Written By: Alice Hinckley
With the fast pace of business today, it is vital that you think like a CEO if your outcome is to earn like a CEO. What is a CEO? A Chief Executive Officer has ultimate responsibility for overseeing the success of a business endeavor. Whether you are a new entrepreneur or a seasoned business owner, evaluating the four areas of your responsibility will create insights for growth. CEO's work very diligently to make decisions from the facts first, not their emotions. Make a concerted effort to evaluate decisions in your business like a professional.
The four areas every CEO must consistently evaluate and improve: Managing Finances; Managing Yourself; Managing Time; Managing Your Team. Let’s consider one idea in each of these areas to help you become a more proactive CEO.
Managing Finances: Return on Investment
Do you keep good financial records and know how to read and evaluate those records? Many small business owners make mistakes that CEO's do not because of how often records are updated and reviewed. As a wise CEO you must track income and expense at least weekly. Schedule time on your calendar each week to review your financial status. What areas are producing the most income? How can you capitalize on those income streams? Are there expenses that are high in proportion to the return?
Manage Yourself: Setting & Communicating Goals
Who must you become to earn like a CEO? Most business owners set goals and focus solely on the accomplishment of some type of number: sales, income, locations, etc. The real question you must ask yourself is who must you become to reach your goals? What skills or character traits need to improve for you to think and earn like a CEO? Listening, writing, communicating, marketing, speaking, strategic planning, positive outlook, goal setting, focus, improved attitude, discipline, consistency?
Personal growth is the key to improving or developing any skill set. Choose to listen to audio books or a motivational podcast. Attend events to inspire you and build your skills. Make sure you make measured progress to become more of the person you want to be each and every day.
Consider the compound effect of personal growth. What if you decide to read or listen to inspirational or educational materials fifteen minutes a day, six days a week? In just a month you will have invested 360 minutes or six hours in your personal development and in a year’s time you will have seventy-eight hours of positive information fed into your system. Talk about becoming the person who can achieve your goals!
Managing Your Time: Establishing & Following a System
Do you consider time to be your most valuable resource? Each day contains exactly twenty-four hours. The activities you choose to fill those hours determine whether your life will be mediocre or exceptional. Do you have a system to aid in prioritizing activities so the most important tasks are completed effectively and efficiently? Do you recognize time wasters and implement systems to streamline time associated with less crucial activities? Master your time and watch all areas of your life flourish while you feel less burdened or overwhelmed.
CEO's are proactive and not reactive. You must have detailed blueprints to successfully build a house. You cannot have a productive day without a plan of action. One highly effective tool is to take ten minutes at the end of each day to plan the following day. What has to happen for tomorrow to be a success? Think like a CEO and be disciplined to complete the tasks that have the most positive impact on your business first.
Managing Your Team: Leading Others
Are you leading with integrity and respect? People want to be around excited people who show interest in them, are respectful and have integrity. CEO's have a strong belief in themselves, in their company, in their product and in their team. Surround yourself with savvy people. Studies show you become a combination of the five people you spend the most time with in your life. Think about that. Make sure the people you invest the most time with have character traits you want to develop.
Powered Up Action. Together we have reviewed one idea for each of the categories involved in Thinking Like a CEO. Implement these practices and you will make significant strides in taking control of your own finances, freedom & choices.
THINK LIKE A CEO when you are making business decisions, and you will earn like a CEO. You desire to grow. It is proven by the time you invested to read this information. Make a wise decision. Choose to implement small action steps and Think Like a CEO every day
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