It is a scary place, no matter how much you have worked and trained for it, suddenly you are the man (or woman) everyone is looking to for the cues they will use that drives behaviour and ultimately results.
No person can do everything, but every leader needs to tell those around them what is important, and in every business, there are always 5 things worth putting on the table as your priorities.
Cash flow.
Cash is the lifeblood of every business, without it, the business is dead. Too often I see little or no attention paid to the cash that flows into and out of a business, the leader relying on the monthly P&L for the financial feedback. Cash flow and the P&L are different, they give a different picture of the health of the business. Both are essential, but neither gives a full picture of performance without the other. However, failing to actively manage your cash is akin to going swimming in the Alligator river.
Hire the best people you can find.
The mark of a great leader is to find engage and motivate people who are better than they are, even in their areas of strength. Delegate the things you do not like to do to someone who not only does it well, but who you can trust to give honest and considered feedback.
Focus.
Focus relentlessly on the manner in which the organisation delivers value to customers, and secondly on the development and deployment of the capabilities necessary to ensure that value is sustainable because it is able to evolve faster than the surrounding competitive environment.
Build a management rhythm.
Every business has a rhythm that dictates the order and importance of jobs to be done. In my experience, starting with the macro, and working progressively to more detailed reporting and task allocation ensuring extensive feedback and adjustment loops along the way is the most productive and efficient way.
Embody the culture you want to build.
The only person who can really change the shape of the culture in a business is the person at the top, so it pays to be very explicit about the culture you want to build. You need to talk the talk, while walking the walk, and be able to do both without faltering, and with absolute consistency, in even the tiniest detail. We have all heard the quote ‘Culture eats strategy for breakfast’ by Peter Drucker. It remains absolutely true, and do not forget it.
Good luck, and have fun and build lasting personal relationships with those around you, after all, you only get one life.
