As companies grow and talented personnel is hired to handle finances, day-to-day operations, and other aspects of the business, CEOs may wonder what their own role in the organization is. In fact, getting these operational burdens off your hands leaves you free to more efficiently do the crucial work that only you can do. Here are the vital tasks that are the responsibilities of any CEO.
Share the Vision
It’s the responsibility of the CEO to keep everyone’s eyes on the company’s goals. A sense of purpose inspires employees to do their best. Your personal attitude sets the example of optimism, competence, and honesty that your personnel needs to follow. You’ll also be the one to spot future entrepreneurial possibilities and set future goals.
Build the Team
You can hire someone to help with personnel management, but ultimately the responsibility of maintaining a balanced, diverse, and optimistic team falls on you. Eliminate the troublemakers, and hire people with needed skills and positive attitudes.
Monitor and Manage Finances
An accountant can record and calibrate the details, but the CEO needs to maintain oversight of the overall fiscal pulse of the company. This includes monitoring and managing important financial considerations such as cash flow, expenses, sales, and revenue streams.
Networking on behalf of your company is mainly the CEO’s job. Join entrepreneurial peer groups and industry associations so that you can meet and form alliances with fellow CEOs and other important decision-makers.
Honest feedback allows you to address business problems and find solutions. Ask your employees for opinions and ideas about where they notice waste and inefficiency and how to do things better. Face-to-face meetings and surveys can help you get feedback from clients on what your company is doing right, how it can improve, and which other products and services they would like you to offer. Be sure to speak with your vendors also, as they have the perspective of comparing firsthand your company with those of your competitors.
For more advice on the most important responsibilities of a CEO, get in touch with Mossberg Strategic Capital.