11 Things Every CEO Should Be Doing Right Now
If you are a CEO, the time to lead is now!
It is a fact of life that the only constant in the world is change. You cannot resist the future; you must only embrace it. In addition, as we’ve seen lately, the present can change course quickly. This is why adaptability is such an important leadership trait. I have no idea how long it will take us to dig out of the economic challenges related to the COVID-19 situation. Anyone who speaks with certainty about when this will end is misleading themselves and others. Until we have a cure, all bets are off.
Sometimes, all we can do is ensure a strong foundation and prepare for what comes next. Of course, we must navigate the status quo and ensure that our organization stays afloat. All of this will inevitably involve some tough but necessary choices. You may have to dig down deep within yourself to find what’s needed. Planning for uncertainty is much different than dealing with market stability. It requires more thoughtful decisions and smarter actions. Passivity is dangerous. The right intentions will be critical to your success. I recommend that CEOs take the following eleven actions to ensure the long-term sustainability of their organization:
- Manage your cash flow aggressively and exercise prudence when considering additional investments. Preserve some level of discretionary capital.
- Be aware of your debt levels and avoid creating a debt trap that will be difficult to escape in the future. You should feel confident that you’ll be able to pay back whatever you borrow sooner rather than later. At times, it’s preferable to withdraw rather than persist in the incorrect conflict.
- Invest in your current staff’s skills and look for new talent. Strive to be a magnet for the best talent in your industry.
- Clarify what constitutes quality, efficiency, and effectiveness within your organization. You cannot communicate these concepts enough.
- Ensure you’re fully leveraging the skills and capabilities of your leadership and management team. The good ones will appreciate the opportunity to step up. The not-so-good ones will make themselves known as well.
- Ensure your company values are even more prevalent and visible than usual. Look for opportunities to inject them into as many conversations as possible.
- Say “no” a lot more than you say “yes.” Prioritization and discipline are crucial at this time.
- Expand your professional network rather than limiting it—the more people you know who can help you, the better. And, remember, your networking success typically starts with you helping someone else first.
- Be very proactive with servicing your top clients. Search for opportunities to solve whatever problems are critical to their success right now, regardless of your own short-term benefit. Good clients have long memories.
- Be a positive and unifying voice inside and outside your organization. The world doesn’t need more people who can identify what’s wrong and make us feel bad.
- Manage your stress and prioritize your health. We don’t know whether this situation will be a sprint or a marathon, so be prepared to run both.
In my experience, a good CEO will always rise to the occasion, whatever that means. If it were easy, anyone could do it. Leaders must not allow themselves to wallow in the complexity of their challenges. Challenge comes with the position. Even mediocre leaders can achieve decent results in a bull market. When everyone else wants to retreat, you need to step up and press forward. The good news is that once we get through the worst of this, your organization will be stronger than ever. As is always the case, the CEO’s job is to minimize the downside and maximize the upside when it arises.
Are you ready?
