13 Qualities of an exceptional Executive Management Team
Do businesses really need an Executive management team to manage the core business operations of a company? What will happen if the Executive management team is not functioning as expected? What are qualities expected from a Executive management team to be exceptional. There is no right or wrong answer for this, but it is important to get a clear understanding on the role of an Executive management team and the qualities it needs to exhibit.
For any business to run successfully it requires three clearly demarcated levels of management – Operational, Tactical and Strategic. Lack of having these clearly demarcated levels of management is many times the single most reason for business failures. For small businesses these different levels may be performed by single person wearing different hats at different points of time. All three levels need to have clear roles and responsibilities and need to be accountable for their actions.
It is the Executive Management level that sets the Strategic direction for an organization, which is extremely important if you want your business to grow and develop. Without having an Executive management team in place is like starting on journey without having any direction in mind. It is also important that the Executive management team has certain qualities and combination of different skills in place to succeed. A disoriented Executive management team having no clarity on overall goals and objectives can ultimately lead to corporate failure.
Listed below are 13 qualities that we feel are important and need to be displayed for an Executive Management Team be exceptional
E xcellent decision making - The quality of the decisions taken by the team will set the direction for the business
X perienced leaders - The team should be comprised of good leaders possessing certain core qualities, able to manage different functions and concentrate on their own areas of expertise
E mbrace change - The team should always seek to grow and improve through change and innovation. Ability to implement change seamlessly with minimum disruption of business
C ommunicative - Should be able to clearly communicate the strategic goals and objectives for further action to the tactical and operational management levels. The communication needs to happen bidirectionally across all levels to ensure business success
U nquitting - The team needs to exhibit a never quit attitude with relentless pursuit of excellence. They need to be able to manage, interpret and minimize risks to grow the business
T alent recognition - Have the uncanny knack of identifying leaders for spreading leadership responsibility. This provides additional opportunities for people development benefiting business
I ntegrity - Ability to make ethical decisions by adhering to the highest standards of product / service quality, open and clear communication and transparency in all operations as well as relationships
V ision - Able to formulate an inspiring vision and mission in line with the business objectives. The power of well thought out, consistent, and clearly articulated vision is very well understood and communicated
E nergetic - Able to create an inspiring organizational culture and an environment full of positive energy and attitude
T eamwork - Display excellent teamwork and understanding between the members of the executive management team
E xecute - Able to guide leaders and execute the organizational strategy
A cumen - Display a great business acumen. The team can quickly diagnose whether the team/organization is performing at full potential, delivering on commitments, and whether the team is changing and growing versus just operating
M arket - The team has a clear understanding on market dynamics, who is the customer and what are the markets to cater to. The team is focused on ensuring that the organization or business is supplying products or services that satisfy a markets needs.