Situation: The CEO questions whether he is the right person to lead the Company. The Company has solid revenues and profitability, but growth is lower than expected. How can the CEO improve his situation and solidify his leadership?
Advice from the CEOs:
- The primary functions of the CEO are to assure the maintenance of company values, to provide vision, and to monitor resource allocation within the company.
- Identify your strengths, and the most important areas where you need help. Create an organizational chart not of positions but of strengths that are needed within the company. Compare these positions with your own strengths, and focus your own activities on your strengths. Promote or hire talent to support you in the latter areas.
- As you hire or promote and delegate, make sure that you are allowing those with new responsibility the latitude to run their areas of responsibility.
- Should I consider hiring a CEO or COO?
- Maybe. If you do, first identify the key leadership traits that we most want to see in a candidate.
- If you hire a CEO, this individual should have skin in the game. They must be perceived as a leader, and there must be a clean hand-off.
- Consider hiring a COO. This can be someone willing to take this role with the understanding that your long-term objective is to replace yourself as CEO. A person unwilling to come on as COO and to develop into the CEO may not be the right candidate.
Key Words: Leadership, Role, Strengths, Delegation, Organizational Chart, Values, Vision, Resource Allocation, CEO, COO