Is your use of TIME your superpower?
To be a CEO….the stuff of dreams. Exciting, rewarding, influential. The pinnacle…..
But is it? It can be hard. It can be all-consuming. And it can be lonely.
One of the most significant questions for the leader of any organisation is where to focus their time and energy. A leader’s time is an asset, to be used wisely.
But time is finite. And there is an opportunity cost involved in any decision around use of time.
The last 15 months have caused many leaders to adapt the way they use their time at work, with a particular theme being the need to drop down into the ‘doing’ in some key areas. Many are now however realising the need to press the re-set button and ensure that they are focusing on the things that only they can do.
Satya Nadella, CEO of Microsoft, highlighted this really nicely when he said:
"As leaders, one of the things we sometimes confuse is all the things we should be doing, versus all the things only you could do.”
So how should you divide your time?
As ever, there is always going to be nuance to this, but a world-leading consultancy firm has recently published some very useful research on this, based on performance data they have collected over the last 25 years. Their database contains data from 7800 CEOs from 3500 public companies across 70 countries and 24 industries.
The piece goes into detail on the mindsets and practices of the best CEOs. Although most relevant to CEOs of large public companies, it’s arguable that many of the mindsets and practices they uncover also apply to CEOs of other bodies, including private companies, public-sector organisations and not-for-profit institutions.
The piece is framed through the lens of what they believe are the six main elements of the CEO’s job. Take a look below, see what you think, and reflect on whether you are making the best use of your time? Could you turn something that at the moment feels like a problem, into your superpower?
Setting the Strategy
This includes making the final call on the overall vision, deciding on a set of strategic moves, and the allocation of capital. The best CEOs reframe what ‘winning’ means, make bold moves early, and dynamically allocate capital to where it needs to be. As leader, do you allow sufficient time to focus on this key area?
Aligning the organisation
Much of this element involves rigorously managing all cultural elements that drive performance. Going back to Satya Nadella, he argues that this element of culture is King, to the extent that he states in his brilliant book Hit Refresh that CEO should stand for ‘Cultural Executive Officer’. As only the third-ever CEO at Microsoft, and with the significant challenge he had ahead of him when he took on the role, he stated at the 2015 AGM that:
“Our ability to change our culture is the leading indicator of our future success.”
Managing the Top Team
The dynamics of the top team can strongly influence an organisation’s success. So the CEO should take time to ensure that this team performs strongly as a unit, with members able to put the company’s needs ahead of their own interests through pursuit of a common vision. Diversity, and strong processes, help to defend against biases in decision-making at this level.
Working with the Board
The Board is a strategic asset to the organisation. Unfortunately too many CEOs see it as a ‘necessary evil’. A key part of the CEO’s role is to help the Board to help the organisation. Focus on the relationships beyond the meetings, help develop a forward-looking agenda, and ensure you have influence over the make-up and onboarding.
Being the Face of the Company to External Stakeholders
Consistently articulating and championing the purpose of your organisation is a key responsibility for a CEO. Take time to prioritise and shape your external stakeholder interactions. And be prepared: you know shocks and unanticipated events will happen - make sure you have a playbook to ensure you can get on the front foot.
Managing your own Time and Energy
A personal favourite of mine, as not only has it been particularly important over the last year or so, but it’s one that in my experience most CEOs undervalue. Plenty of research shows that many CEOs are beset by irritation, frustration, loneliness and exhaustion. Whilst you may not be able to escape these emotions entirely, you know that you will serve your organisation better by taking command of your well-being. Establish gate-keepers that understand your priorities. Only involve yourself in work that only you can do. Plan in regular breaks. Think marathon not sprint. One way to help with this is to reflect proactively about your leadership - what do you stand for, what do you want others to say about you as a leader? What do you want your legacy to be?
I really hope this piece prompts you to reflect on your use of time: have you got this right? Is this a weakness for you? Can you turn this into a superpower?
Whilst your own list of categories might look slightly different, can you take each category, look at yourself in the mirror, and argue that it’s something that ONLY YOU can do?
If you would like to see a copy of the full article, please do get in touch on catherine@sportandbeyond.co.uk