How to Become a Great Owner and CEO, Part One

Posted by Karen Erdelac on Jun 30, 2016

How to Become a Great Owner and CEO, Part OneAs the owner of a small business, your company’s success will largely hinge on your ability to guide it towards prosperity.  In larger corporations, many owners take a hands-off approach.  That is something that is simply not possible for the CEO of a small business.  Whether you’ve been in the game for years or you’ve just launched a new start-up, continuing to grow personally and professionally will directly correlate with the growth of your business.  While no one is perfect, there are several key things you can focus on to ensure you are getting the most out of yourself in regards to growing your business.

Have a Broad Knowledge Base

Any great CEO is going to need a very diverse skill-set to be successful.  With a small business, it is important that you are well versed with financial, marketing and project management strategies.  When it comes down to it, every decision made throughout your business is ultimately your responsibility.  If a key member of your team makes a mistake, it’s important that you are knowledgeable enough to correct and educate them on where they went wrong.  Having a broad knowledge base will also give you piece of mind that your team is performing their job at an acceptable level.  Not every employee you hire is going to work out or be trustworthy.  Having a strong understanding of every aspect of your business will help to ensure you’re not being taken for a ride by a dishonest member of your team.  Having that knowledge base will also help you to fill the gaps on your own when your company experiences turnover.

Know your Strengths and Weaknesses

How to Become a Great Owner and CEO, Part OneWhile you want to ensure you have an in depth understanding of every aspect of your business, it’s important to realize that you may not be your company’s best asset in some roles.  The ability to delegate responsibilities to those that have an expertise in their field will help you to focus on business growth rather than micromanagement.

Keep up with Technology

The business world is changing rapidly and technology is to thank or blame for most of it.  Every business is feeling the effect of this change, and as the owner of your company, you need to be on the cutting edge of technology as it relates to your industry.  Keeping up with technological advances and trends is essential for the future survival and prosperity of your company.  This doesn’t mean you need to be an IT director, but you should have a general knowledge of current and new technology being used in your industry.  Don’t be afraid to participate with Beta testing being done by tech start-ups, this could keep you on the cutting edge and establish yourself as a visionary in your field.

Take Chances                       

As the saying goes “nothing risked, nothing gained”.  If you want your company to be on top, and not just one of the players, you’re going to have to take chances.  Whether it is a new piece of technology or marketing effort, calculated and educated risks are the only way your business will grow.  Even if your company is currently successful, be aware that standing still will eventually result in your being passed by your competition. 

Be Available

This goes for customers, employees and investors.  Your time is valuable, but it’s important that you make yourself available to those that drive your business.  Having set times to meet with your employees on important matters regarding scheduling and business growth can have a dramatic impact on your bottom line.  You also want to make sure you’re there if your investors have questions about the direction of your business.  Customers are the ones that pay your bills, not only do you want to be on top of any complaints, you’ll want to nurture these people to provide continuous business.

How Quikstone Capital Solutions can Help your Business Grow

Growing as a person is essential to the growth of your business.  Quikstone Capital Solutions offers small business owners the necessary capital to expand and improve whenever necessary.  Consider a merchant cash advance to keep your business on the road to success.Apply Now

Topics: Growing Your Business, Small Business