Do you run your own company or dream of opening a business someday? Whether you want to be the CEO of a Fortune 500 company or your employees include you, your spouse, and your adult children, being a CEO comes with a lot of responsibility.
Since a leader will always have room for improvement when it comes to managing a team, we’ve put together a list of some of the top qualities every CEO should possess.
Treat the soft stuff as the hard stuff
Only one in three strategies is successfully implemented in large part because change generates resistance. That is why the “soft stuff”—that is, matters related to people and culture can be the hardest stuff of all to get right. Research has found that companies that solve the soft stuff are more than twice as likely (from 30 to 79 percent) to execute a strategy successfully.1 To carry their organization with them, leaders need to make the case for change, and then keep track of results.
Solve for the team’s psychology
To build high-performing leadership teams, the best CEOs start with roles, not people, asking what the most important jobs are and then finding people who can do those jobs. And they design for overall functionality, bringing in a wide range of expertise. CEOs must engage with each individual while keeping some distance. And, again, the soft stuff counts.
Stay focused on your business goals
If you set personal and business goals, this will keep your ambition up and keep you motivated. What do you want to achieve in the next year? What’s your five-year plan? Have you stepped back to celebrate your success so far? These are all things that can keep you focused and moving in a positive direction.
Communicate with your staff and clients
Communication is key when you have your own company. This goes in both directions, though. Make sure you’re communicating with your leadership team and employees, and also make sure they’re communicating important information to you. You also want to stay in touch with your clients to ensure their happiness.
Keep your stakeholders in mind
As a CEO, you hold authority in an organization, drive its strategies and decisions and hire quality staff. Your primary responsibility is to create value for various stakeholders, shareholders, employees and customers. You ensure that all your decisions and actions serve their interests and needs.
Try to build relationships with these various groups to gain insights into their perspectives. If you understand their wants, needs and concerns, it can be easier to make decisions that align with them. These insights can help you identify potential issues in advance.
Establish your vision as CEO
CEOs have the responsibility of defining a company’s vision. This vision can comprise various factors, such as what you want the company to look like over the next decade and the type of culture you want to establish internally. You can also think about its mission and vision statements and what you want to provide to customers.
Your vision helps set a direction for the company and defines its objectives. It also acts as guidance for the executive team and employees. When they know what you want to achieve, they can understand how to perform their jobs and meet those objectives. When you communicate your vision, use compelling words to help inspire, motivate and captivate stakeholders.