What keeps top CEOs awake at night? It’s not just the financial statements – it’s the relentless juggling of dilemmas and the inevitable vulnerability that comes with the territory.
I recall a conversation with a CEO at the peak of a transformation journey. Late one night, she confided in me about the immense pressure she felt to balance short-term results with long-term vision. Her vulnerability was striking, and it highlighted a reality many might not expect from the top job: the intense loneliness and constant decision-making that can often feel like a tightrope walk.
CEOs frequently encounter dilemmas that require a delicate balance between competing priorities. From my years of working with top executives, a few key lessons stand out:
- Preserving the core while innovating for the future.
- CEOs must respect the legacy of their companies while pushing for innovation. For instance, a Southeast Asian family business CEO had to navigate the tricky waters of transforming the company without losing itstraditional values. By ensuring that both the old guard and new hires co-owned the mission, he successfully aligned all stakeholders.
- Delivering short-Term Results while investing in long-term performance.
- The pressure to deliver immediate results can be overwhelming. One CEO I worked with achieved record-breaking short-term success but struggled with maintaining the momentum. Balancing immediate gains with sustainablegrowth requires clear communication and realistic expectations.
- Managing individual stars versus maximising collective performance.
- High-performing individuals can drive success, but they can also disrupt team harmony. CEOs often face the challenge of dealing with toxic superstars. Gail Kelly, former CEO of Westpac, noted that it’s better tomake tough calls early than to let individual issues fester. Always chose for the ultimate team player over the individual hero.
- Empowering others while maintaining control of outcomes.
- Delegation is essential, yet retaining control is crucial. CEOs need to trust their teams while ensuring oversight. This balance can free CEOs to focus on the bigger picture while improving overall company performance.
- Becoming immersed in the role while retaining personal identity and purpose.
- The intensity of the CEO role can consume one’s life. However, maintaining personal identity and a sense of mission is vital. Leaders who find their North Star often achieve a sustainable balance, aligning theirpersonal values with their professional responsibilities.