What if…your professional coach helped you smash the £5m barrier by focusing on 6 key responsibilities?
As an expert in strategy consulting and leadership coaching, I want to share with you 6 key responsibilities that will enable CEOs and business owners to power their companies beyond the £5m, 50 people stage.
A mature business demands a different type of leadership according to Rupert Merson in his book “Rules Are Not Enough: the Art of governance in the real world’. The leadership skill set differs dramatically from that of a start up and requires:
- More discipline
- More analysis
- More focus on process and less on output
- More focus on the bottom line and less on the top line
- More focus on skills, capabilities and qualifications and less on instinct
The key responsibilities of a CEO are:
- The survival of the businessMany companies hit the rocks – not because the business is bad but because past poor decisions return with a vengeance to bite the management. A CEO must be fully conversant with all agreements and decisions that can have a major long term impact. It is critical that they have a ‘Plan B’ as opposed to ‘muddling through’.
- Having the resources available
This can be people, money or machines – or all three. Being short of money in this climate has brought many businesses close to the brink and we’re not out of the woods yet. What are your contingency plans to ensure you have the resources available when you need them? - Navigating the rivers of cash
Knowing how wide and deep – and how far into the future these rivers flow – is a must. Evidence of the long list of casualties in business and industry who failed to anticipate the future of their rivers of cash (the recorded music industry, newspapers, commercial TV, publishing) – is all around you. - Ensuring robust processes are in place
While innovation is the promise of the future, execution is key to success. Having robust and reliable processes throughout the business – while no guarantees of market success – ensures its survival. Recall the 20th century brands that powered to global dominance from nowhere – Coca Cola, McDonalds, Toyota. Although none were remarkably revolutionary, their execution was faultless due to having the right, robust processes. - Keeping the all key stakeholders on side
The CEO/business owner is the one person that can reach out to and engage them. Firstly know who they are, then build processes and procedures to keep them all ‘in the loop’. It makes life so simple – yet how many of you do this? - Maintaining good Corporate Governance
Because administering the business is perceived as ‘unsexy’, many CEOs and business owners at best palm it off to others and, at worst, ignore it. With regulations and responsibilities being further tightened up, the latter is no longer an option. Managed properly, this can be a very powerful resource for the leadership of the business. A properly constituted Board following approved and recognised processes and procedures helps to keep everyone on track, avoiding lengthy and costly legal disputes. It does, however, need driving and controlling – the prime responsibility of the CEO or MD.
No-one said that making the transition from a task orientated hands on owner/manager to a more focussed, analytical and process orientated leader is easy. This is why, as a business training expert, I coach, mentor and help to point CEOs and business owners in the right direction, focusing their attention and honing their knowledge and skills. To join a select What If Specialist group of CEOs email me at: richard.bosworth@whatifspecialist.com
