Advice for CEOs

Emerging growth companies must climb a steep hill to penetrate their market, grow revenue, and attain profitability. Setbacks, disappointment, and frustration are common occurrences. The company founder is driven by a vision — and by the upside that comes from owning some or all of the company. But most employees are only getting a paycheck — and the chance to get in on the ground floor of what they hope one day will be a fast growing company. Employee morale is an indispensable driver of a company’s success. It boosts confidence, commitment, and productivity. A drop in employee morale can quickly lead to disappointment and resentment — and an exodus of employees without whom the company can’t function. We asked Newport partners how successful CEO’s they know respond to setbacks.

Taking an organization into the future should not rest solely on the shoulders of a CEO. It requires the entire organization. To help make that happen, the CEO can shape the mindset of their team. Newport partners have helped organizations to navigate their way into the future. Here are their suggestions.

CEOs of emerging growth and middle market companies have many ways to get advice. But most of these approaches such as courses at business schools or all day seminars require time away from the office that many CFOs can’t afford. Imagine that you could have coffee with a group of 10 CEOs who are ready to share some pithy, hard won advice based on their many years of experience leading and building companies. Newport Board Group asked a group of our CEO partners what advice they would offer in this situation. Here is what they said.

One of the most valuable assets that everyone has access to is the mistakes you have made—if you can honestly assess the lessons they can teach you and apply them the next time you face a comparable situation. This principle is particularly true for CEOs, whose mistakes can hurt the future of their company, their employees and customers and even their communities.