As we began working on a new marketing project that required an understanding of the values that drives CEO in leading their organization we decided to try LinkedIn Q&A. Our question was this:
“I know that generating revenue and creating profit are probably top of the list but what else motivates the #1 person in a small to medium size firm?”
We received 23 answers from a global audience. Some backed up our original thoughts that safety, security, prestige, recognition are as important as revenue and profit to the CEO. Some were surprises – some reinforce the obvious. They went from self-serving to altruistic – from flowery to cryptic. Here’s a recap.
This one is the most basic:
Motivation #1: chance of experiencing great pleasure or reward Motivation #2: chance to avoid doom, demise, disaster and failure
They are the stewards of the companies relationships with all of their stakeholders, not just their investors butrelationships with customers and the broader marketplace, with employees, with government and regulatory agencies, with society as a whole, etc.
Culture – Employees
CEOs must have their finger on the pulse of their employees’ perspectives and misgivings and they must be included in the fold of decision-making. In doing so a culture will be ingrained within the workforce that will organically allow any firm to achieve its strategic objectives.
“Good” CEO’s think about their company’s viability and finding and keeping good people
Retaining and hiring the best talent at all levels of the organization, which includes succession planning
CEO has to ensure the Organization is Future and Positive focus oriented
…More than making profit is ENCOURAGE / TRAIN / APPRECIATE.
A golden parachute and their next CEO position, both of which are dependent on their reputation.
…Looking for a plan on how they can exit their business and start their retirement.
Revenue or profit
“I am yet to find any CEO (living or Dead) who thought beyond these 2 categories. Oh yes, there are many wonderful, colorful, ethical garbs, which are adorned by these CEOs to fool around.”
What drives the CEO might very well be the same thing that made the CEO start his or her company. And that widely differs – could be a vision of a better world, desire to be a great boss, money, power, fame and a lot of other things.
Business – Capital
The 3 most important things are cash, cash and cash.
Industry trends and competitive intelligence!
Products and Customers
Safety & Security (This category came up more than expected)
Regulatory risk including compliance and tax liability.
Investor’s capital needs to be safe guarded to build upon later.
…Awareness of legal changes & challenges, regulations.
Well, what do you think? As you build your business isn’t it important to define several value you can measure success against as you lead your firm? Open a comment below and share your thoughts.