As a CEO or business owner, you tend to face distinctive challenges that can make you feel stuck in what I call the “CEO Doom Loop”. This cycle of recurring issues and reactive problem-solving can often be driven by fear of failure or imposter syndrome, leading to a spiralling cycle of decision paralysis and lack of proactive business strategy. Breaking free from this loop requires a shift in mindset.
Understanding the CEO Doom Loop
The CEO Doom Loop is that downward spiral that some CEOs and business owners can find themselves in when their business is failing, they’re struggling, they’re growing beyond their capabilities, and they start regressing. They can get caught up in daily operational tasks and lose sight of their long-term vision. This can cause stagnation and prevent the company from growing. The Doom Loop is often fueled by fear of failure and imposter syndrome, leading to reactive decision-making and lack of proactive business and leadership strategy.
To break free from this cycle, you need to change how you think about your role as the CEO or business owner and your company. This means moving from a reactive to a proactive approach, from fear to confidence, and from isolation to collaboration. Let’s explore five essential mindset shifts to help keep you out of the Doom Loop and lead your company to success.
1. Working IN the Business vs Working ON the Business
Breaking Free of the Doom Loop
One common trap for CEOs is working in the business rather than on it. When you’re immersed in daily operations, it’s easy to lose sight of your long-term vision and strategic goals. This reactive approach can lead to burnout and stagnation, keeping you stuck in the CEO Doom Loop.
To break free, shift your focus to working ON the business. This means dedicating time to strategic planning, setting clear goals, and empowering your team to handle daily tasks. By stepping back and looking at the bigger picture, you can identify growth opportunities, anticipate challenges, and guide your company towards its North Star vision.
2. I am in the Money Business VS I am in the PEOPLE Business
Embracing the People Business Mindset
Many CEOs focus on financial metrics and profitability, believing their main role is to drive profits. While financial performance is important, it’s equally crucial to recognize that you are, first and foremost, in the people business. Your team is your greatest asset, and building and maintaining a team of A-Players is key to long-term success.
Shift your mindset to prioritize people over profits. Create a culture of growth, collaboration, and well-being. Invest in your employees’ development, offer continuous learning opportunities, and foster an environment where everyone feels valued. When your team is engaged and motivated, you can trust them to drive your organization forward, leading to better financial results.
3. The Problem is My Team VS There is Room for Me to Improve as the CEO
Taking Accountability as a CEO
It’s easy to blame your team for organizational challenges and lack of progress. However, effective leadership requires taking accountability for issues within your organization. Recognize that as the CEO, you have the power to influence your company’s culture, vision, and performance.
Accountability means doing what you said you’re going to do and letting people know you’ve done it. This creates a culture of accountability. You’re not just expecting others to be accountable; you’re modeling and leading it yourself.
Forging and Communicating Your North Star Vision
To improve as a CEO, start by clearly defining and communicating your North Star vision. This vision serves as the guiding light for your organization, aligning everyone’s efforts towards common goals. Hold your senior leadership team accountable for their performance and make the tough decisions needed to keep your company on track. By taking ownership of your role, you can inspire your team to do the same and drive collective success.
4. I Don’t Have Time for Tough Conversations VS Lean into the Challenges
The Importance of Tough Conversations
Avoiding difficult conversations and challenges can lead to a loss of control and make problems worse. Much like skiing down a slope, leaning back can make you lose control, while leaning in gives you better momentum and stability. Similarly, as a CEO, avoiding challenges can result in issues getting out of hand.
To maintain control and foster a culture of accountability, lean into the challenges. Engage in tough conversations with your team, address conflicts directly, and provide constructive feedback. This proactive approach helps resolve issues effectively, strengthens your leadership, and builds trust within your organization. Embracing challenges shows your commitment to excellence and empowers your team to rise to the occasion.
Holding people accountable is a process. Tough conversations are always tough, but with a structured approach, they become manageable. Those who are dragging your business down are also likely affecting the rest of your team. Ensure everyone understands job expectations and cultural values and have regular performance conversations. If improvements aren’t seen within a set timeframe, usually a 30-, 60- or 90-day period, it may be time to part ways. This ensures a team of A-Players who drive your company forward.
5. I Always Need to Know Everything VS Asking for Help is Powerful
Recognizing the Power of Asking for Help
As a CEO, you may feel the need to have all the answers and make every decision. However, this mindset can lead to a sense of isolation and burnout. It’s important to recognize that asking for help is not a sign of weakness but a demonstration of strength and wisdom.
Vulnerability is essential for CEOs. This means admitting mistakes and accepting that you don’t have all the answers. Encourage feedback from your team to improve as a leader. Be open to help and support and model this behavior for your team.
Surround yourself with a diverse group of advisors, mentors, and coaches who can provide valuable insights and professional support. If you think you’re the smartest person in the room, you’re in the wrong room. By acknowledging that you don’t have to be the smartest person in the room, you open yourself up to new perspectives and solutions.
Engaging with a business coach can be particularly beneficial, offering you guidance, accountability, and a sounding board for your ideas. Remember, the most successful CEOs are those who continually seek growth and improvement through collaboration and learning.
Charting Your Course to Success
Breaking free from the CEO Doom Loop requires fundamental shifts in mindset. By moving from working IN your business to working ON your business, prioritizing people over profits, taking accountability, leaning into challenges, and recognizing the power of asking for help, you can set your course towards success.
These mindset shifts will not only help you overcome the common pitfalls faced by CEOs and business owners, but also enable you to lead your organization with clarity, confidence, and purpose.
When I built Apex North, it was to give CEOs like you the support I wish I had when I was in your position. If you’re looking for help to scale your company, let’s chat! Connect with me online or call me at 612.504.0129.