An Excerpt from You're in Charge — Now What?
Experienced CEOs identify the 10 common traps new CEOs face in their first 100 days:
1: Setting unrealistic expectations
When you’re a new leader, don’t try to do too much right away. The most universal trap for new CEOs is wanting to do so much so fast that you over promise and over commit.
2: Making rash decisions vs. analysis paralysis
In the first 100 days, new CEOs have more scope for taking action — but it needs to be the right action. In an environment that encourages prudence, beware of being overly cautious and doing nothing. It could result in missed opportunities and problems spiraling out of control.
3: Being a know-it-all
The danger of know-it-alls is that they don’t know what they don’t know. One leader who returned to the company as CEO after an 18-month hiatus said she made a conscious decision to assume she knew nothing: “I believed that, before I made my own determination about what had changed the most and the least, the right thing to do was to be intentionally quiet.”
4: Living in the past
While your track record may have earned you the CEO role, don’t assume that what worked before will work in the new organization. Likewise, don’t be trapped into adopting your predecessor’s budget. You need time to assess the talent and resources you’ll require to pull off your agenda.
5: Becoming trapped in an ivory tower
CEOs who surround themselves with eager-to-please, like-minded thinkers risk not seeing the larger perspective. You become surrounded by people who want to make you happy, and you don’t often get the nuance of what’s going on. If you don’t fight against isolation, you will be isolated.
6: Stifling dissent
One of the traps new CEOs face is the possibility that they’ll smother discord and create an environment of fear. In such an environment, only the mediocre survive as talented employees head for the door. Stifling dissent can cost you some of your most gifted staff members.
7: Falling prey to savior syndrome
It’s a serious trap to try — and believe you can — do it all alone. As one CEO pointed out: “You can lead, but ultimately it is the people in the company who have to deliver.”
8: Misreading real power sources
Don’t ignore the unwritten rules that delineate who really holds the reins. Sometimes a board can appear to give you a mandate, but if true power lies elsewhere, don’t try to do too much too soon. Gauging the true source of power is critical in the early days, but it’s also important to refresh your assessments as you move forward.
9: Picking the wrong battles
Selecting the wrong priorities and concentrating on the big things at the expense of the little things is a common mistake.
10: Disrespecting your predecessor
One of the most common mistakes is to blame your predecessor for everything that’s wrong. It’s important to remember that many there when the new CEO arrives worked for the old CEO, and might still feel some degree of loyalty.