Nick krest - key concepts for every ceo
- 1. Nick krest
- 2. The CEO, with the help of a board or a subcommittee of the board, and perhaps some outside advisors, can identify the weaknesses that challenge the CEO’s leadership competency. In listing those weaknesses and their internal and/or external ramifications, a development plan can be put in place to increase the CEO’s competency in areas of weakness, measure results and return the CEO to a level of confidence that the right person is driving the bus.
- 3. Every organization has areas for improvement. Meeting with people at every level and asking the right questions will help you identify these issues. By talking with people at various levels of the organization, you will gain insight into decision- making processes. It can be helpful to aggregate and categorize this information to more clearly understand organization-wide versus unit-level issues. Surveys can help you get the right information and enable you to measure and articulate key challenges in a non-controversial way.
- 4. It is no small feat to align behaviors, organizational design, compensation, and goals across a firm. Leaders must agree on the mission, vision, and values of the company. Once there is consensus, you can communicate the company’s purpose, direction, and values to your employees. This mission statement will serve as the foundation on which every other alignment effort will be built. Then you must choose an organizational design to support internal communication and collaboration.
- 5. Quickly identify the worst and best performers and cultural supporters. This will require you to follow your gut, even when it means evaluating talent differently than your colleagues. Removing the worst performers and replacing them with the best talent will improve standards across the organization. Give resources to the best talent already in your organization to maximize their impact and ensure their voices are heard. With a solid talent base, you can focus on training them and providing them with opportunities to lead.
- 6. Involvement in the development of the strategic plan, budget plan, operating plan and project plans gives you the ability to channel resources to the most important efforts. The strategic plan describes what needs to happen over the next 3–5 years. The budget plan will help you identify where funds can be reprioritized to back the most important projects. The operating plan unifies all departments and should include an IT budget to improve efficiency. Project plans help ensure each unit is working towards firm-wide goals.
- 7. Feedback loops for each process help your organization continuously improve. Identifying waste or unnecessary work will free up resources. Rewarding employees for removing bottlenecks, over-production, and poor prioritization will help create a culture of continuous improvement. Monitor key metrics to understand if goals have been met and improvements are effective.