CEOs are responsible for driving the highest possible performance results. Of course, this task is much easier said than done. Teams miss their KPIs and MBOs for any number of reasons. Sometimes, despite the strength of your leadership, you know your own expertise in making it better is limited.
So how do you get performance back on track fast? Skillful leaders are able to achieve results through their team the same way a good coach builds team performance by leveraging individual talents and filling the gaps. Sometimes CEOs and coaches feel torn about what to do when it comes to making tough calls on talent. Here are your options:
- Train: You can send someone to get the training they need to improve individual and team performance. It’s a good idea to develop the skills in your team, but this option takes a significant investment in time. In the months that it takes for this person to learn new skills, he or she might have the theoretical or academic understanding of how to solve a problem – but the person will still lack the the years it takes to develop mastery. If your business is in high growth mode, any individual’s capacity to learn – no matter how strong a team member he or she might be – will likely be outpaced by the needs of your company.
- Outsource: You could outsource a problem area to a consulting firm. This might be a good plan for skills that are not strategic to your vision and goals. Keep in mind that this option is expensive and you are not guaranteed quality. If you need to increase performance in an area that is strategic to your mission and vision, then you need to build the capacity internally.
- Recruit: That leaves a CEO with the best option for developing capacity in a high-growth company. Recruit and hire a world champion to fill the gap your team is missing. And remember that hiring must be done with mastery. Dabbling in recruiting and making the wrong hire will only add to whatever problems you’re already facing.
- Nothing: The last option is to do nothing. CEOs do this all the time by choosing not to hire an expert. Sometimes it’s worse and they take on yet another set of responsibilities for themselves to prove their personal significance. This is the most painful option that often causes the kind of skull-crushing brain damage that creates suffering for everyone involved.
Theodore Roosevelt said, “In any moment of decision, the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing.”
Make the right executive decision and remember that the best utilization of venture capital is to acquire the right human capital.