Tips to Make CEO of your Company
Here are some great tips for how you can manage your career and get yourself a promotion to the highest of leadership positions, CEO.
Manage Your Talent
The people who are working with and for you are a primary asset. Have a complete understanding about those individuals and know what motivates your staff. Take the time to review and develop their strengths. If they are not performing up to your standards, it’s time for a change. Recruiting and retaining proper talent is critical.
Understand Your Market
Both sales and marketing are important to understand if you want a promotion in your organization. Not only will they offer human resources, it allows you to increase revenue as well.
It is also important to know how to sell your services or products but marketing and branding must also be understood. They have a direct impact on revenue and it is a key component for attracting talent and for out shining the competition.
Try these simple tests:
- Are you able to make a great sales call?
- Are you familiar with both value and branding propositions?
- Can you adjust to the changing marketplace?
- Are you familiar with information technology?
Understand Financial Success
Having an overview of the accounting process is important for leadership skills. You need to understand what is behind a balance sheet and what is responsible for profits.
You should have an understanding of how to manage inventory using technology.
It is also important to understand how your financial decisions are dictated by economic conditions.
Understand Your Customers
Netflix suffered an immediate decline in customers when they raised their prices in 2011. That is a fate you do not want to duplicate. A public apology had to be given by the CEO. It is likewise necessary to avoid rapid expansion. That is an issue that Starbucks faced. Since their stores were popping up so quickly, one was stealing the business of another. This mistake resulted in layoffs and closures.
Understand the Operations
Have an understanding of operating processes and what is behind them. The role of technology should also be understood, as well as the technology tools that will reduce any repetitive tasks.
When there are issues, such as processes that are lacking, you need to be able to determine why and what you should do about it. The solution should be developed and implemented. This interview on Redline sheds some light on what it takes to be a CEO.
Performance can be improved when operational costs are reduced.
Establish Your Own Trustworthiness
You need to be the person that is there for others in the business. As the go-to contact, you will form partnerships with the use of ethical business practices. All of this will be done while you are still developing business to increase profits.
In summary, it is important to understand those who work for you, the environment of the company and the finances behind the business. It is also necessary to stay on top of current trends, marketing and to develop your business practices in a way that gives a positive experience for the customers. A promotion to CEO requires a comprehensive set of specific skills plus intangible leadership skills.