23rd Jan , 2019
Organisations must put sufficient time and effort into appointing the right CEO. After making this substantial investment, it’s important to provide the CEO with strong ongoing support coupled with a rewarding package that encourages them to succeed for the business. As the role is demanding, even an experienced CEO should receive support in the form of business mentoring programs or CEO mentoring.
The organisation should look strategically ahead at the CEO’s development as well as their succession plan. The hiring, firing and succession planning of a CEO is complex and often requires specialised expertise.
Whether it’s a board that oversees the CEO’s appointment, or the owner who appoints the CEO, critically the hiring process must produce the best possible candidate for the position. The CEO is absolutely crucial to delivering the short and long-term success of any business. Additionally, if business owners themselves are to be the CEO, they need to be realistic and ensure they are adequately skilled in order to perform this vital role.
CEO mentoring is a worthy investment when the role of a CEO is considered. The CEO is the most senior executive in charge of managing the organisation. This is true for listed companies, private companies, not-for-profit organisations, government bodies, and various other businesses.
The CEO reports to the board (or MD, business owner or shareholders) and is responsible for meeting the strategic objectives of the business and its performance. For businesses, this will include maximising the value of the business, be it through the share price or maximising shareholder value, cashflows and profits. In the not-for-profit sector, the responsibility differs in that the modus operandi is to meet the specific mission and values of the organisation. In all organisations, the CEO must provide strong leadership and have appropriate experience to run the organisation.
The CEO reports to and advises the board or owners who will determine the limits of the CEO’s powers and responsibilities. The CEO then drives the organisation to achieve the desired strategy and outcomes, as well as overseeing employee training and performance, making key decisions, and having responsibility for operations, marketing, HR, business development, finance, and regulatory and policy compliance. With all this responsibility, it’s crucial for business mentoring programs to be available when support is required.
At International Business Mentors, we individually match business mentors or business coaches with CEOs depending on the desired background, experience and level of skills. Dealing with individuals in a broad range of business industries, sizes and structures means one size does not fit all. Furthermore, some CEOs require assistance in a range of areas, whilst others may be more specific in their requirements or only desire a confidential sounding board.
Today’s CEOs are under great pressure to reduce costs, deliver growth, keep up with compliance issues, manage technology and cyber security, and work on sales strategy and delivery. Most top CEO performers are constant knowledge seekers, but they can’t be master of everything. Fortunately, they can engage business mentors to help them in areas where they may be lacking. Open mindedness assists CEOs to improve their own business performance, giving them an edge.
CEO mentoring can help CEOs with:
It’s often stated that it is ‘lonely at the top’, and this is particularly pertinent to CEOs, senior executives, directors and business owners. Whether you’ve recruited a new CEO externally, are appointing from within the organisation, or have an existing CEO, they all need to be supported with a fresh set of eyes and the right business mentoring programs. To learn how an experienced and well-matched business mentor from International Business Mentors can provide assistance, contact us today.