Published on: Thursday, December 16, 2010
Why You Should Care about a CEO’s Sleep Patterns
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Like many, chief executives are tossing and turning at night, worried about the issues we identified earlier this year in our annual
Executive Job Market Intelligence Report:- Economic uncertainty
- Consistent execution of our business strategy
- Balancing the demands on my personal and professional life
- Achieving my personal work-related goals
- My pay will not increase
While it may be true that the higher the thread count on the sheets, the bigger the troubles, the reasons those CEOs aren't sleeping are still of consequence to you.
If you're currently employed, understanding what's on your CEO's mind will better align you with the company objectives and help drive your performance. If you're in job search, the best way to figure out how to land a role in your target company is to know the problems the CEO faces and then present yourself as the solution.
There was a rich discussion recently in
ExecuNet's General Management Roundtable, a private community where senior business leaders exchange ideas and get feedback, about the daily challenges, discoveries and experiences of the CEO and how they're handling life at the top of the org chart. Here are excerpts of what these members said keeps them awake at night:
- Product innovation, including redefinition of the commercial business model
- Sales, including profitability growth
- Operations excellence, including collaborative partnership strategy
— Founding Partner, life science
- End-user customer satisfaction, and increasing customer value (real and perceived)
- Elimination of waste on a daily basis
- Striving for perfection: Value stream mapping and continual improvement of every operation and process
— CEO, consulting
- Controlling costs and improving profitability
- Cash flow management
- Continued economic return to prosperity
— CEO, non-profit
- People: Do we have the right skill set to meet the challenges in the markets we operate in? Have we managed our human capital wisely to address our future?
- Process: Have we done a good job at analyzing our business and devoted enough time to look for things that may go wrong and have a contingency plan to address them? Continuous improvement is a cultural strength, but results must be exhibited.
- Products: Are our costs, marketing and sales effort appropriate to the situation? Are we spending enough on new product development and do we have a firm grasp of the market dynamics?
As a CEO it is easy to get caught up in all the detail that can rise to your desk. Having a good process to make sure that plans are communicated within the organization, that tactical decisions are made at the right level within the framework of that plan and that regular checks are made on plan is the best defense for the sleepless nights.
— CEO, consultingAlbert Schweitzer once said that example was leadership. Thus, the biggest concerns of a CEO should be directed towards the example that they themselves set for the company. If the leadership example of the CEO matches his or her rhetoric, then the company and its market position and value can only improve.
- Are they doing the right thing? Are they promoting a culture of ethics and integrity? And are they focusing laser-like on the essential things that need to be done to make the business stronger in the long-term?
- Are they building a winning team in the company?
- Are they promoting a customer-centric organization?
— President, industrial manufacturing
- Are we improving profits?
- Are we growing volume?
- Are we hurting anyone or anything?
— CEO, defense/aerospace
- A CEO worries about doing the right thing
- A CEO worries about the company 100 years from now
- A CEO anticipates the future and ensures the company is ready to receive it
- A CEO never forgets who got him there but always remembers that his loyalty is to the future
- A CEO is a very lonely job
— CEO, real estate/construction
- What do we need to do to increase the value of the business?
- What challenges might we face that will prevent us from achieving the vision we have established for the business?
- What are we missing and why?
Too many executives focus on "how" to do things without understanding the "why" and "what" that needs to be thoroughly examined. "How" is tactical; "why" and "what" are more strategic. If a CEO is focused on tactical issues, the business is probably going to suffer severe consequences at some point due to the company not being prepared for the inevitable changes in market and/or customer conditions.
At the end of the day, a CEO's responsibility is to increase the value of the business which leads to all kinds of wonderful opportunities related to the people side of the business. If you are not thinking about change all the time (whether you actually do or not), you are going to be left behind and the value of the business will suffer.
— CEO, computers