Being a great CEO has nothing to do with the size of your company.
If you are a sole proprietor with no employees, you are still the CEO of your company.
As the leader you must be looking at how you can get better personally and how you can always improve yourself as a better leader.
Great CEOs are made they are not born.
They know what the right things are to focus on.
As small business owners we all need to know this every day.
1.
Know Your Industry for the Next 10 Years.
As the leader of your organization, it is important that you know where your industry is now and where it will be in 3, 5 and 10 years.
I don't mean generally where it is going but what is actually happening and how this will affect your business over time.
Anyone can say, "Ten years from now, who know's where things in this industry will be.
Technology is changing things so quickly we may be doing business on the moon by that time!" (LOL) We have all heard people say things like this about their industry.
Well, as a business owner a CEO that is not a good enough answer.
Not only do you need to know where the industry will be but you need to know how it is going to transition to get there.
Meaning, what are the trends that you are going to have to keep up with? Why is this important? • If you have competitors that are bigger than you are and have a larger budget, being ahead of them is one of your competitive advantages.
If you wait until everyone knows what we need to do next then you are going to be playing 'catch up' or 'keep up' and that will be hard when they have a bigger budget than you do.
• By being cutting edge you will build great credibility with your customers as well as those in your industry.
• As a smaller business you can adapt quicker than larger businesses and keep tweaking what you are doing until it is exactly as you like it.
• Your industry is changing.
All of our industries are changing.
If we don't think ahead, if we don't know what is coming or potentially coming down the road, we will not be prepared.
This can be a very bad thing.
Many businesses have gone bankrupt because they were not aware of upcoming changes, improvements and adaptations they were going to have to make.
This put them behind and it lost them money from the onset and never allowed them to catch up.
As the CEO of your company it is your job, your responsibility to know your business, your industry, your competitors and your trends.
In my opinion, this is part of the definition of leadership.
You must be leading your team down the right path.
If you are not well-informed then you are derelict in your duties.
2.
Know Technology is Your Friend If you are a little gray on the sides, or you are using hair die, then this is for you.
Yes many of "us" have adapted well to technology.
However, many of "us" haven't.
Technology..
..
in its broadest sense, is our friend.
Yes, that means new software, smart phones, websites, internet marketing, gizmos and gadgets.
You name it...
if it can help you market, sell, run or manage your business more effectively then you need to know about it and use it.
One person today can do the work of what used to take 3 to 4 people.
That is HUGE when it comes to saving money in your business.
When you hire people they can be more productive and you can have them working on the important tasks.
(The ones that help make you more profitable.
) Embrace technology.
Have someone updating you on the newest trends in technology.
Yes, that may even mean hiring a 14 year-old as your tech consultant to let you know what is happening, NOW.
(Okay, I may be getting a little carried away here, but not by much.
) 3.
Know Your Target Market Shifts Do you know the demographics of your customers? Of course you do.
(Please don't tell me you said no to that.
) Let's say for one of your products or services your demo is women 30 to 40 years old of middle-income, with 2.
5 children.
Do you believe that this same target market you have had for 20 to 30 years is the same as it was 20 years ago? Even though it is the same demo are they the same people? Do they make decisions the same way? Are the same things important to them? Is their pre-buying cycle and their buying cycle the same? The answer, by the way, is no.
The Baby Boomers are now 50 and above.
Generation X'ers are passing by and we are coming into Gen Y'ers.
Do you know how these other generations think, act, buy? This Is Your Job! As the CEO it is your job to know these things.
You must be aware of what is happening with your customer base.
If you plan on leading but you do not know the terrain in front of you, you could be in trouble.
Is your terrain: mountains, swamp, water, desert or tropical forest? Do you think this would be important information to have before you set out on your journey? The well-informed CEO is the smart CEO.
You must be strategic in your thinking and your decision making.
Just because you have done well in the last 5, 10 or 20 years, does not mean you will continue to in the next 5 to 10.
4.
Know and Be the Leader that is Needed Don't just be a leader; Be the leader that is needed.
As businesses grow, shrink, struggle and thrive, the people that work in the business are left wondering what all this means to the business.
Yes, a decrease in business can have a devastating effect on morale.
However, incredible growth, if not handled correctly, can have an almost equal effect.
People who feel that they are overwhelmed or the company is overwhelmed, need to know that the company can handle the future.
When we look at the recession over the last two years most companies who lost business needed a CEO who could make everyone feel good about themselves, the company, its direction and ability to come through these times.
The compassionate, strong and empathetic CEO was most successful.
As the CEO it is important to know the pulse of what is going on with your people.
You must remember that they don't know what you know.
They don't have the same perspective or information available to them.
Know that you are the leader and you need to know that your team (depending on your relationship with them) will respond to situations in the business as you respond.
The more respect, confidence and trust they have in you, the more influence you will have with them.
So, be the leader that they need..
..
not who you think you should be.
Being a CEO is much more complicated than these four aspects mentioned above.
However, these are a great start.
Keep it simple.
Stay humble.
Be confident.
Always be there for your people.
You are the leader so be the leader..
...
always make yourself better.