The Chief Executive Officer (CEO) role is both challenging and rewarding. In their book, CEO Excellence: The Six Mindsets That Distinguish the Best Leaders from the Rest, three McKinsey & Company Consultants share the insights they gained from interviewing hundreds of CEOs. Notably, they realized early on in their research that it was heavily skewed toward the white male perspective. They expanded their reach to include more women and others underrepresented in the CEO role. The result is a profound exploration of the role in a manner that will resonate not only with corporate leaders but also with small business owners, funeral directors, and other licensed professionals.
Unveiling the CEO Experience
“Becoming a CEO is unexpectedly lonely.” – General Motors CEO Mary Barra
We’ve all heard that it’s lonely at the top. Unsympathetically, few of us have thought about why it’s lonely. The authors answer this question, reminding us that it’s lonely because there is a small number of CEOs running large corporations. This leaves them few mentors who understand the intricacies of the role.
Small business owners often find themselves in similar roles, making challenging decisions in isolation. Citing Steve Tappin’s The Secrets of CEOs, the authors remind us that “probably two-thirds of CEOs are struggling.” With millions of corporations doing business in the United States, that means hundreds of thousands, if not millions, of CEOs who need help. This book can provide some of it. The rest will come from a team of contributors “who aren’t just interested in being all-stars but also want and have the skills to build an all-star team.”
Six Key Responsibilities of Small Business CEOs
- Setting the direction. Without a clear vision and strategy, you will lead your team to random destinations. This quickly becomes costly and frustrating for everyone.
- Aligning the organization.To maximize success, every part of the organization must align with its core values.
- Mobilizing through leaders. The best leaders are always training their replacements. They must empower their teams to lead effectively and foster a culture of shared responsibility at all levels of the business.
- Engaging the board of directors. While small businesses might not have formal boards, they will benefit from having a community of trusted advisors in key areas, such as finance, human resources, marketing, operations, risk management, and sales.
- Connecting the stakeholders. Building and maintaining the trust of clients, employees, vendors, communities, and other strategic partners is essential for sustained success.
- Managing personal effectiveness. Balancing responsibilities and maintaining well-being are universal concerns. These absolutely must be addressed for any CEO to lead effectively.
Favorite Quotes from CEO Excellence
“The CEO role is the intersection of all contradictions.” – Valeo CEO Jacques Aschenbrioch
“There’s nothing strategic about losing money.” – GM CEO Mary Barra (recounting a board member’s tip)
“The rigidity of the hierarchy has become a liability.”
“When you think about what gives you the license to be in business, it’s the people you impact—be they individuals, communities, or societies.” – Majid Al Futtain CEO Alain Bejjani
Conclusion
CEO Excellence provides a wealth of insights that transcend corporate boundaries, offering valuable lessons for small business owners, funeral directors, and other licensed professionals. Regardless of your industry or the size of your business, we encourage you to reflect on your role, so you may make the most of the challenges and opportunities that lie ahead.