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3 Steps to thinking like a CEO

Tue April 19th 2016

3 steps to thinking like a CEO

One of the largest problems today with running a business is focusing to much in the business and not on the business.

As you know, most successful businesses have lots of people doing various roles. These employees are then overseen by the CEO who then look at the big picture to direct strategies in order to drive success.

Now that you have established a functioning business it is time to start acting and thinking like a CEO to help drive business further.

So what do a lot of CEO's do in these large Auckland companies?

They are responsible for the day-to-day operations of the business; they are the decider, decision maker, implementer and leader.

Here are 3 key roles Auckland CEO's are playing in the success of their business.

Setting and implementing strategy involves identifying what direction they want the company to move in towards success. If you don't have a roadmap then you will be taking the wrong direction, which evidently hinders success. It is easy to be distracted in the day-to-day without realizing whether or not the activities are leading to your company's ultimate destination.

Make planning a priority, taking time at least twice a year to set up goals and vision for your business will ensure you are on the right track.

Once you have your strategy set, assign action items to your employees to ensure that every activity in your business is directed to achieving the business goals.

To provide incentives to your employees, build these deliverables into their job descriptions and remunerate accordingly once achieved. Hold regular meetings to keep accountability for action items and check that results are meeting the goals you set.

If you don't have staff, then think about outsourcing. It will be more cost effective for you to use your time on business strategy that drives profitability and success than sitting at a desk entering invoices in your financial system.

Do the things in your business that you are good at, and delegate all other activities – you will be surprised how much time and money is saved in the long run.

The success of most Auckland CEO's come down to their ability to lead the team. You need to have strong communication and management skills to deal with a variety of stakeholders to the business, from employees to customers, financiers and all others involved in the business.

Take control, lead by example and steer everyone to the path of success. Remember it is your business and you are the one is responsible for charging forward.

If you want to understand more about how to benefit and run your business then talk to the professionals! Norton Chartered Accountants are one of Auckland's leading Chartered Accounting firms based in Penrose. Contact us now for a free consultation at www.nortonca.com