by Corey McCaster
July 10, 2017
Do you feel your business is stuck? Revenues are at the same level they were last year? Frustrated that you don’t have the employees to go after the big-dollar jobs? You have good ideas that will make more money but you don’t see how to acquire the capital you need to act on them. Don’t worry! You are not alone.
Many business owners find themselves in this situation; particularly those who have been in business between three to five years, have small staffs, and revenues below a million dollars. With increasing responsibilities and inadequate resources, these owners are charged with numerous tasks daily. Monday, conduct sales calls. Wednesday, deal with human resources issues. Friday, get a handle on a tightening cash flow situation that jeopardizes payroll. Exhausted from the increasing work load, business owners come to the Florida SBDC Network seeking advice on how to get handle on the mounting number of operational tasks they are faced with.
To their bewilderment, my advice is consistent: Think more like a Chief Executive Officer (CEO).
After explaining that the primary role of a CEO is to lead the development and execution of a company’s long-term strategy with an eye on producing value, many of my clients quickly begin to realize that they have been focused on paying the bills and have not allocated enough time to create a picture of what their businesses should look like in the future and strategies for realizing them.
Why are these tasks overlooked?
Could it be small business owners are more comfortable selling products and services than performing executive tasks? Or perhaps, the daily challenge to pay bills is exhausting, leaving little in the tank for long term planning. Whatever the case, I find small business owners benefit tremendously by spending more time thinking like a CEO. Allocating a few hours a week to CEO type tasks pays huge dividends and can be immediately seen through dramatically increased productive, raising revenue, and on-boarding of long awaited staff.
Take a few minutes to complete the assessment below. An answer of “no” to four or more of the questions can be an indication your business may benefit from you thinking more like a CEO.