As a new CEO or Managing Director, you don’t get a second chance to make a first impression. The first 100 days in a job are very important. They set the tone for your time there. These days can also affect how well you lead.
What must a new CEO do and avoid in the first 100 days? We sought insight from three experienced leaders in our global Vistage community: Carol Steinberg, President of CIK Consulting; Robert Powell, CEO of Invictus Leadership Group; and Charles Bernard, CEO of Criteria for Success. Together, they shared these 15 tips for new CEOs
15 steps to take in your first 100 days as CEO
1. Take time beforehand for deep thinking and in-depth research
2. Start off rested
3. Understand what you’re walking into
4. Lay out your game plan
5. Prioritise knowledge transfer
6. Communicate your intentions
7. Listen
8. Dig into talent issues
9. Build a cross-disciplinary sales team
10. Get to know your people
11. Find creative ways to connect
12. Resolve conflicts right away
13. Approach customers with 3 questions
14. Create a sales playbook
15. Invite employees to ask you anything
1. Take time beforehand for deep thinking and in-depth research.
Before your official start date as a new CEO, take time to research your competition, says Steinberg. Consider some of the following:
- Look closely at what your competitors are doing and how they’ve been successful.
- Study the economic trends that could impact your business in the short term.
- Begin to think about how you can use new technologies like Artificial Intelligence and the Internet of Things. These tools can help you gain an edge over your competitors.
2. Start the job rested.
Starting a new role and becoming a new leader are stressful positions. To deal with the demands of leading a company, you have to come to the job feeling rested.
So, take a long vacation before you start. “Really get away — for at least a week — so that you won’t get exhausted in the new role,” says Powell. “I’ve seen it before: Someone immediately jumped from one job into another, and they never had time to take a break. They were ineffective.”
3. Understand what you’re walking into.
Is the business you’re leading financially stable or in financial distress? If it’s the latter, understand the issues well before you start. Also, have a realistic plan for how to handle them. “If the house is on fire, you must quickly decide what changes to make and what expenses to cut,” says Powell. For example, you might need to realign product mixes, or realign the entire organisation’s roles and responsibilities, in your first 100 days.
4. Lay out your game plan.
As a CEO, you’re the person responsible for setting a vision and getting everyone else on board. Establishing this vision in your first 100 days will help you stay focused on the issues that matter most, says Steinberg.
“It’s important to have a clear game plan. This helps you avoid distractions and not get lost in the details. You can stay focused on what truly matters,” she explains. It will also help you handle the many challenges you will face as a new CEO. This applies whether you are replacing someone who retired or someone who was fired.
What should you include in a 100-day plan?
Now that you’re in charge, you’ll need to create a plan that you can effectively communicate to senior leaders and employees at all levels. As you draft your plan, consider including:
- Your company’s strengths and opportunities, as well as the current state of the marketplace
- Your main speaking points for each key stakeholder
- Your action and communication plans
- Your goals
- Your metrics for measuring success
What should a CEO do on the first day?
First impressions matter. On your first day as a new CEO:
- Contact board members
- Interact with as many staff across levels and departments as you can
- Set aside time to introduce yourself to key stakeholders
- Ask questions
- Demonstrate interest in understanding roles, responsibilities and challenges
5. Prioritise knowledge transfer.
As a CEO, you need to give people the context, permission and space to transfer knowledge to other people in the company, says Bernard. Otherwise, you’ll inevitably become a bottleneck for your direct reports. In leadership team meetings, he says, encourage your top salespeople to share their “secret sauce” with their colleagues. Better yet, create projects that organically involve knowledge transfers, such as building a sales playbook for the company.
6. Communicate your intentions so people don’t speculate.
Within your first month on the job, have a full company meeting and outline your action plan. Communicate what you intend to do over the next one to two quarters. Be open and transparent with your plans. Otherwise, you’ll leave people guessing or forming opinions based on something they’ve heard, which may or may not be accurate.
“Give people the unvarnished truth,” says Powell. “A lot of times CEOs think they need to put their spin on things, but that’s not necessary — because people often already know the truth.”
7. Listen, listen, listen.
When CEOs are eager to establish themselves as leaders, they may focus on issues in the company where they can bring the most expertise. Resist this urge and instead “be a sponge,” says Steinberg.
"Listen to others and show them you are listening. Let them know their input matters for your business strategy, thoughts, and priorities." Don’t walk in saying, “I’ve done this before and know what to do.” Focus on listening more than speaking.
8. Dig into talent issues instead of delegating them to HR.
As a first step, Steinberg recommends reading performance reviews or assessments to get a good sense of your talent pool. She warns against the practice of dismissing existing teams so you can bring in your own people. “This is dangerous — it makes the rest of your employees think, ‘Maybe I’m next,’” she says. “You have to understand your talent before you try to clean the slate.”
9. Build a cross-disciplinary sales team.
Bernard says the team should collaborate in sales, marketing, operations, finance, human resources, and leadership. He explains that the CEO's new role means sales is no longer a separate function. “If your focus is growing the business — which I can’t imagine it wouldn’t be — then you must form a sales growth team.”
10. Get to know your people just as well as your business.
It’s a given that you’ll need to study your company’s operations, processes, KPIs, trends and economic influences. But it’s important to know your stakeholders just as well, whether that’s employees and shareholders or vendors and customers.
Understand what people are doing at all levels; visit different sites and facilities and have frank conversations. “Don’t just sit in your corner office listening to the four people who report to you,” says Steinberg. “Really get out there. People need to see that you mean business.”
11. Find creative ways to connect with your employees.
If you’re leading a company with a remote or hybrid workforce, you’ll need to use non-traditional methods to connect with your employees. Make it an objective way to connect with them. Steinberg suggests treating employees with gift cards or scheduling interactive activities like cooking lessons or live comedy shows on Zoom.
“Just do things to signal, ‘I understand, I care, I sympathise, and maybe this will cheer you up today,’” she says. “Little things like that mean an awful lot, especially when we can’t pat people on the back anymore or shake their hands in the hallway.”
12. Resolve conflicts right away.
To optimise your company’s performance, you need to resolve two types of conflict right away: those caused by unfilled expectations and those caused by withheld communications. “Oftentimes, those go together,” says Bernard.
Uncovering these conflicts will require asking thoughtful questions during one-to-one meetings as well as team meetings. “Don’t say, ‘Do you have any conflicts?’ Because people are going to say, ‘No, I’m all good – no conflicts.’” Be open to hearing whatever issues come your way, he says, as it will help you build trust with your teams and lead a stronger organisation.
13. Approach customers with three questions.
Don’t wait until there’s a problem to talk with your customers. Powell recommends reaching out proactively to ask three simple questions:
- What should we start doing?
- What should we stop doing?
- What should we continue doing?
“Customers are your best source,” says Powell. “They can tell you about your product's quality and delivery time. They may also have ideas that can give you a strategic advantage.” Talking with your customers will help you build better relationships. He adds that it can also show new chances for strategic partnerships.
14. Create a sales playbook.
If your company’s sales activities all funnel through your head of sales, you have to develop a cross-functional sales strategy through the playbook, says Bernard. This playbook should provide everything from email templates to value propositions to success stories. Get everyone to collaborate on it: Your finance team, for example, should weigh in on pricing, profitability, compensation, incentive plans, management by objectives and bonuses, and your HR team should weigh in on processes for onboarding, skills development, and ramping up new hires.
“As a CEO, you need to establish common agreements, common expectations and common processes” says Bernard.
15. Invite employees to ask you anything.
Executive transitions can be difficult for all employees in an organisation. To prepare for a CEO transition, Powell suggests holding a special interactive meeting with all employees.
The meeting starts with the new CEO briefly introducing themselves to everyone in the organisation. Next, the CEO leaves the room so that employees can come up with a list of questions they’d like the CEO to answer. A facilitator records the questions but keeps the employees’ identities anonymous. Then, the CEO returns to the room and answers the questions in a transparent and open manner, fostering trust and engagement within the team.
“Inevitably, what happens through this process is a dialogue begins to form between the individuals in the room and the new leader,” Powell explains. "It melts the ice because employees can ask their questions. This opens up lines of communication."
After your first 100 Days: 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.
This article was originally featured in Vistage Australia and New Zealand the Vistage Research Centre.
