I became CEO of Surety Bank in 2009. Becoming the executive leader of this bank has been a privilege, but as in any organization, there is a learning curve for leading people and doing it well. Below are five things I wish I knew in the beginning.
Get comfortable with the unknown. There is no road map when you are CEO, you have to create your own. I learned this lesson as I took the helm of Surety Bank in the midst of the worst financial crisis our country had seen in decades. There was no obvious path forward so I had to trust my instincts and my team and blaze a path for my company.
Be flexible. I love a plan as much the next guy, and I think it’s responsible as a leader to plan as much as you can. But realistically, planning is simply guessing what will happen next. Things rarely go exactly to plan, so a great leader needs to be flexible and ready to change course whenever it is necessary. Once you actually get down to business, what seemed probable in the planning phase rarely reflects the road ahead of you.
Start executing your ideas immediately. As CEO, you may have a clear vision for the future of your company, but if you keep all of your plans and ideas floating around in your head your business will never go anywhere. Write them down and share them with your team so you can begin to see movement in the areas that need it most.
Look for inspiration and ideas outside of your industry. I credit the inspiration I’ve gotten from outside the banking industry for driving our high ROE. If you only look at the businesses in your industry for inspiration, you’ll continue to have the same results as they do. By seeking out new inspiration, you can push your company to be more creative and innovative than your competitors.
You will never have everything you think you need. Products that are produced with limited resources have a better chance to thrive. If your next great idea can only be executed with X employees or X amount of money it’s not a good idea.
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