The world is going through an economic crisis, and a lot of people are looking to the CEO of the day to fix it.
But while there are a lot to learn from the best, most effective CEOs, the CEO’s role in the company has long been a point of contention.
As CEO, the chief executive officer can shape the company’s culture and its business.
There are several key lessons to be learned from successful CEOs, from how to create a culture of shared responsibility to the most effective way to make money.1.
Always start small: In his book The Power of Less, author and investor Warren Buffett lays out a list of the five keys to being a better CEO.
“One is to set the goals that you set for yourself,” he says.
Secondly, he says, “you have to get the people who are working for you to set their own goals and then go about building the team that you want them to work for.”
The third key is to get rid of those who aren’t performing well.
“Don’t make a scapegoat of a lot or a lot you can’t control,” Buffett advises.
“Don’t have that attitude of ‘I’m just doing my job’.” 3.
Build trust: In a 2015 report titled How to make the most of your time at your current company, the McKinsey Global Institute’s executive director for global human capital, Peter Bostrom, laid out three key lessons for any CEO: “Trust your team and make sure you have good people on your team.
Don’t let people tell you what to do.
And be open to the feedback that your team needs to make sure it’s delivering on its promises.”4.
Understand your customers: A key lesson from Warren Buffett’s The Power Of Less is that “if you can be clear about what you’re selling, and how you’re going to do it, and where the money is going to come from, then it’s going to be much easier to sell it.”5.
Never oversell: Buffett advises against overselling, saying: “I’ve been around too long to have a theory of marketing that is not proven by experience.”
While we’ve got a long way to go to understand what is really driving business performance, the advice for CEOs to apply is clear.
“You have to take a risk and have a vision,” Buffett says.
“And if you don’t have a strong vision, then the vision is not going to work.”
If you’re ready to take that leap, we’ve compiled a list to help you understand what CEO training can teach you and to help make your transition into a leader.
Read more:CEO training for the dayRead moreThe most important thing to remember is to build trust, and if you want to be the next Warren Buffett, this is the time to learn how to do that.Read More