Editor’s note: This article was first published in September 2010. “The crisis” refers to the 2008–2010 financial crisis, and the remark that most countries are adopting the US financing model reflects that period.
The rules of the game are changing, and companies need real leaders. Now more than ever, the titles or qualifications you hold matter less than what you can do with your knowledge. So what does a company look for in its executive or CEO?
1. Expertise in the industry.
This quality isn’t essential, though it’s highly valued. A CEO who has led companies in different sectors to success will certainly be welcome to try again in another one.
2. Strategic vision.
Strategic vision of the company’s market is absolutely essential. That quality has made the difference between the companies that failed to cope with the crisis and those that have come out of it stronger.
Finding new markets and new business opportunities is something highly valued in a good CEO.
3. Motivating and inspiring employees.
A company is a team in which no single person can do all the work alone. A true leader must motivate employees towards a common goal: the success of the company. Only someone with the right attitude will earn more than the respect that comes with the position and become an inspiration to their followers.
4. Putting customer satisfaction first.
A company without customers isn’t a company, and a good CEO must know that keeping customers happy gives the company a good reputation and, therefore, brings in new customers. The leader must focus all of the company’s work on improving its products and services so that customers are fully satisfied.
5. Building strong teams.
When a company has to bring in new staff every six months or every year because workers are jumping ship, it’s a sign that something is wrong with the crew. A CEO must pay attention to the needs of their workers, whether financial or in terms of personal growth within the job.
If an employee knows they’ll never be promoted, they’ll end up looking for another job. And if a company doesn’t promote from within, it’s a sign that it isn’t growing or that it fills positions of responsibility with outside candidates. Either way, workers end up leaving.
6. The capacity to take risks.
Risk in a company begins the moment the decision to open it is made. Any decision to change something carries a risk that has to be accepted. As we’ve said many times, risk always exists; you simply have to be able to take it on. Once you accept risk and face up to it, you tackle it with greater strength.
7. Creating value for shareholders.
In most countries, the US financing model is already being adopted: it relies on private financing and on capital increases, funded by private investors, to pay for expansion.
Companies want to know that, when the time comes and they need to raise capital, they have an executive whom private investors trust.
These are the qualities a company looks for in its executive, CEO or leader today.
In short: A company wants to grow, and it needs someone who can lead it into different markets and see its expansion plans through.
Further reading
- Hiring a leader for your business: the qualities of a good boss
- How to run a small business in times of crisis
- 5 ways to grow your business
- How to rescue a business when things go wrong
- The entrepreneurial mindset
Featured image: Rawpixel Ltd, CC0 1.0, via Flickr.
