Hello, my name is Wayne – and I am a CEO.
Those three letters carry a lot of weight, both in business circles and on anyone's shoulders who bears the responsibilities resulting from the title of chief executive officer. Just as often as the acronym CEO evokes a positive response, a negative one is surely not far behind. The successes and failures of the businesses we run are directly attributed to our overt leadership capabilities, the perception employees have of our credibility and competency, and of course, the culture we foster through collaborative engagement or the lack thereof.
A simple Google search results in a multitude of articles full of advice related to the traits and actions a CEO must adhere to in order to be highly effective. As leaders, we certainly want to absorb as much positive feedback and direction as possible in order to improve our performance so that the company's performance mirrors it.
In my own research, I've yet to come across a CEO handbook with a universal checklist of steps one must follow, crucial personality traits to have or obligatory jargon to master that all adds up to the perfect recipe for efficiency and success. Why? Because every industry, company and collective mindset is different and thus requires different ingredients. In fact, I've found that advice from “newcomers,” a.k.a. the founders of successful startups, can be equally or more valuable than the wise words from “old timers” at the helm of multi-billion dollar enterprises.
So, where does that leave us? How can we as CEOs in the credit union industry effectively lead in 2016? Is there a particular recipe we should follow? I believe the most important thing any CEO can do is establish a good base, just like making a great soup from scratch. In my experience, the carrots, garlic, onion and celery of being a great CEO are adaptability, focus, resilience and relentless innovation.
One of my favorite business quotes is, “If you're not growing, you're dying.” It should be no surprise then that credit unions that become stagnant or complacent usually fail. A credit union CEO must adapt with the market and hire flexible employees. If someone presents you with a new idea or way to resolve an issue and your response is, “Well, that's just not how we do it here,” then perhaps you need to take a hard look at your rigid approach to leadership.
The second two ingredients, focus and resilience, tend to go hand-in-hand. If you have clearly outlined your strategic business plan for growth, focus on the benchmarks you need to reach in 2016 and don't quit until you achieve them. Along the way, you're likely to meet obstacles or even fail. An unwavering resilience to lead your team through failure to success is a vital trait of an exceptional CEO.
Lastly, CEOs must relentlessly innovate to stay ahead of our industry's competition. Credit union competitors take many forms, ranging from banks, to online and mobile payment platforms such as PayPal, to peer-to-peer lending firms and even alternative currencies such as Bitcoins. We mustn't simply remain relevant, we must work tirelessly to develop better technology and service offerings that will attract the younger, savvier generation entering the workforce – both as prospective members and employees.
This year represents an incredible growth opportunity for the credit union industry, and as CEOs we bear the responsibility of leading the charge and maintaining the momentum that has brought us to this point. I challenge each of you to take an introspective look at your style and strategy to see if adding a few new ingredients this year will make you a more adaptable, focused, resilient and relentlessly innovative leader. Take it from me – these traits will be the basis for the company culture you create, and ultimately the productivity of those working under your direction.
Wayne Benson is CEO for EPL, Inc. He can be reached at 205-408-5300 or [email protected].
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