What keeps CEOs up at night. CEOs have a lot on their plate and a lot to worry about, including ROI, costs, overhead, market conditions, advertising, marketing, sales, production, short and long-term direction of the company and competition.
They also have to think about what is coming in the future that could cause them to have to adjust or rethink what they are offering and whether there is still a niche for it. However, there are certain things that cause me stress and a lot of thought, not all of which have anything directly to do with the business itself.
First are my direct reports and what their ultimate goal is, beyond what they share with me. Do they aspire to have my job? And if that is the case, what are they doing about it? There is always competition and people looking to make progress in their careers.
Are conversations being had without my knowledge that are aimed at the board and selling them on their ability to outperform what I have done and proven? Are there projects or assignments they have that they are intentionally delaying or performing lower than expected to make me look bad?
I don’t ever want to be in a position where I come to work one day and my board is there with a direct report and my future is being discussed. I also think about what the public and employees think and tell others about working for me or the company.
You only get so much information when asking them questions, but what are their real thoughts? Do they like the company, the product, the service and the value we provide? What do they say to others in private about working with us or the service we provide?
Public perception goes well beyond just the end users of our service, it includes the employees and what they truly feel about working for me and what we provide. As the world has shrunk with more accessibility and global sharing of information, a couple of bad reviews or someone saying something to a friend could potentially impact our global business.
Also, we do surveys of our employees and our end users but, even though they are anonymous, people don’t believe they truly are. How can we get honest feedback when people, especially employees, do not trust that their feedback is actually anonymous?
Last is my exit plan, I do not want to be the 75-year-old CEO that still goes to work every day. What does it look like, how will I leave the company, what is the legacy I leave? Have I done enough to set myself up so that I can leave comfortably and not worry and just enjoy not working?
What will fill my hours – a new project, consulting, coaching? I golf and fish and love travel, but will that fill the void left that used to be filled with work? I want my time with my company, employees and clients to be impactful, have I been able to do that?
We all get so consumed with jobs and careers and responsibilities, what does my life look like and what do I want to accomplish without the daily ritual? Also, what about my family and what they want/desire from me … time, activities, etc … I realise this is my career but they are my life and a huge part of any and all decisions. Without the daily ritual, which I have had since my kids were born, what about my spouse, will she go nuts if I am around all the time?
In the end, the things that keep me up at night the most are not necessarily about the business but the people I deal with and the impact I provide to them. I know the work I do every day and the benefit and value we offer but is that just my perception? The people, relationships and impact are the thing that keeps me up the most and causes the most stress but also the item that is the hardest to directly impact and get honest feedback from.
Mainly because it is their feelings and perception which are subject to a lot of factors, only a very small percentage of which I can directly impact. I feel the best and more honest resolution to these and any concerns are open and honest communication.
I meet with my direct reports on an almost daily basis, but only a small amount of those conversations have to do with business. We talk about their short- and long-term goals, personally and professionally. What is keeping them up at night? What are they struggling with and how can I help them?
I do the same with employees, I treat everyone as a human being that deals with real world problems. Again, only a small amount of those conversations are to do with business specifically. I also encourage my direct reports to focus on the people that report to them and not just business.
With customers, I talk to a handful on a daily basis, just to check in. I ask them what we could do better, if they have suggestions and when we decide to adjust, I include them in that conversation. I have had and continue to talk with my family about the future and what it looks like and my goals and how it aligns with their goals. Specifically with my wife, she knows she can tell me to get out of the house or do something else if the point comes where I am over-involved in what she is doing.
Open and honest communication are the key to the majority of all issues and stresses that come up. By talking with people, being vulnerable and truly seeking their thoughts, it makes it that much easier to get the real truth when asked for and received.
