Leadership is a huge undertaking in any walk of life, but perhaps nowhere more so than in business when success and failure can hinge almost entirely on your decision-making capacity. The fact you’ve been entrusted to run a company speaks volumes on your capabilities and skill set already, but a lack of experience in the CEO arena can inevitably lead to mistakes.
That is not to say that the possibility doesn’t exist that you take to the role like a duck to water, but experience is beneficial in any field. Even the best of us make mistakes too, but with knowledge of the 5 common mistakes here, the transition to chief executive officer can become a lot smoother for all concerned.
The worst thing you can do is build yourself an ivory tower and let the success get to your head. Though of course it is lonely at the top, you are not alone. You have networks of friends and family in particular that will understand your newfound time constraints due to the additional work that comes with being the CEO of a company. This particular mistake concerns one’s mental health, which one could argue is the most important aspect to consider here.
According to Umesh Ramakrishnan, Co-CEO of Kingsley Gate Partners, the best way to avoid being fired is to understand the political structures of a company. By no means does this mean getting absolutely everyone on board, but simply knowing the intricate details of a company’s structure can save you a lot of hassle when it comes to making those all important decisions.
Contrary to what a lot of CEOs may believe, growth can occasionally be a gradual and painstaking process. Of course, there are exceptions, but a grave mistake that you can make is being unrealistic about you and your company’s overall ambitions. Take things step-by-step and think logically about previous successes – build on them. Equally, work on the errors. That said, there are ways through which you may be able to accelerate the growth of your company, such as through the Clear Start Programme – an OOH opportunity designed specifically for start-ups.
Knowledge is power as they say. The power of an excellent book can really change your perception on anything, whether that book is business related or a work of fiction. It may seem a challenge to find that time to read initially, but once you’ve settled into the role, spare yourself an hour to read something every day. Equally if you have other hobbies, spare that time doing something you enjoy. You’re a human not a machine after all.
You are only one mind, and that can be great when a final decision needs to be made and your team is deadlocked. But your business should be as democratic as possible, which perhaps means going in a direction you perhaps wouldn’t have chosen at certain times. That said, it’s important to strike the right balance between making decisions that are best for the company and going with the majority.