Annually since 2013 I have surveyed over 200 CEO’s across the USA, Australia and New Zealand to seek feedback on two key questions relating to what they have learnt and what challenges they feel they face over the coming 12 months. This creates a huge amount of information which takes some time to distil down to the key patterns that show up across all the replies. It is also a very interesting document to read because these busy business leaders have taken the time to reflect and answer the questions.
The trend over the last five years has been leading in constant change, the challenge of developing teams who have the resilience to thrive in uncertainty (created by constant change) and who can still achieve growth and a solid bottom line profit. There is much more awareness of the importance of a good culture of engagement and the need for governance, mentors and coaches to stay ahead of the crowd (competitors). I do note that the CEO’s surveyed tend to be those leading high performance companies that perform year on year despite market conditions and competitor moves so they are adaptable and already good at execution.
Question 1: What are the three biggest leadership lessons you have learnt in 2018?
- Culture & people have the biggest impact. Their skills, behaviours, diversity, ideas. The ability of our team/s to work together and to keep the clients at the centre of what we do in terms of high value products and services. No one can steal your culture.
- There is a need to move fast, make clear decisions & Execute. Know your numbers, focus, iterate the plan based on a good review process but stay the course to achieve success. Its less about the smartest ideas/plans and more about making important things happen i.e. executing.
- Trust yourself and your professional judgement. Back yourself to know the industry from your years of experience but be open to new ideas and ways. Make the big decisions, sleep on them, seek the best advice from those you trust & don’t over think it. But make good clear decisions, tell people why and then focus on making it happen.
Question 2: What are the three biggest challenges you will face as a leader in 2019?
- Finding the right people to allow the company to scale for growth. Recruiting, inducting, training and then being able to lead them well and retain the top people. It is tough to find the people with experience you need in many industries.
- Hitting growth targets in a tougher economy/market environment. There is a lot of change and uncertainty and in many markets there is more competition. Economic outlooks over the next 12 months are for a tighter market. The challenge of continuing to grow is very real.
- Taking time out to recharge. Finding time to rest, learn, study and have a good life balance when things move so quickly. There is more pressure to work longer hours and more days a week. The smartest leaders know it is a marathon and not a sprint so being balanced is needed to stay focussed, fresh and at the top of the game.
You can see the results of the 2017/18 survey here.
You can look back over a summary of the last five surveys here.
The lessons I personally learnt as a leader in 2018
I thank all those CEO’s who took the time to reflect and provide feedback.