So what exactly is a “Lone Ranger CEO?” and WHY is this Conversation relevant? Read on.
No matter how big or small the business, the Lone Ranger CEO handles 100% of it.
Either because they’re afraid to let go of control or because they feel they can’t afford to hire HELP.
Can you relate? I know I can!
So what’s wrong with doing everything yourself?
Well it’s tough to GROW your business if you’re busy managing every single detail.
I know it’s a bit scary to let go of control or to consider actually hiring HELP, but I also know it’s necessary if you want to GROW your business to its fullest potential.
If you answered “Yes” to most or all of these questions, guess what, YOU ARE A LONE RANGER CEO!
That’s okay, Many CEO’s, Entrepreneur’s and Business owners start out like this.
- Do you prefer to work alone (Lone Ranger)?
- Do you feel no one can do your work quite as well as you (Perfectionist)?
- Do you often feel there aren’t enough hours in the day to get everything done (Overwhelmed)?
- Do you do your own Accounting, Sales and Operations Planning (General Manager)?
- Do you micromanage every member of your Team’s delegated tasks (Obsessive Compulsive Disorder – OCD or Similar)?
When your business is small you have to wear many hats because you may not be able to afford to hire HELP.
So, at what point do you make a decision to start delegating tasks to someone else?
ANSWER: When the time you’re spending on administrative tasks involved in keeping your business running prevents you from spending time GROWING your business.
As a CEO, Entrepreneur or Business Owner, you should aim to spend at least 50% of your time Strategizing your Company’s Growth opportunities by engaging with your Customers and creating more Customer Value.
You are the BEST person to market your product or service and as a Leader, your Employees look towards you to set the Culture and pace of Business and Financial performance in the company.
So if you’re too busy with the mundane tasks, then guess what?
You don’t have time to think Strategically and your business cannot grow.
So what’s a CEO Lone Ranger to do?
Here are 6 tips to Start your Strategic Thinking process flowing:
- Make a list of all the tasks that don’t require your specific expertise (Non Value adding tasks).
- Make a second list of the tasks that consume a lot of your time but are OUTSIDE your specific area of expertise (things like Managing your Business and Financial Performance).
- Determine how many hours per week you spend doing the tasks in Tip Number 2.
- Determine what additional Top-Line and Bottom-Line; Key Performance Indicators (KPI) or Milestones or Goals you would have time for if you didn’t have to do the other tasks. (Value adding tasks)
- Estimate how many additional Customers and Channels you could access or how much additional Sales Volume and Value targets you could generate with this extra time spent on Marketing and Building your Brand identity and Distribution Network for more Product Visibility in your designated markets.
- Make a decision to hire a Virtual Assistant (VA) or Bookkeeper or whatever specialists are appropriate to handle these tasks. Determine what you can afford based on your results in Tip Number 5.
You’re probably wondering how you’ll be able to afford it, right?
But really, we can’t afford NOT to hire HELP, that is the Reality.
If you have a Big Vision, then you need a Talented Team to help you make that Vision a Reality.
To start with, your Team should include Virtual Assistants (VA’s) and Coaches to do the work that is not a good use of your time and this doesn’t need to break your budget as they don’t need to be a full-time employee.
If you need HELP to Maximize your Profits and get Cash Flow under control, come and have a chat with CFO Coach today.
We will map out your unique roadmap and help you look for the opportunities to push for a sustainable Business Growth Strategy.
Get in touch with me to learn more by SMS on +260967924720 or email to Irfan.Sayed@cfocoach.co.zm or Visit www.cfocoach.co.zm
Alternatively you can choose your preferred date to set up a free 15 minute Power Discovery Call at your convenience by clicking the link – CFO Coach.
Check out other Valuable Insights in my articles page to help you take Action Today!