By Jen Taylor
Think one boss is enough? Running a business is no easy task; even the simplest of companies face complex challenges, and often all at the same time. As an entrepreneur, there are 8 critical elements of your business that you need to focus on, which makes you an eight-sided CEO!
While rapid expansion is the dream of any business owner, many of them find themselves overwhelmed when it becomes a reality — especially solopreneurs going at it alone. They are forced to come up with new systems on the fly that work at scale, rely on the talent and know-how of business coaches, or increase their staff.
If you want to build an appropriate level of flexibility into your systems that will allow you to quickly adjust to a fast ascent, let’s analyze these 8 CEO roles that you’re performing.
As an entrepreneur, you act as the Chief Financial Officer (CFO) of your business. Not only do you need to know the company’s financial performance, but you also have to be able to evaluate and control it.
Making monthly financial projections and comparing them against actual results will help you see if your business is on the right track and make it easier for you to spot potential problems. Understanding your company’s cash flow cycle will help you make better decisions when it comes to new opportunities like recruiting new team members, renting a storefront, or purchasing better equipment.
Your role as Chief Operating Officer (COO) means you manage the inner workings of your business so it runs like a well-oiled machine. It can involve optimizing systems and processes that impact day-to-day tasks, overseeing projects, or developing company culture. Ultimately, it’s all about making sure that the business is in tip-top shape, so it can grow the way you want it to without constant oversight.
You can create all the products in the world or have the best systems in place, but without customers, you won’t have a business. That’s why you need to take your role as Chief Experience Officer (CEO) seriously. Poor customer experience and bad reviews can cause your sales to plummet. You need to ensure your brand identity reflects your offerings, guaranteeing that your customers are happy and confident doing business with you.
To keep your business competitive, you need to develop structures that are a cut above the rest—this is your job as a Chief Systems Officer (CSO).
While large corporations typically have Chief Information Officers (CIOs), this role is less IT-based and more about using technology to keep up a steady workflow, like customer relationship management (CRM) software or project management (PM) platforms.
The responsibilities go hand in hand with that of a Chief Operations Officer (COO), as the goal is to improve business operations.
Guess what? You are your own Chief of Staff, too! People working for you, whether on payroll or as contractors, need to fully understand their roles and how they are contributing to the company’s success. It is up to you to give them the proper tools to thrive as well as keep them motivated enough to perform at their peak.
If you’re currently on your own, this won’t concern you right now. But eventually, when you scale your business, you’ll need to be involved in the onboarding process and employee engagement.
Products + Offerings
Your products or services are your company’s revenue stream. As a Chief Product Officer (CPO), you need to ensure that your offerings satisfy the needs and wants of your customers. This involves doing market research and asking for feedback to ensure that your final product or service is exactly what your ideal clients need.
While you may have a wide array of products and services that can add value to people’s lives, they become useless if prospects don’t know about them.
As Chief Marketing Officer (CMO), you are in charge of cultivating awareness for your brand, which will hopefully generate more sales for the company. This includes increasing social media engagement, creating compelling blog content, and employing effective email marketing strategies.
With the many hats you wear, it’s important to remember that you are also the CEO of your life. This means you should always invest in your personal development and work on being the best that you can be.
Being productive and delivering results is great, but if it’s at the expense of burning yourself out mentally and physically, then it actually ends up being bad for business. Make sure you get enough rest and keep yourself inspired by picking up a new hobby, improving a skill, or traveling!
As you analyze these 8 crucial aspects of your business, you will be able to identify your company’s strengths and weaknesses and develop an action plan that will set your business up for success.
If you need a helping hand turning your vision into reality, get in touch with me!