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A CEO, regardless of whether they were internally promoted or recruited from the outside, can find it lonely at the top, having to manage a company's future direction, gain trust from staff, lead by example, and be held accountable for results. As if those tasks weren't demanding enough, they must also accept public scrutiny when it comes.
Jeff Comer, a Cave Creek, Arizona CEO who has supervised multiple organizations in his 20 years of experience, briefly shares some of the demanding challenges that the position entails and offers valuable input on how to resolve them.
Promoted from Within
Those CEOs who were internally promoted often rely too much on their previous experiences that familiarized them with the company's structure and challenges.
Although this does provide some advantages, it also creates a separate set of obstacles. For a candidate that was groomed and picked from the inside, there will be large expectations and little transition time. Jeff Comer recommends that you decide what strategies will be prioritized, and at the same time, engage people throughout the organization in the decision-making process. Building relationships and openly communicating are keys to long-term success.
Negativity
A new CEO is often thrust into a decision-making position that has their judgments second guessed by various stakeholders. Jeff Comer is adamant that you don’t become too sidetracked by negativity and short-sighted interests. Focus on the positive and maintain the commitment to achieving objectives, communicating openly, seeking input, and continually moving toward the long-term vision.
Don’t Rush, Says Jeff Comer
Sometimes new CEOs, particularly first-time CEOs, believe that they have to rapidly enact considerable changes and assert control. However, taking this approach often leads to finalizing decisions without sufficient planning and not spending enough time building consensus. Jeff Comer believes that a CEO has to adequately balance their desire to enact changes with the company's long-term strategy. And again, the importance of broadly communicating and engaging people in decisions cannot be stressed enough.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes
