The first responsibility of a CEO in my mind is to Own the Vision. I use the word vision to encompass the mission, vision, values, and overall strategy of the company. The CEO must communicate the complete vision in a compelling manner. This allows everyone to understand how their contribution is part of the corporate vision and to make decisions that support it. Whether speaking to employees, shareholders or customers, the CEO should know how to engage each audience and clearly communicate the direction of the company. Part of this is conveying to each group what’s in it for them if the vision is realized.

Only the CEO can balance capital and staff across disparate groups and initiatives. Different departments will strive for the same limited budget dollars, for example. Skillfully making these decisions requires not only a clear vision but also a deep understanding of all aspects of the business. The people side is especially important: Hiring and retaining the best talent, putting them in the right positions, and giving them the appropriate training is probably the single most important thing a CEO can do. With the right team, all things are possible. With the wrong team, nothing else matters.

CEOs who respect culture are more likely to have engaged, high-performing employees. The most critical part of culture is values: Who you are and what you value as a CEO defines the organization’s culture. This is especially true in smaller companies where the culture grows organically based on the CEO’s personality. Any personal weaknesses will manifest in the culture, so it’s important to have the self-awareness as a CEO to mitigate this. In larger organizations, the CEO must communicate a set of clear values and ensure that everyone applies them consistently, from top to bottom, across every department. Many CEOs become hypocrites when they discuss culture and values, because their actions don’t match their words. Constant vigilance is key here: CEOs should also regularly measure culture to ensure the organization is on track. The CEO is the culture.

The breadth of issues new CEOs are forced to deal with on a daily basis often surprises them. One minute they are discussing a new product, the next a building lease, and then a legal issue. It is impossible for anyone to be an expert in all of these areas. However, the one thing the CEO is responsible for is MAKING a decision, which is the fourth key responsibility in this series. The buck stops at the CEO’s desk. That is the job. Many problems require a solution that impacts multiple departments, and only the CEO can make decisions horizontally across the organization. Triage and act decisively.

Because the CEO is ultimately held accountable for the organization’s performance, he or she must take an active role in driving it. The CEO sets the standard, which means helping each department set the right metrics and goals and then consistently measure them. It is critical for an organization to know that the CEO will constantly hold everyone to a high standard. The best CEOs “trust but verify.” This is not about micro-managing but instilling a culture of high performance where constant improvement is the norm. Two-way transparency is key here. The CEO needs visibility into performance at all times – not just once a quarter – to solve any issues and make course corrections. Remember, the buck stops with the CEO.