What Keeps CEOs Up at Night
Ask an organizational president or CEO what keeps them up at night and you might be surprised with the level of transparency in the responses you receive. After all, presidents and CEOs are supposed to be amazing leaders and any admission of worry could be seen as a weakness or lack of focus.
If you do find a few who are comfortable enough to honestly answer the question – you might notice common themes in their answers. Things like staying ahead of the competition, retaining talent, and meeting the revenue growth needed for the organization.
My answers are slightly different . . . and in full transparency, here are the three things that often disrupted my sleep during my time as president and CEO of two organizations:
1. Cash flow and meeting payroll – Having money in the bank – or cash on hand – can be a big worry especially for smaller organizations. And being dependent on one or two primary sources of income is frightful because it doesn’t provide enough certainty in predicting cash flow. Even with dedicating time to diversifying the business/revenue model – which can include adding new services, expanding services to existing and new clients, and re-evaluating price structure – being able to create a predictable and repeatable cash flow takes time. So, there were many early mornings spent cash flow mapping – in preparation of meeting payroll demands – instead of sleeping.
2. Carrying the success of others – As a president and CEO, I felt responsible for helping others achieve success. Yet on any given day, other distractions kept me from delivering my best self to my teammates. My “less than the best self” often took the form of rescheduling one-on-ones, shifting deadlines, and postponing team outings/celebrations. All of which resulted in huge amounts of guilt that I’m still working through.
3. Skating to where the puck is going – Hockey legend Wayne Gretzky once said the reason for his success was that he skated “to where the puck is going to be, not where it has been.” Yet predicting the future is always risky and riddled with uncertainty. Being a president and CEO was challenging at times in making sure the organization is prepared for whatever the future may bring. Preparing for these scenarios required courage and being comfortable with the uncomfortable and I regularly underestimated the amount of tension and disagreement these efforts created. My good friend Dr. Mary McConner once told me that the “journey to the change is more important than achieving the change itself,” and I firmly believe that Mary is right.
Being an organizational president or CEO is a rewarding experience and will teach you so much about yourself. Plus, there’s nothing wrong with caring about your work and wanting to deliver your best – even if it wakes you in the middle of the night. There’s no weakness in that!
What keeps you up at night?