South Africa is gearing up for significant reform within the business sector. With the addition of new ministers who will be taking the reins to rebuild our economy, President Cyril Ramaphosa has created new portfolios that will add support to specific business sectors.
This reform is a testament to Ramaphosa’s promise to allow the private sector to play a more active role in rebuilding the economy. The ball is now in the court of executives, who are expected to step up and contribute to this national effort. But what happens when these executives have regrets? This was the focus of a recently published article on Forbes.
Prioritise speed and boldness
The article points out that more than half of the respondents to a Forbes, particularly women, regretted not being faster and bolder in setting goals, championing initiatives and decisively acting. As a former fashion industry CEO noted, new executives have a short window to avoid being trapped by the status quo. They need to seize it.
What other advice did respondents offer?
- Push against the grain so you don’t “regret listening too much to the establishment.”
- Have “the power and courage to say no” when faced with seemingly impossible missions.
- Act with resolve and be wary of compromising on critical decisions.
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Create better teams
C-suite executives accept the ultimate responsibility of leading and shaping their teams. Many respondents said they wish they had done more in this regard, such as telling team members “how important and appreciated they are,” acting more quickly to remove underperformers and detractors, and better grooming and developing a suitable successor.
What are the main lessons?
- Build energy for your agenda by praising the behaviours that you want to see more of.
- Prioritise succession planning so leadership team members are well prepared to continue what you started.
- Move quickly to graciously exit colleagues who are not the right fit.
Build deeper relationships
It’s tempting to imagine that an always-on-the-job CEO will deeply regret not spending more time with family. However, it was much more common for leaders to mourn failed professional relationships. One leader said, “I regret never getting all my senior team to be fully on board and supportive of my leadership.”
What does this mean in practice?
- Get to know your executive team better and more deeply, and bring them together more often.
- Don’t hide in the C-suite. Spend meaningful time with staff and customers.
This is especially important. Research from Harvard Business School professors Michael Porter and Nitin Nohria shows that CEOs spend just a tiny fraction of their time with frontline employees and customers. Respondents suggested that such isolation builds walls rather than bridges.
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Be true to yourself and your values
C-suite executives’ careers are seemingly deliberate—typically, it takes years of focused hard work to get to the top. Yet 40% of respondents wished they had been more thoughtful and truer to themselves when shaping their careers. One CEO regretted “not having chosen another position” altogether, another regretted not leaving his company years earlier, and another regretted not better-balancing work and life.
So what is the antidote?
- Set aside regular time for self-reflection to consider if your current path aligns with your long-term goals.
- Use coaches and mentors to combat the loneliness at the top.
- Make your physical and mental health a personal and business imperative.
For those in leadership positions, the message from these C-suite veterans is to move quickly and boldly, create a team that works well together, build relationships that are both broader and deeper, stay true to yourself, and ask yourself regularly: Does the decision I am making reduce the probability for regret later?
Taking a fresh approach
As business executives, we tend to internalise challenges, struggles and failures. Would a better approach not be to talk openly about these issues? Will it help?
This fresh approach will allow executives to refocus their attention on critical issues and to improve their skill set to manage their regrets and learn from their mistakes enough to improve themselves.
