As a CEO, there are many hats to fill, especially if you’re a small business. It’s important to stay on top of your team, financials, and business as a whole. Even though the long list of to-dos seems never-ending, there are at least 5 things that every CEO should do no matter what size your business is. If you want to become the best CEO you can be, we urge you to continue reading.
Review Monthly, Quarterly, and Yearly Financials
First things first, no matter how much revenue you’re bringing in you should be staying on top of your financials. It’s important to have a well-rounded approach as a CEO in order to make decisions that are best for your business as a whole. Every month, quarter, and year you want to make sure you do a quick review of your financials. Whether you have an accountant or CFO, you should be part of the process.
Adding A-Team Players
Your business is only as good as the people running it. As a CEO you want to only be bringing on A-Team players who are ready and willing to work hard to succeed. At the end of the day, a hard-working team of 10 works better than a team of 100 who don’t take it seriously.
Not only will higher-quality employees save you the time it takes to hire a ton of low-quality employees, but it will also save you money in the long run by avoiding high employee turnover.
Check-In With Your Team
Even if you have a team of 2-3, you want to be checking in with them frequently. This doesn’t mean micro-managing, more so seeing how they are and keeping a close relationship. Many employees report one of the reasons why they left a company was not having a good relationship with any senior management. Whether you do it in person or over the phone, take the time to get to know your team and make the working environment a good one.
It’s really easy to get wrapped up in all the tasks that CEOs are expected to complete. Whether that’s traveling or meetings, you want to maintain a constant presence within your company. This goes hand-in-hand with checking in with your team. You can do this by being present at your office, attending meetings, hosting events, and being involved with anything else the rest of your team does.
Hire a Virtual CFO
A lot of CEOs who are running a company with immense growth might not understand where to put their money and resources next. One of the smartest things a CEO can do is hire a Virtual CFO. We’ve talked about this before but a Virtual CFO is responsible for a variety of tasks including financials, taxes, strategy, and scaling. They can fill a huge role in your company that an accountant or bookkeeper sometimes can’t.
What’s so great about Virtual CFOs is that you don’t need to worry about paying a high salary or benefits. It’s a flat-fee cost every month and you get all the services offered by the Virtual CFO. At the Virtual CFO group, we strive to help you run a company full of success. Everything we do is personalized and you will wonder why you didn’t hire us sooner.