You’ve managed to acquire some funding, survived the storm and now you’re CEO. What’s next? What else can you do to keep expanding your business? Often times most CEO’s fail to perform up to par due to a few errors. Some either fail to comprehend the way in which certain tasks should be delegated; others might just lack the experience but got lucky.
So what are the do’s and don’ts of being a CEO?
I believe most CEOs need to find a balance between work and personal life. This might be exhausting for most people, but hey… You just have to do it!
You might invest a lot of time in other activities other than work, or, you could also be working too much. Either way, a balance is needed.
Here’s a list of what I believe every startup CEO needs to do, in this order.
#1. Don’t go bankrupt!
If you realize you’re rapidly losing profits or finding it hard to make some, then it’s high time you sat down with your investors and figure something out. Most people often make the mistake of believing profitability is what kills a startup, when it’s actually the cash flow.
Keep in mind that fundraising is a never ending process. Don’t have the bad habit of consulting your investors only in times of crisis. Instead, organize monthly meetings with them and exchange a few ideas to avoid future problems.
#2. Grow your team (motivate and support)
Teamwork is everything. Yes! You are the CEO, and as a result, you’ll often feel the need to solely depend on yourself, but it doesn’t work that way. Two heads are better than one. As I mentioned earlier, consult your investors, or talk to your team members and provide them with consistent updates. Having a bond with your counterparts or workforce will only help boost the morale within your organization, and this is absolutely crucial.
With that being said, also make sure you address your employees either privately or publicly- depending on the nature of the conversation. As we mention in our previous article (click here), you don’t necessarily have to confront them publicly when they’re missing the mark. So try as much as possible to be discreet and blunt with them in order to make changes based on feedback.
#3. Plan, plan, plan
I cannot emphasize on this enough! Planning is not only important in the business world, but our day-to-day lives as well.
As the CEO, your main role is to maximize the limited resources at your disposal towards attaining your developmental goals. Ask yourself, “What are the effective ways or tactics required to execute the plan?”. Then organize a meeting with your team and come up with something.
You’re obliged to be engaged with every aspect of the business but don’t overstress yourself by failing to delegate certain responsibilities to your team members.
Business requires a lot of patience and obedience. Being the CEO doesn’t mean you should be temperamental towards everyone. If you come to work looking all pale and moody, you’re employees might jump to conclusions. They might believe something is wrong with the business, or, they might think it’s their fault.
So work on that smile of yours!
#5. Be cool
Being “cool doesn’t mean you have to engage in grapevines like gossiping. Everyone loves “The Cool Guy” but never try to be too cool by going out of your comfort zone. Stay calm, focused, and most importantly, positive at all times.
These recommendation will definitely help you as a CEO.
Please leave a comment and share a tip or two. Any input will be appreciated.