A Great Leap Forward
Five Things for the First-Time CEO, Part 1
By Paul Schulz
“The buck stops here.” – Harry S. Truman
Being the CEO is a tough job - no doubt about it.
You might know this from experience. Maybe you’ve heard related discussion at dinner. Or, perhaps the topic arose with friends or a peer group.
A CEO walks a tightrope among competing objectives. They pick and poke, each clamoring for attention. The best path forward? Good luck. Often it’s clear as mud.
You twist and turn all day long (and sometimes at night, too). You second-guess your decisions. You question your ability to make the “right” call.
Well, get used to it. Harry S. Truman said it best: “The buck stops here” (if you’re not familiar with President Truman, look him up here).
Making “tough” calls is part of the job description. Yet, it’s just one piece.
You have to establish a vision for the organization. Be its cheerleader. Assess the risks of opportunities. Be a great listener who is always ready to do so. Absorb information and opinions from disparate sources, and interpret them correctly.
Sound like enough? Oh, it’s just the start.
Think You’re Ready? Think Again
Having been a CEO, and held numerous other C-Suite positions, I know the drill. Nothing completely trains you for the top job.
This post, the first of a series, aims to impart some hard-earned insights for those new to the CEO or President role. Here’s the first, and possibly biggest one: It can be lonely … or at least a huge first step!
Upon becoming CEO, one of my first realizations was that this wasn’t an incremental move. It was a huge leap forward in others’ expectations for me.
As CEO, my decisions had serious consequences for the future of the company and, equally important, the health and welfare of all employees (and their families) whose skills and talents drove success of the organization. Outside voices are a constant drumbeat - investors, creditors, bankers. If you work for a family-owned business, you might have founders and family members vocalizing concerns about their legacy.
Responsibility can be awesome. It can also be isolating and painful. Chances are you’ve never had close to this level of obligation. Suddenly, it’s all on you. The burden is tremendous, almost beyond description.
This, perhaps more than any other, is a vital reason to have an advisor to help guide your journey. It can be really, really hard to go it alone.
The CEO role, no matter your level of experience, can be one of the most rewarding jobs you’ll ever have. It will likely also be the most challenging and stressful.
Our next post will continue down this path of things a first-time CEO should know. If you’re in this position – congratulations! Speaking as someone who’s been there, I hope you’ll come back. I promise to make it worth your while.