Preparing For The CEO Role: Lessons From A Fintech Leader

Forbes

17-06-2025

Michael Praeger is Cofounder and CEO of AvidXchange, a leading provider of accounts payable and payment automation technology.
This year, AvidXchange celebrates its 25th anniversary, and I celebrate 25 years of being its cofounder and CEO. Leading a company that pioneered accounts payable automation has taught me invaluable lessons about leadership, adaptability and growth.
Like many pioneers, I faced challenges without a clear roadmap. Navigating uncharted territory required constant learning, a willingness to embrace uncertainty and a commitment to seeking guidance beyond my immediate network. Early in my career, AvidXchange encountered growth hurdles due to our unprecedented business model. My mentors helped me realize that the solutions we needed lay outside my comfort zone. I had to be vulnerable enough to ask for help—not just from advisors but directly from our customers. The key wasn't just asking questions but learning to ask the right questions, a skill that ultimately helped solve some of our toughest challenges.
One pivotal moment revealed the need to redirect our business model entirely. Investors had bought into the original vision, making the decision daunting. Yet, embracing uncertainty and making that bold move helped AvidXchange grow into a company generating over $400 million in annual revenue and serving over 8,500 middle-market companies in North America.
Over the course of my career, I've learned there's no single roadmap to success. However, three key practices can strengthen leadership: focusing on the core customer, driving innovation and scaling effectively.
A 2024 Qualtrics report revealed that 66% of customers don't directly report poor experiences to a company. This underscores the importance of proactively engaging customers. When customers feel valued, they're more likely to share feedback that holds critical insights for business success. Customers are far more than just a market segment or revenue projections—they're partners in your growth. Building genuine relationships with customers can elevate a business from good to great.
Fostering these connections builds a customer-obsessed mindset that should resonate across all departments, not just customer-facing teams. From C-suite executives to sales, marketing and product teams, everyone should be equally passionate about solving customer challenges.
As a leader, you must continuously pursue innovation, growing alongside your company to drive its continued success. A strong culture of curiosity and improvement is essential—it requires questioning the world around you, seeking inspiration in every opportunity and challenging the status quo.
This mentality must be embedded in your company culture. When you prioritize curiosity, innovation and a strong team, you attract others who believe in your vision. Research shows that 66% of CEOs regret not focusing earlier on building their teams. The right people fuel success—by bringing on those who lead with innovation, you strengthen your potential for long-term growth.
Scaling a business effectively requires measurable reinforcement across departments to maintain focus and drive progress. A Harvard Business Review study (paywall) found that decisive CEOs—those who make confident, informed decisions—tend to perform better. Establishing operational rhythms fosters alignment. For instance, my teams have used a red-yellow-green status system in meetings to ensure transparency and collaboration, helping move projects from risk to success. This ensures that our results remain on track throughout the year.
New CEOs will quickly realize that learning never stops. A genuine curiosity to learn—and the humility to be wrong—are essential leadership traits. My curiosity is fueled by reading and engaging with diverse perspectives, which bring fresh insights to the workplace. I encourage all leaders to stay curious—it's a powerful way to evolve.
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