What Does A CEO Do?

have you ever been uncertain and possibly confused about exactly what does a ceo do or maybe am i a ceo are you a ceo well today let me see if i can help you clear that up i have this conversation many times with the small business mentoring clients that we take on here at matterhorn and the discussion is what is it that i do once i have myself replaced so for most every client we have the ideal situation and what we call the summit here at matterhorn is their goal their ultimate and every single client we have wants the same thing which is to be able to work on the business instead of in the business that means vision future planning creativity new relationships versus being down in the body of the machine and the body and the mechanics and the day-to-day of painting the houses or putting on the roofs or planting the shrubs so the ultimate then is the ceo is going to work on the business now what does that ceo do well that's exactly what i'm going to go over today and i think i'm qualified to do this because i semi retired from my first business at the age of 38 semi retired again from the second business at the age of 60 and i have other projects that i'm working on that i plan on semi retiring from so what does a ceo do all right well the first thing the ceo has to do is replace themselves and that's a topic for another day but let's start with what does the ceo end up with how do you know if you have a good ceo or a bad ceo now let's not talk about wall street and stocks and bonds and you know how you value a fortune 500 company we want to talk about that we're talking about a small business owner the way you're going to be judged in my book as a good ceo a good business owner a good entrepreneur do you have profit number one not how much gross revenue not how much money you made last year you made five hundred thousand you made a million dollars we made five million dollars last year i'm a great ceo no let me tell you if you made five million dollars last year and spent six you're a terrible ceo if you made a million dollars last year and kept 500 000 i'd say you're a great ceo so what is the objective here in business it's to make a profit now yes you have the basic purpose of the company which is to serve the customer solve their problem okay that's all in my book funnel work we're not talking about that all right we're talking about at the end of the day a ceo needs to have profit to run the company and expand the company so the very first result of you as a ceo is how do you make more profit end up with more money in the checkbook okay now to make that profit the ceo is responsible for strategy and action so in my book fund at work i talk about strategic plans and action plans and there are four areas you need to focus on marketing to get more new customers sales selling those prospects delivering delivery what was sold and management which is holding this machine together and making it run all right so what you do as a ceo is you create strategy for future expansion in what i call the four pillars of business basics marketing sales delivery and management very simple then you work with your managers or yourself if you're not if you don't have any managers and you figure out now the action steps so you have this strategy to expand and now you have step one two three four five you lay it out on a calendar by this date this needs to be done that's what the ceo does now here would be the ideal how you can start working on the business instead of in the business is you now have a director of marketing a director of sales a director of delivery and an administrative director that would be the ideal and then you're sitting up here as the chief executive officer meaning over all the other executives telling them what to do and running them on their strategies and their action plans so that's what the ceo does is create strategy and action plans and replaces themselves in marketing sales delivery and management now the third thing and this could actually be the number one thing which is going to give you everything else is communication you're not in an ivory tower as the ceo creating these secret plans all by yourself as a matter of fact what we found here at matterhorn is somebody usually the small business entrepreneur is by themselves they need somebody to talk to so we provide that somebody to talk to we provide ideas we provide direction and guidance if you go over that way you're going over the cliff i suggest you go over here you're free to go over the cliff but i suggest you go over here we have to take these ideas this these strategies and action plans and communicate them to the managers and to the other team members so there must be communication as an executive you're responsible for communication i have this fellow that i know we're friendly i can't say that he's my friend in seven years he took his company from zero and ten employees to just going on wall street with a three billion dollar valuation and about fifteen hundred employees seven years every single day he's on their computer screen from nine until nine fifteen every single day he's not some aloof person you know who uh you know lets the company run without him while he's i don't know doing uh something in tahiti or whatever so you must communicate you have to let everybody know your managers and your other team members know exactly what the strategy is the action plan and what they're responsible for now another critical thing and this oftentimes is dropped by our small business owners is you have to meet with accountant you have to make sure your taxes are filed on time you have to have a profit and loss statement you have to meet with your accountant maybe there's a legal document that you need to draft you have to make sure your retail merchant's license is in place and current so you're responsible for all the technicalities to make this business function so you can file your taxes comply with any local licensing or state regulations that's part of your job that's not the manager's job and it's not the other team member's job that's your job as the ceo and then as far as i'm concerned the fifth thing that the ceo has to do is be very active in promoting the company i'm talking about going to networking meetings making videos uh getting your picture out there however it might be your face at the chamber of commerce meetings it's your company we have one small business owner that we were working with who refused to do that oh i'm not really that type of a person i really don't want to do seminars honestly it just really didn't go anywhere it just you have to be passionate about your product or service and you have to be the one that's going to promote it now you say well i'm not that kind of person okay then hire somebody to be that person that's the bottom line is if you're not going to do it yourself it's still your responsibility for your public relations and your image and just really making your company better well known and well thought of you are the chief executive officer that's what you do if you want to become a true ceo or a better ceo of your business you should check out our adventure to profit program you will be able to work with us one on one we are certified profit first professionals we really dive into that we dive into strategy the four pillars of business basics and you can work with us personally on that program so go to adventure to profit.com fill out a short application and let's see if we have a match i hope to be working with you soon [Music]

Channel: Matterhorn Business Development

Views: 82,328

Keywords: business tips, sales tips, sales talk, money talks, professional salesman, sales communication, business growth, professional growth, sales expert, sales and marketing, sales target, sales process, sales professional, business success, salesperson, business strategy, business goals, business profit, business revenue, CEO, chief executive officer, CEO responsibilities

Id: t7FQ7T6bLq4

Length: 8min 33sec (513 seconds)

Published: Wed May 12 2021