Last month, I talked about the critical skills needed for an effective C-Suite. In addition to a broad cross section of domain expertise and well rounded individuals, I believe every executive needs to bring Seven Critical Business Skills to the table.
The three that led the list last month were: 1. Vision, 2. Drive, and 3. Problem Solving.
Let me finish the list.
- Prioritization. Executives need to have the organization focused on things that matter. There are numerous items that take up our time but being able to prioritize not only for oneself but for the organization is critical. The organization needs to work on items that will positively impact the bottom line.
- Delegation. Whether in a large or small business, no one person can do it all. It is important to be able to delegate and then step away and let someone else do the work. Recognize that they might not do it exactly as you would have done it. Ultimately, it is the result that counts and your job is to help them get across the finish line.
- Decision Making. Every day is filled with decisions . . . some big . . . some little. For a company to thrive, executives need to be able to process information and make decisions that are both timely and well thought out. I have seen executives who were considered decisive for the speed with which they made decisions, but their decisions lacked quality. On the other hand, I have seen executives that labored over a decision for so long that it was excruciating. Good decision making considers the information at hand, the time it takes to gather additional facts and is then timely.
- Communication. Last but by no means least, is the ability to communicate effectively both inside and outside of the organization. Executives need to be able to communicate their vision, rationale for decisions, and be able to motivate and lead those around them. They need to be able to sell their ideas both internally and externally.
As you think about your executive team, consider whether they each have the necessary Seven Critical Business Skills. Are members of the C-Suite well rounded and is all of the necessary domain expertise present in the C-Suite? If anything is lacking, the company will not be living up to its full potential. Identify any gaps and fill them . . . your future depends on it.
If your business could benefit from fractional CFO services, I would welcome the chance to speak with you. Please give me a call at (314) 863-6637 or send an email to
your cash is flowing. know where.®
Copyright @ 2012 Homza Consulting, Inc.