It’s a strange transition from being the sole decision-maker of your small business to expanding into the CEO role. As you start putting the financials and operations in the hands of other qualified personnel, you can find yourself at a loss in how to make your hours count. How can you be more than an exec in name only? Get a firm grasp on what a CEO should do to guide your company well.
Take the Lead
As chief executive officer, it’s up to you to set the course for the business and define the overarching objectives. Finding balance in deciding where to expand and when to stay put is a constant struggle. Seek to define a mission statement and core values that can serve as a North Star for the business. Much of your work is inspirational, so continue to dedicate time to developing communication skills that will motivate your team.
Build a Network
Do all you can to keep the internal relationships strong. Make sure that you just don’t say that you have a strong culture. Ensure that team members feel that way. Carry those values with you outside of the organization and seek to forge strategic partnerships with other leaders and groups that can complement you. In a way, you’re the company’s top salesman. Introductions and relationship-building can go a long way to establishing your place in the market.
Oversee Your C-Suite
Once you’re fortunate enough to appoint a chief financial officer, chief technology officer, and chief operating officer, remember that they still report to you. Of course, you should let them do their job and never micromanage. But keep in mind that you should carve out regular time to review the numbers and reports that summarize their specific duties. This will allow you to see where mistakes are being made and where efforts should be better spent.
Spend Some Time on the Ground Level
You are the bird’s eye view of the company, and your desk is where the buck stops. But there will always be a lot to learn from the folks whose boots are on the ground. You will get valuable insight into the realities and struggles your employees are facing. They will appreciate a sincere interest, and your presence will boost morale.
As your small sole proprietorship expands into a thriving multiperson company, apply these pointers to be a top-notch CEO. There’s always more to learn and use, so keep the same spirit with which you started the company and soar to greater heights!
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