We collect little nuggets from the many different experiences, conferences, seminars we attend and from life in general. It's important to revisit them on a regular basis else they fade and lose their front-of-mind value.
We all know the fire of the takeaway from a really good class or seminar. We can't wait to get back to work to implement. Maybe some do, maybe some don't.
I've found that if I don't keep my list up to date, and more importantly, under my glass desktop where I see it everyday, I fail to implement 80 percent of the valuable lessons I've picked up from others smarter than me.
This is my current list of CEO pointers:
• Education, support, credentialsWithout education and proper training people are fish trying to swim upstream. The CEO needs to support all actions that can help everyone achieve and succeed to obtain the credentials that are necessary for success in their jobs and lives. This has to be on personal and professional levels.
• Referee + recognitionPeople will disagree and even fight from time to time. The CEO is the chief referee, negotiator and arbiter of senior skirmishes. He/she is also the acknowledger-in-chief. All people need to be recognized for their accomplishments, efforts and initiatives.
• Elevate thought processesYou can no longer be a bottom-up thinker. You must rise to a higher plain in thinking for the organization, the people, the money, the future.
• See a bigger pictureImproving thought processes will help you develop a much broader view of how things fit and work together to produce outcomes.
• Articulate bigger issuesYou must learn to refine the use of language and make points that are powerful and commanding. The CEO must speak with authority that comes from experience on the bigger stage.
• Financial strength - build capital
You can no longer be a day-to-day finance watcher. The CEO must roll up sleeves, learn, and change the current ratios to strengthen the company's foundation.
• Consolidation + mergers
Many industries have had to consolidate to survive. The prevailing companies are often stronger because mergers can generate additional opportunities to provide different services and products.
• Trends and changesCEOs must be aware of the external and internal trends and changes that are taking place or will happen. They must be understood, addressed and reacted to for strength.
• Health care - pay penalty or pay policy
The coming changes are not known and must be investigated fully, or disaster will strike. CEOs must be proactive -- the downside can be very steep and costly.
• Regulations are a fact of life
You should not shrink from regulations, but embrace them as a fact-of-business-life.
100% compliance should always be the goal. Good corporate citizenship is always good for the company's reputationis.
• Reputation buildingYour personal reputation and the reputation of the company are of prime importance.
It's much easier to maintain a good reputation than fix a damaged one.
• Diverse services and products
It's important to continually offer more products and service in response to the market. You can't have a myopic view of your company, just because of the current situation. You must look for opportunities to spread out and capture a stronger share of each customer's potential.
• Goals relating to balance sheet
Decisions can't be made in a vacuum. The monetary impact of decisions, trends and changes must be understood. Plans and goals must focus on the overall impact to the company's strength and success.
I'd be happy to include additional points. If you've collected any real good ones, please send them to me I'm always ready to learn from my fellow business owners and CEOs.
This blogger graduated from Goldman Sachs' 10,000 Small Businesses program. Goldman Sachs is a partner of the What Is Working: Small Businesses section.
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