As a first-time CEO, you’re stepping into new territory with ultimate responsibility, influence, and leadership at the highest level.
Key advice for first-time CEOs: Don’t attempt to accomplish everything immediately. Focus on what matters, gather your resources, and stay true to your purpose. Let’s examine six primary areas of focus for a first-time CEO.
1. Strategy
Setting your company’s course is arguably the most significant responsibility you’ll face. Without a strategy, a company can’t survive. As CEO, you have the power to determine the direction of your organisation.
Seasoned chief executives offer this advice for first-time CEOs tackling strategic planning: The fastest way to screw up your company is to become an activity junkie and mire yourself in details, says Vistage USA Chair Dan Wertenberg. Don’t fall prey to the temptation of getting in the business and solving problems. You need to step back and work on your business. Let the musicians master their instruments; you are the conductor now.
In building strategy, stay disciplined and avoid shortcuts. Use research, analysis, and perspective. Follow these steps from Vistage Speaker Marc Emmer, President of Optimize Inc.:
- Set a clear vision.
- Define your competitive edge.
- Identify targets.
- Prioritise growth systematically.
- Think big-picture but remain agile.
2. Coaching
As CEO, you’re also the chief mentor, guiding others to advance the company’s strategy.
Have regular coaching sessions: Cultivate relationships with your executive team based on openness and accountability. One-on-one coaching sessions with direct reports are essential to these relationships and can yield substantial benefits when conducted effectively.
Communicate goals: Productive one-to-one sessions create a two-way flow of information. These meetings help you stay informed on project progress and understand how your team approaches tasks. Your team, in turn, gains clarity on performance expectations and alignment with company goals. These meetings are also ideal for giving recognition, exploring new ideas, and setting productivity targets.
Model the behaviour you want your executives to replicate with their teams. Vistage Speaker Lawrence King suggests prioritising these meetings, requesting an agenda, respecting time, and leaving each meeting with an actionable plan.
3. Performance
Performance management sounds straightforward, but it’s crucial to measure what matters. Excessive metrics can overwhelm and distract from real priorities. Focus on data that aligns with your vision and mission.
How to measure performance: Use metrics that genuinely reflect your strategic goals. Are you measuring good customer satisfaction scores or the quality of customer service? Are lagging sales numbers the focus, or the effectiveness of your sales training? Meaningful metrics are those that align closely with your strategy.
4. Company culture
As CEO, it’s up to you to shape and reinforce company culture. Whether your company has an established culture or is just forming one, don’t leave this vital aspect solely to human resources.
Creating a culture intentionally is a significant opportunity to define the type of organisation you want. These tips for building a strong company culture are drawn from the insights of seasoned Vistage CEO members:
- Communicate with employees honestly and regularly.
- Share wins to combat negativity.
- Make key metrics, like EBITDA and sales goals, accessible to all.
- Encourage innovation by rewarding good ideas.
- Keep feedback channels open with employees.
- Commit to diversity and inclusivity.
5. Ambassadorship
New CEOs may forgo their ambassador roles because they feel it’s the responsibility of salespeople and public relations, or shy from it because they don’t resemble the CEOs out of central casting.
But avoidance denies your staff, clients, suppliers and the public a human connection to your business. And that means missed opportunities.
This is especially true of customers, current and potential.
‘Show up for the make-or-break deals,’ says Wertenberg. ‘The CEO has a heavy influence over those transactions by their title.’ When the top person is involved in a transaction, it changes the dynamics. It can make the client feel much more comfortable about moving forward.
It’s important to build relationships with your top customers, adds King. ‘Move from being a commodity provider to a trusted personal adviser,’ he says. ‘Invest the time to create a relationship, leader to leader.’ Understanding future concerns of a few key clients is an investment in your strategy.
6. Lifelong learning
The core skill of any effective CEO is decision-making. Solid decision-making will hinge on your willingness to always be learning—about your industry, your competition, and your own weaknesses and strengths. Treat your education as a living entity and nurture it with a constant flow of fresh context, information and perspectives.
The best CEOs constantly seek new information streams and diverse perspectives. Good advice for first-time CEOs is to collect a cadre of trusted peers or colleagues to vet ideas and nourish creative thinking.
Originally published on Vistage Research Center.
A roadmap for first-time CEOs
As you take on the role of CEO, the first 100 days are crucial in shaping your leadership and the direction of the organisation. If this is also your first time in the position, the challenge may feel even greater.
Many first-time CEOs experience feelings of uncertainty or pressure as they adjust to the demands of the role. To help you navigate this important transition, we recommend downloading our First-Time CEO Survival Guide. It’s packed with expert advice, practical tools, and strategies to help you step confidently into your new role and set yourself and your business up for long-term success.
