A new computational technique for the stability analysis of slender rods with variable cross-sections under general loading conditions is presented. In this approach, the dependent variable and the variable coefficients appearing in the governing equations are expanded in a finite series of Chebyshev polynomials. The main feature of this technique is that the original boundary value problem associated with the differential equation is reduced to an algebraic eigenvalue problem. The proposed technique is applied to study the static buckling of Euler column and the flutter behavior of a cantilever column subjected to uniformly distributed tangential loading. The numerical results from the suggested technique are found to be extremely accurate when compared to other techniques available in literature. It is shown that this approach can also be employed in a symbolic form. The merits of the present method in comparison to the standard solution procedures like finite difference and Galerkin methods are discussed.