a CEO say, “developing my plan was a waste of time.” But often I have heard a CEO say, “I really need to take step back and look at the business, develop a plan and align my team around it.” Bottom line, spending time on offsite planning, prepping for it, and making sure you have structures in place, such as regular strategy meetings, time to work on strategy, and CEO Peer meetings, will ensure you stay out of the weeds and do one of your most important jobs—setting and managing the strategic plan.
5.) Holding on to the "wrong fit" team members for too long. Each year we ask our member CEOs, “What mistake did you make this year that you wish you didn’t?” Year-over-year, the number one answer is, “I held on to person X too long.” Contrary to popular perception, the best CEOs are often great human beings, which is why people follow them, but this fatal flaw of holding on to someone too long in the hopes of making it work can have detrimental effects. Keeping people in the wrong roles or keeping the wrong people in the organization will create damage that is difficult and painstaking to repair.
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