How successful are you in creating and managing a steady-cash flow? As a CEO business coach, I receive many questions from business owners about what it takes.
If you are just joining this series you may want to start with my first post on the Top 12 Questions Business Owners Ask.
Today we are going to talk a little more about expenses and not the revenue generating activities we’ve discussed in previous posts, so hold tight, here are the top questions I receive about when it’s time to spend money.
7. Do I have to hire people? I’m not sure I can afford it.
Even if you know how to do everything and could do it, I would say “YES – you definitely need to bring in some support.”
You’ve heard that it takes a village to raise a child, right? Well, I also think that it takes a village to run a successful business because if you are trying to do everything, this will lead you to be tired, frustrated and burnt out. The Chief of Everything Officer, not the Chief Executive Officer, will be the one running the show. You are not going to have the time and energy to do the nuts and bolts of running a business as well as doing what you do best – which is the whole reason you went into business in the first place and the reason people hire you.
Naturally, outsourcing some of our work can be uncomfortable, even scary. You may be wondering: “What if they don’t do it right? What if it costs too much money?” However, although it’s going to cost money and the end result may not be as perfect as you envision it, things will get done. In-fact probably faster and better than you imagined.
The money you invest here is going to free up YOUR time and energy to do the things that you love to do which brings in revenue and make your business fun and profitable. So the real question is, can you afford to keep doing everything yourself?
It can be daunting to decide what to outsource first. Here is an exercise to get you started.
8. I want to be the CEO of my business. I feel like I just do and do and do, how do I make the transition?
The first thing is to take a look at what being a CEO looks like to you. What is it that you are doing and who are you being? Actually, I want you to take it a step further and write down your ‘job description’. I know that this may sound like such a corporate thing, but it’s designed to help you identify what the CEO of your company needs to be. Write down that description as a way to anchor it.
The second thing is to take a look at your current ‘CEO Success Style’. Your CEO Success Style is the way that you are able to get results. How your style shows up in business can keep you from getting some of the results you want.
Thirdly, based on who you want to be as a CEO and the way your CEO Success Style is executed, you need to examine the gaps. What is it that needs to be changed or done differently so that you can be the CEO of your business rather than a stressed out employee?
For more information on how to identify your CEO Success Style and bridge that gap to being a more effective Chief Executive Officer, go to www.CEOSuccessStyles.com.
Have comments? I would love to hear them below!
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