Happiness is a Well-Fed CEO
How to Build a Healthy Data Diet
As a CEO, one of the most common mistakes I made was when I was hungry.
Not for food, but for data, for information, for some signal about the business.
Like a bear waking from a long slumber, I’d go looking for food. And, I would always find problems. That led to me “coming in hot” to the team and forcing them to react to my fire drill.
CEOs are wired to find problems. It’s what we do. We (think we can) solve anything ourselves. And, almost always, when we come in hot, we cause disruption, distraction, and nonsense. And we have no time for any of that!
This cycle taught me a lot of lessons, but as a rule, CEOs are wired to see what needs fixing, not what's working. We’re looking to confirm our fears, and that leads to fire drills, stressed teams, and poor performance. My teams didn’t like it when I did this, and neither did I. Now, as a coach for CEOs, I see this pattern frequently.
The solution? Feed your CEO.
A well-fed CEO is a happy CEO, and a happy CEO makes everyone happier.
The CEO’s Data Diet
To ensure you're leading effectively and not just reacting, you need to build a healthy data diet1. This diet should provide you with the right information at the right time, so you can make informed decisions and stay ahead of issues. And it will help you be a better leader too. You’ll be more present and able to support and lead your team, rather than catching them in gotcha moments.
Here’s an overview of what I’ve used successfully. If there is interest, I’ll flesh out each of these in future posts.
1. Daily Dashboard
Every business has a heartbeat. A rhythm that defines how things are going. IMO, it’s a great practice for the CEO at almost every stage, to have their finger on the pulse of the daily heartbeat.
“Did we have a good day yesterday?”
“Are we set up to have a good day today?”
“Did our Tuesday behave like a normal Tuesday?”
A daily dashboard is a quick, high-level overview of key performance indicators (KPIs) and metrics that are critical to your business. It should be easy to read and provide a snapshot of the company's health. Starting your day by reviewing the dashboard helps you get a sense of how things are going and how you may need to spend your time today.
2. Weekly Updates from Direct Reports
I advise all of my clients to set up this practice of sending or receiving weekly updates. At a minimum, they should be a few bullets. I’ve had success with “3 & 3” – three most important things from the previous week and the three most important things for next week.
If there are KPIs you’re tracking, this is a good place for your directs to keep you updated. It’s also a great place to share anything important. Perhaps the only thing worse than a hungry CEO is a surprised one.
3. Weekly Review with Leadership Team
A weekly review with your leadership team is a collaborative meeting to discuss the week’s progress, address any issues, and align on priorities for the coming week. During these meetings, each leader shares their team’s achievements and challenges, discusses cross-departmental issues, and reviews the progress of ongoing projects and strategic goals. This helps foster collaboration, address issues early, and ensure everyone is working towards the same objectives.
4. Monthly Data Pack
A monthly data pack is a comprehensive report that provides a deeper dive into the company’s performance. It includes detailed metrics, analysis, and insights. The data pack should cover financial, operational, customer, team and any competitive analyses. These should include, for example, every Closed Won deal, every churned customer, seller performance, etc. It’s comprehensive. Using this data, you can inform strategic decisions, evaluate the effectiveness of current strategies, and communicate with stakeholders.
5. Quarterly Board Reviews
Quarterly board reviews are formal presentations to your board of directors, providing a comprehensive overview of the company’s performance and strategic direction. These reviews should include an executive summary, detailed financial results, operational highlights, progress on strategic initiatives, risk management, and future outlook. There is lots of content about how to do great board decks, and I’ll likely create some too, but for starters, you want to have as little daylight between you and your board.
Building a healthy data diet for your CEO is essential for effective leadership. By ensuring you have the right information at the right time, you can lead with confidence, make informed decisions, and create a positive, productive environment for your team.
I’d love to hear from your thoughts. Fire away!
Credit to Paul Stansik for teaching me the term “Data Diet”