In February 2021, at the request of my board, I stepped down as CEO of my own company. Despite how jarring the initial situation was, the decision marked the beginning of an extraordinary journey of personal and professional growth that has forever transformed my approach to business.
This pivotal moment allowed me to dive deeply into self-reflection, uncovering insights that have since reshaped my approach to leadership and running a business. By March 2023, I returned as Managing Director with a renewed outlook on leadership, profoundly grateful for the transformative sabbatical I’d taken.
During my sabbatical, I committed to extensive personal development. I worked closely with a clinical psychologist, an organisational psychologist, and an executive coach. While it might sound excessive, this intense personal work was crucial. My ultimate goal was to better serve others and be prepared for any future opportunities, whether within my company or in another venture.
Through countless sessions and hours of introspection, my true calling became clear: to build great businesses as a genuine leader. Here are some key things I learned:
Gain new perspectives from the boardroom
While focusing on personal development, I took on the role of Executive Director on the Board, while a board appointed CEO managed the day-to-day operations. This role reversal was eye-opening, providing invaluable insights that I would never have gained had I remained in my dual role as Founder and CEO. Observing the company from a strategic standpoint allowed me to see beyond immediate, tactical decisions and focus on long-term goals and governance.
This experience broadened my understanding of the complexities involved in strategic decision-making. I learned the importance of balancing bold innovation with practical risk management and gained a deeper appreciation for the role of robust governance structures. This new vantage point highlighted the necessity of balancing short-term objectives with a long-term vision and underscored the importance of collaboration and communication between the Board and executive team.
Avoid the pitfall of ‘doing business with yourself’
One of the most critical lessons I learned was the concept of ‘doing business with yourself’. This refers to actions and work that do not directly contribute to people, customers, or revenue. These activities can drain resources and energy without adding real value. Reflecting on this, I realised that my company had fallen into this trap, engaging in activities that, while necessary, had become value-detracting.
For example, while annual tax returns are unavoidable, excessive internal meetings, over-analysing data, and overly complex governance frameworks were detrimental to our efficiency and focus. Recognising this, I learned to scrutinise our work more carefully, ensuring every initiative genuinely contributes to our goals and drives the business forward.
Prioritise what truly matters
Today, I constantly ask myself and my team: Are we doing business with ourselves? Every initiative, programme, or project is scrutinised to ensure it aligns with our core priorities: improving customer experience and generating and scaling revenue. Passion projects and stakeholder meetings are evaluated for their true impact. We aim to solve people’s problems with just enough investment, avoiding the pitfalls of over-analysis and gold-plating our technology.
As leaders, it’s easy to get caught up in the minutiae of running a business. But it’s essential to keep our focus on what truly matters. By prioritising people, customers, and revenue, we can ensure that our efforts are directed towards growth and value creation. My sabbatical was more than a break from the day-to-day responsibilities of being a CEO; it was a transformative period that allowed me to grow as a leader and gain new perspectives on building and running a successful business. The lessons learned about self-improvement, strategic oversight, and avoiding the trap of ‘doing business with yourself’ are now integral to my leadership philosophy.
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