CEO, CFO, COO, CMO...
The list goes on and on and there are some titles that are made up on the spot. To some people, it’s all about the title. They want the prestige. They want to impress when they walk in a room and hand over their business card (if business cards are even a thing still). To others, it’s a calling. It sounds funny, but its true. When you meet a real C-suite executive, who knows their stuff and is serious about their duties, it’s a game changer. You can tell immediately that they are answering a call to fulfill that role, they aren’t “playing for the camera”.
What does it mean to hold some of these titles? Based on our extensive research, experience dealing with the C-suite, and understanding what these jobs entail, I can tell you what I perceive some of them to be:
CMO – Chief Marketing Officer - this position is tied to the marketing strategy and activities of an organization. This includes leading the charge on brand management, marketing communications, advertising, research, customer service and even pricing. There are many amazing CMO’s who take on all initiatives and execute with relentless precision and perfection. Then there are others who simply delegate to underlings and lose track of the essence of the origination and its purpose.
CFO – Chief Financial Officer – this refers to the person responsible for the managing of the financial actions of the organization. They are tasked with tracking cashflow as well as developing and monitoring the financial wellness of the company. Managing the accounting and finance divisions of a company is an absolute necessity and cannot be taken lightly. Many new CFO’s quickly realize that they are not prepared for the immense pressure and responsibility they are burdened with. A good CFO lives for strong, ethical accounting practices, but also understands and can navigate finance related duties and decisions. Growth of a company relies heavily on the continued financing needs of that company, and if the CFO has neither the experience, capacity, or relationships to manage the finance activities in a way that reports positively on the balance sheet and income statement, the company will suffer dire consequences. Many people assume responsibilities of a CFO or controller, without having a full understanding of the needs of the company. This vital role (3rd in command) requires the commitment and experience of someone who has operated and managed the finance department of a company, successfully in the past. Trusting an inexperienced person with the finances is like sending your child to the store with $100 dollars and expecting them to be responsible enough to not spend $90 of it on candy.
COO – Chief Operations Officer – this position is tasked with the day to day administrative and operational functions of the organization. This position is second in the chain of command, under the CEO and typically has his or her finger on the pulse of the entire organization. Their position includes managing all aspects of the internal affairs of the organization, and comes with a lot of responsibility, which also includes complementing the skills of the CEO. COO’s are experienced in execution of tasks and specific development of growth strategies and initiatives. They are part of the lifeblood of the organization. A strong COO makes things happen; a weak COO lacks experience in the field in which the organization operates. COO’s cannot promote themselves within the C-suite structure, as they are required to climb the corporate ladder for a period of time, earning their position and preparing for their role. If a COO candidate has never been a COO before, they may not be up to the task just yet.
CEO – Chief Executive Officer – the big cheese, the one at the top. This person is tasked with managing the entire organization. In some smaller companies, but most medium and larger organizations, the CEO reports to a board of directors. They have tasked him/her with running the organization and fulfilling the mission of maximizing the value of the company.
Most people don’t realize that, with this title comes great responsibility. A heavy weight rests on their shoulders. In the executive world, we joke that “shit runs uphill”, because in any organization with a c-suite, that’s exactly how it works. The buck stops with the CEO. They have the responsibility of the entire organization on their shoulders. Not only the vision, but the message, the management of the team, the leadership, the steady mind and the grace under pressure. Many think this prestigious position is glamorous, but it is anything but. Many true leaders in this position work tirelessly to grow the company, deliver on promises and weather storms most cannot imagine taking on themselves. CEO’s are part visionary, part delegator, partly in the trenches and the single loudest cheerleader for the team. Those who appoint themselves CEO’s without prior experience, are quickly shocked at how much responsibility they are saddled with and the sheer pressure that mounts daily. There is a sense of pride, being chosen to be a CEO of an organization; but successfully running a company is never a fluke or happenstance occurrence and it requires constant focus and dedication.
These titles are far more than titles, and it takes big shoes to fill those positions. The UnBankers loves collaborating with these executives because we experience directly how much of an impact they have on their organizations and their teams. In a fast-paced corporate world, intention, impact, and execution is everything, so it’s vital that the people at these levels are in it for the long haul and seek to create profitable and sustainable companies, rather than the fanfare that can sometimes be illusionary.