CJ Comu | One thing I know for sure, is that the sooner a business owner begins to think like a CEO (Chief Entrepreneurial Officer), the faster their business will grow. Below are five ways you can start behaving like a CEO today!
1. Switch from the Big Picture to the Micro Picture Each Day — To run a successful company, you must be able to see the big picture to plan ahead and also be able to see the many parts of your business at a micro level and understand how they relate to each other because all the parts do affect each other. To motivate your team you will need to be able to communicate the big picture and still be able to brainstorm every part of the business with each of your high-level team members as needed. Your ability to be able to successfully switch between Big and Micro Picture in your business will determine your success more than anything else.
2. Make Decisions Quickly — Money and people like speed. When you invest in yourself quickly in business, the money flows faster because your customers can see the investment in your website, in your marketing and much more. The single most important area to start practicing the art of quick decision making is around ROI (return on investment). Each month you must take a good look at the products and services in your business and decide which ones are worth further development and marketing and which are ones to let go. The longer you hold on to under performing products or services, the more money you are throwing away. The faster you can make these hard decisions, the faster your profits climb. Another decision to make quickly is to hire a successful business consultant to help you learn how to measure ROI yourself if this is something you don’t feel like you know how to do.
3. Say “No” A Lot — The single most important behavior you can learn as you move to six figures and beyond in your business is to say “no”, a lot. This is opposite of what most business owners do. This behavior coupled with making decisions quickly will position you as a leader in your industry. The trick is changing your mindset from “chasing every lead” to “focus on ideal leads” and letting your systems and processes do the converting in your company. I always have my clients spend their money on the website first and then on the customer service help second because I want to remove them from the “front lines” ASAP so that it is easier for them to say no to all low ROI time bandits and requests. Don’t underestimate the power of the word “no” when it comes to positioning you in your industry. Success does not come to those who constantly say “yes”, contrary to the popular belief that everyone has to pay their dues.
4. Be a Leader That Innovates — Be the first in your industry to do anything and you are different than 95% of business owners. Most entrepreneurs don’t stretch themselves enough to create and innovate completely new technologies, processes, programs, services, and products. The best competitive advantage you can ever have is innovation. Be a leader that goes right when everyone else is going left. Start a new movement…. fall down the rabbit hole with your customers and let them know you are a CEO that is willing to explore uncharted territory simply because that is where brilliance lies.
5. Plan Ahead — I can not emphasize enough the importance of planning ahead. Depending on the size of your company and how long you have been in business, you must get comfortable with putting on paper your plans for at the minimum 1 year up to 5 years. What to plan you ask? Make projections (educated guesses) on income for all products and services your offer. Break them down individually. Then plan how much outsourcing help you can hire and when you can hire more help. In start-up that might mean 1 part time virtual assistant per year or hopefully per quarter if you are growing quickly. And most importantly plan your exit strategy. Are you in an equitable business model that is easier to cash out? Or can you license one of your infoproducts so others can take your message to the masses while you work less and lay by the pool getting paid for your innovative brilliance. Planning ahead is what makes all dreams become a reality.
Thanks For Reading / CJ Comu