I am a leader but I don’t know what I don’t know- what other skills do I need? Operations Management
A CEO that I am currently working with has identified who they would like to be their successor. They then asked me how would they go about identifying what her current skills are, and what the gap was for the skills that she would need for a CEO. Why would they want to do this? Because they want to spend the next 12 months developing these skills to ensure that they set her up for success. The following are the areas that a CEO needs to understand, be able to do, or they need to surround themselves with the right people to be able to do these things for them:
- Operations Management
- Financial Management
- Sales & Marketing
- Information Technology
- Innovation and Commercialisation
Operations Management includes the ability to do the following:
Operational Planning – this is the process of planning strategic goals and objectives to goals and objectives. It describes milestones, conditions for success and explains how, or what portion of, a strategic plan will be put into operation during a given operational period, in the case of commercial application, a fiscal year or another given budgetary term. An operational plan is the basis for and justification of an annual operating budget request.
Position Mapping – position or product mapping determines and shows where the business/product stands in relationship to the other competitor’s business/products via a mapping process.
Key Performance Indicators – are a set of quantifiable measurements used to gauge a company’s overall long-term performance. KPIs specifically help determine a company’s strategic, financial, and operational achievements, especially compared to those of other businesses within the same sector.
Managing Outcomes – means defining organisational goals, rigorously measuring performance against those goals, and then continuously managing the organisation in line with those goals and measures. It means that organisations have the right information to respond and make better decisions to improve program design and delivery in a timely manner.
Managing Meetings – an effective meeting is one that brings together a select group of individuals for a specifically defined purpose to discuss and share information in order to reach a tangible result. The result may include the creation of a plan, a list of brainstormed ideas or a decision about a pressing issue. Managing effective meetings can lead to greater productivity in the workplace and more engaged employees — whether the meeting involves a few people or the entire company.
Managing Internal Communications – this is about providing an effective flow of information between an organisation’s departments and colleagues. This applies both up and down the management/employee chain. It also works among employees who are interacting with each other in the company.
Project Planning – Project planning is a discipline addressing how to complete a project in a certain timeframe, usually with defined stages and designated resources. One view of project planning divides the activity into these steps: setting measurable objectives, identifying deliverables, scheduling and planning tasks. Supporting plans may encompass human resources, communication methods and risk management.
Project Management – this is mapped into process groups and knowledge areas. The five key process groups are initiating, planning, executing, monitoring and controlling and closing. Most processes that we can think of will fall under these five basic processes; for example, in the construction industry, budgeting, costing and estimating falls under planning.
Dealing with Suppliers – Supplier Relationship Management is the process of planning and managing all relationship with vendors that supply any products or services to a business. This may involve raw material suppliers, utility suppliers or cleaning services suppliers. It is important to manage these relationships so a business can ensure the efficient supply of products and services for the company.
Managing Clients – Client management is the process of overseeing and coordinating an organisation’s interactions with its clients and potential clients. Note that “clients” and “customers” can be different, in part based on how and what they buy from a company.
Managing Strategic Partnerships – Successful partnerships often create a formal alliance management process that incorporates some form of alliance integration, management, negotiation and assessment. Self-assessment and partner assessment is critical, and needs to be built into the overall process.
Conflict Resolution – is the process in which two or more parties work toward a solution to a problem or dispute. The parties involved work together to achieve a solution that solves the problem in a way that is productive.
Employee Management – is a process that helps your workers perform at their best and achieve your business goals. It’s a holistic process that covers almost everything related to human resources such as new employee recruitment, payroll management, performance management and more.
Managing Resources – Resource management is the practice of planning, scheduling, and allocating people, money, and technology to a project or program. In essence, it is the process of allocating resources to achieve the greatest organisational value. Good resource management results in the right resources being available at the right time for the right work.
Policies and Procedures – a policy is a set of general guidelines that outline the organisation’s plan for tackling an issue. Policies communicate the connection between the organisation’s vision, values and its day-to-day operations. A procedure explains a specific action plan for carrying out a policy.
Workplace Improvement Programs – Continuous improvement is a strategy that keeps a company’s focus on improving the way they manage business functions. Leaders may set small goals to achieve each month, in addition to quarterly and annual goals. It keeps the company moving forward and building momentum.
Health and Safety Management – a workplace health and safety management system is a set of policies, procedures and plans that systematically manages health and safety at work and can help to minimise the risk of injury and illness from workplace operations.
Contract Negotiations – this is the process of coming to an agreement on a set of legally binding terms (here, we’ll focus on negotiation between two companies). When two companies negotiate, both parties seek to obtain favourable terms and minimise financial, legal and operational risk.
If you would like to have someone in your team assessed against our CEO Self Assessment, please contact Corinne directly.