The style of each CEO in leading their companies is unique and different – each has their own strengths and weaknesses. Although every CEO capitalizes on their own unique strength to take their company to a new height, they also share the possibility of making some common mistakes. Here is a list of seven common errors, which a CEO needs to avoid:
1. Not knowing the strength: Every CEO has his or her own strength but without a thorough and careful examination of those strengths, the decision of a CEO to experiment with a cycle, which is not his forte, can be disastrous. Being successful at one thing does not result in being successful at the next thing.
2. Not choosing the right people: Every CEO cannot be a great judge of a person’s talent and potential. Hasty hiring can prove costly in the long run. A rigorous interview procedure while hiring a candidate will save you from making the ‘gut feeling’ mistakes.
3. ‘One size fits all’ management style: CEOs have their own style. As much as it is important to have your own management style, it is equally important to tailor the management style according to the people you are managing. What might work for one employee might prove futile for another. CEOs must be flexible in modifying their management styles based on an employee’s personality, talent and experience.
4. Numbers and questions: The numbers are only a by-product of what is happening in the company. When the numbers are not impressive, rather than changing the business strategy, the CEOs should dig deeper into the factors responsible for generating the numbers. In other words, numbers are just a starting point to ask tougher questions.
5. We do not need advice: While confidence is good, overconfidence is not. When the company is doing good, confidence increases and the need to ask questions decreases. Reflecting on your weaknesses at the high point of your career and consulting your mentor for open and honest criticism will prolong the life your success.
6. Made a mistake? Own it: You should admit to yourself and to the company about the mistakes you make. You have to take responsibility for what you do. Let that burden off your shoulder and it can become a powerful turning point for your company. Accountability is an important leadership quality, which CEOs must never forget.
7. Not painting the future: CEOs are the visionary. Their minds should not be restricted to what it is today, but what the future can be. A clear view of what the company can be and sharing it among the employees will make them see how they can contribute. Think about tomorrow and share it with your people.
The art and science of leadership in building a team and a company is in knowing when to relinquish and when to empower. The strength lies in knowing your weakness and in separating facts from fiction and constantly course-correct.