10 Most Important Lessons I've Learned as a CEO

I'm approaching almost three years as the President and CEO at Galco , and needless to say, we weren't immune from dealing with COVID, supply chain constraints, and constant change.

But those challenges are what make this industry fun and challenging.

We have taken on many projects including a new warehouse, a new product information management system, a new enterprise resource planning system, new eCommerce and digital marketing platforms, an almost all-new leadership team, and the acquiring and selling of companies. 

Taking this look back on where we've been, and where we are going, has made me think about what valuable lessons I have learned along the way:

Have the Right People on Your Team

Having the right people and work culture is the number one ingredient to being successful.

It may sound cliche, but one bad apple really does spoil the whole bunch.

You have to make tough decisions. How an executive team gets along matters. While it is important to have people who can perform the functions of the job, I have learned that the more important quality is people who make substantial contributions to the organization positively.

Intelligence is key, but emotional intelligence is the secret sauce. 

Practice What Your Preach

If you expect certain characteristics in people, you should be someone they can emulate. The adage, "Do as I say, not as I do," is a recipe for disaster. It is important to model the behavior you expect to see.

I must also demonstrate trust and confidence in my team's ability to work independently and be accessible for support and guidance when needed. 

Feedback Is a Two-Way Street

My motto is this: You can say whatever you want to me, but it works both ways. Yes, you need to hear it, but you also need to give it.

Never underestimate the growing power of feedback. Being involved in the process of honest two-way feedback propels growth, demonstrates leadership, and nurtures "employee satisfaction, which is directly linked to increased productivity."

It has helped me to provide insight, improve behaviors, increase self-awareness, and reduce blind spots.  

Communication Is Key

I'm not saying that you should communicate. I think we all know that.

Rather, I am talking about what you should be communicating. All of your employees should understand how their individual positions relate to the success of the company.

In my case, our success is directly related to the customer experience.  

In meetings, I communicate to employees that just because you're not dealing directly with or servicing directly the customers who make our company grow, you're servicing someone who is dealing with the customer directly. This is the what that I communicate. 

I have learned that having a clearly communicated company philosophy also empowers employees to make decisions and provide solutions that improve performance. 

Problems Begin and End With You

Every problem begins and ends with me.

I have too often sat in board meetings where CEOs go out of their way to blame others for the company's problems. At the end of the day, I am running the company, and the buck stops there.

I never sell out my team to the board for a business problem. I need to come up with solutions to fix it. That is what they pay me for.  

Telling vs. Leading

I'm failing if I have to tell everyone what to do.

This was a hard lesson to learn in the beginning. I would see a problem and want to jump right in with the solution. I quickly realized that was a recipe for disaster. 

I needed to help my employees grow in their careers and to find answers on their own. 

If I could instead ask questions that were thought-provoking, that would make them think about how to solve problems. That made them feel more inspired and, in the end, made them more successful. 

Managing Remotely

There are many days that I work remotely, and many days of traveling to visit customers, suppliers, and industry conferences, so it's important to define my priorities and focus on the most critical tasks that align with the company's strategic goals.

I have learned to set boundaries and use the right tools and technology to facilitate collaboration and teamwork.

Regular check-ins with employees and using project management software can also help ensure everyone is on track and aligned with the company's goals.

This can all exist in a virtual world. 

While some of the how has changed, what I ultimately do, work with employees to arrive at innovative solutions that are aligned with the company’s mission and vision, hasn’t. 

Trust Your Gut

Decisions aren't always the result of processing the facts or analyzing the data.

Often, the critical decisions that need to be made are the result of my understanding of what is best for my company because I understand its position, movement, and progress in relation to what is happening within the markets it touches.

Besides, a multitude of examples won't change your opinion, you will hit a point of diminishing returns.

If you know, make the bold decisions.  

Take Risks

Along those same lines, I have learned that I know my company, and I have learned to trust that I do. When you sense that an investment will benefit your company, take risks if financially able to do so.

That is how you make big rewards. I know that I might not see those dividends overnight, but what I do see is the benefit of the investment today for all the stakeholders in my company. 

Never Stop Learning

Always continue to learn.

This goes along with practicing what you preach, participating in two-way feedback, and telling versus leading.

Demonstrate that you are a learner, too, and lead as one who understands the value of diversity of thought open to new ideas and solutions.  

Socrates said, "The only true wisdom is in knowing you know nothing." This philosophy keeps you teachable. You cannot and do not know everything.

That's why I surround myself with the right people and I listen.

Conclusion

The one common theme through all these learnings is around people.

People make the difference,.

I have a responsibility to foster a culture that empowers and inspires their success.

As Henry Ford said, "If everyone is moving forward together, then success takes care of itself."  

Remember, you might be in the top job, but you don't run the company alone.