Top four things every CEO need to focus on daily basis

Being a CEO in a corporate world is not an easy task because they are the people who are responsible for steering the company towards profit and are questioned by promoters and stakeholders alike for the company going in loss.

Promoters or board of directors usually employ the best CEO possible. Being the senior most corporate officer of the company it is his duty to make the company grow, thrive, and profit for stakeholders. He has to perform many roles as a leader or administrator for managing an organization, operations of the company, decision maker for developing business plans and strategies etc.

CEOYou may have several subordinate executives under you for finance, marketing, human resource, purchase, etc. will also be responsible for the accomplishment of company’s vision and mission.

To accomplish all these things, he has to focus on many things; four out of those things should be done on regular basis.

  1. Read read and read

It is observed that once people leave their education they put reading on the back burner. One can see that all successful people are those who spend a lot of time on reading. They regularly acquire new knowledge, innovative ideas, knowledge about trends in business, as one can see there are regular change and advancement in all the areas of life.

You will remain abreast of all the changes happening your field, be it business, technology or personal. Reading can be in form of newspaper, magazines, editorials, company’s reports, watching the news, discussion and debate, change in government policies and/or guidelines etc. which helps you to reach next level of success.

  1. Set a vision

It is the CEO who sets the vision and implements for the company. You should be clear of your vision, should be specific of your company’s achievement of standards and targets in future and set the goals for the specific time period. Where you wish to take your company towards, say three or five or ten years from now, what will be the sales within certain time frame, what should be the culture of the company, what will be its financial condition etc.

You can achieve this by holding regular meeting with your subordinates, getting feedbacks, taking corrective measures if things are not on the right track and gathering invaluable experience on the way.

  1. Create a strategy

To make your vision a reality you have to make a strategy. No problem if you are not too well versed in say finance or sales or operations or marketing etc. but you will have to involve yourself in planning and approval process in all those areas which will have a long-term effect on the company.

You will have to build and get involved in making a strategy for sales promotion, business development, marketing and advertisement of your product, financial planning etc. This can be for any stage of your business cycle. Give and take advice on matters relating to your line of business. Share your experience, use the experience of others and develop the practical strategy with others related to the business.

  1. Cash flow

Cash flow is the lifeline of any business and you will have to keep a strict eye on it. Cash flow refers to the cash that the company will receive in future and cash that the company will pay in future. The net (inflow and outflow) also called business liquidity will help you to evaluate the quality of income/expenses of the company.

One should never run out of money. Especially if you are running for a long-term race. Paying all loans in time will help you to be in good books of the financer (banks, lenders) which can help you in the hour of unexpected crisis that may crop up during your business. Though you may have a chief finance officer still it will be better for you to regularly update yourself on this aspect of business strategy.

How to know entrepreneurship is right for you?

Be a BOSS of own business is a dream of everyone but the path of it is not an easy task. For this, you will not only have to prepare yourself financially but also emotionally. You will have to minimize your constant needs and extra expenses. Even after all this, there are some more things that you should know either entrepreneurship is good for you or not.

businessmanIf you are interested in entrepreneurship, then before starting better to ask yourself these questions, which will help to decide that entrepreneurship is right for you or not.

  1. Am I passionate and enthusiastic about my work?

You have to question yourself that have you made the right decision? With an open mind, think that are you interested in your work or not? As a business owner, you are also a major salesperson for your company, so it is important to have enthusiasm, passion and the dedication towards the work. All these things also affect your product and services. If you are constant with all these things, you definitely can attract more investors, if not then it is a bad deal for you.

  1. What is my tolerance for risk?

There is no business that does not involve a risk, everywhere there is a risk. Sometimes such situations can occur when you have to face difficulties, which may shake you financially and mentally. So, are you ready to face such situations? Do you have a strategy that does not have any effect on you in such conditions? Successful businessmen get success in their business when they take their business strategy along with them to face any kind of problems. They always have complete knowledge about the problems, which they may have to face during business. Therefore, before starting their business they are always prepared with their strategy to deal with such kind of situation.

  1. Am I good at my decision making?

If you want to be boss of your own business then you have to take all your decisions. Now it is time to think about how you can handle your initial decisions. There are many decisions you may have to take, such as, is this place or location good for your business? How many employees should I hire? Should I invest my full savings? Always keep in mind that decision-making process can be more complex over time. Once you rely on the employee or the client, the choices you make can bring success or failure. Therefore, you should believe in your ability to make the right decision.

  1. Am I ready to take many responsibilities?

Before entering the world of business, you will have to focus on special skills that you have. A business owner has to contribute everything to his business. They may have to take a lot of responsibility. A businessman has a lot of versatile roles to play depending on time and situation such as a purchaser or salesperson or accountant or manager. A successful businessman never depends on anyone and even they never shy to do any work.  They are always ready to take any kind of responsibility at any time according to demand of the situation.

  1. Am I able to avoid some habits?

There is a very simple proverb that to achieve something and get success, you may have to let go of some bad habits. Are you ready for it? At the beginning of your entrepreneurship, it can so happens that working seven days a week one may have to forego contacts with your friends, less time for your family members, keep your old hobbies on back burner, not paying more attention to personal needs and interests, unable to surfing internet for hours or to spend time on Facebook or WhatsApp or other social media. So, consider all things and be ready for it mentally.

Take your time, answering all the questions, if you get an answer to all these questions that suits the conditions then entrepreneurship is right for you.

Common mistakes prominent businessmen never make again

There is a determined goal in everyone’s life and the people give their best to achieve it but sometimes, such conditions occur when people easily defeat and go away from their goal. No problem occurs without any reason. There is something behind it, which you need to observe and solve. If you find out that reason and solve as well then no trouble can overcome you from your desired goal.

sad businessmanThe Same process is applied by successful businessmen. A successful businessman never comes to his fault in front of him again and again. They always have right solutions for their all problems and they use it at the right time in the right way. A gentle businessman always tries to learn something from the problems and mistakes and never repeat it again. They keep their strategies ready so that any kind of obstruction could not stop their work.

Let’s see, how a successful businessman does not repeat his mistakes again.

1. Set their limitations

Set limitations and boundaries can be challenging but it is better than any catastrophe. Applying the defined policies in the business and sticking on it can be beneficial for a long run. Sometimes, such situations occur when customers disagree with policies of the business and oppose it then they explain them about their policies and its requirements. They are honest about the limit that they are ready to adjust. If they are not able to adjust with a particular customer then stay away from them because short term loss is better than facing the complicated set of problems in the future.

2. Set timeline carefully

A businessman always is aware of the upcoming hidden surprises. He always knows that he may have to face many uninterrupted challenges during his work. This is the reason a known business never set tight timeline or time frame to complete a task while solves challenges wisely. Most of the businessmen follow this strategy to face the upcoming surprising challenges.

3. They distribute work on team members

Success in any field cannot be achieved alone because as you grow in your field, your responsibilities, challenges and workload also increase. In such cases, taking workload alone can lead you to failure. A successful businessman always gives all the credit of the success to their team members because they distribute their work in team members with different responsibilities. As a result, they get better growth on their productivity and long term benefit for their business.

4. They don’t make opponent

An experienced businessman always knows that his competitor is not his enemy. Many times you may go away from your goal in order to beat your competitor. In such case, you may forget that your objective is not to defeat your competitor. Your objective is to provide good services to your customers and make them happy with your services. As much as the focus and energy you put into beating your competitor, if you put one part of it in your business, surely you will get a better result and it will show in your business growth. This is the big secret of every successful businessman. They never take competitor as their enemy and only focus on their work and business for a better result.

Starting a business is easy just follow these steps

Dreaming of own new business can be easy but the implementation of this in the reality can be difficult for everyone because starting a business involves many things to convert the dream into reality such as proper planning, financial key decisions and the complete process of legal activities. The good combination of all these things can help you to start a successful business.

starting a businessSometimes it requires a lot of strategies to start a business and to move forward successfully. There are some steps that can help you to complete a process of business planning and its management successfully.

  1. A business plan

A business plan is a necessary framework for business success. You should write your business plan in the following manner.

  • Write executive summary: This will help you to consider your company position and its success.
  • Write company description: This will help clients and investors to easily understand your company’s goals.
  • Market analysis: It should include some key points such as your Industry and outlook, complete Information about your target market, how much market share you can gain, your pricing and gross margin etc.
  • Design the complete structure of organization and management of your company.
  • Make service or product line for your company and should includes details of products and services, details of product’s life cycle and intellectual property.
  • Make marketing and sales management strategy for the business.
  • Design a framework according to your needs.
  1. Get professional help and training

For starting the business and stay successful on this, you need to get business assistance or training and consulting services. With the help of experts, you can make perfect business planning, secure finance planning to relocate your business in the market. There are many businesses training centers that provide various business courses to lead a market successfully.

  1. Choose a perfect location for business.

Before starting any business, it is the most important to select the customer-friendly location for business, where the customers feel comfortable to come and go. There are some more things that you need to consider before choosing any location.

  • Is the location consistent with your brand image?
  • Is the business around you supplementary or competing?
  • Are there potential employees around your business location and they will be staying there?
  • Is there any extra space for business growth in future?
  • Is the place is easy to find for customers and suppliers?
  • Does the location come under the complete safety and security area?
  • Is the location evaluates your finance?
  • Is the location business friendly?
  1. Follow all legal rules and regulation

It is compulsory that everything in your business should be completely legal. It will be helpful for you in future in many situations to run a business legally. You need to follow some common rules that are:

  • You should have the legal tax implications to the business structure that you have chosen.
  • Your business name should be registered by the government.
  • You need to register your business for state and local taxes to get tax identification number, compensation for workers, unemployment and disability insurance.
  • Obtain the central, state and local licenses and permits that are necessary to run a business.
  1. Finance Your Business

Before starting a business find some government backed loans, research grants and venture capital that will help you to start your business without any trouble. There are many grants and loans program offers by the government, which always will help you to succeed in your business.

If you have successfully established your own business, then it is imperative to understand the good employee management skills to keep your business successful for the long term in future.

How to encourage your employees?

Encouragement creates the productivity. Especially, it works to encourage employees. Every successful leader gets success in their business just because of their employees’ hard work, dedication and unique creativity. Believes me!! To get same productivity from the group of the employees is not an easy task. It all depends on the leader or owner of the company that how they encourage their employees to create more productivity.

encourageThe importance of encouragement proves when it is successfully applied for a period of difficult time and less progress of the organization. It is a technique combination of art and science that how a leader of the organization provides incentives to employees especially in difficult times to get better productivity. A responsible leader always should have the ability to read and respond on the emotional needs of others by emotional intelligence. The proper body language, the correct choice of words and the right interaction with others will be helpful in the encouragement of the employees.

Here are some useful techniques for the leader to encourage their members

Better communication with employees

If you are only connected with your employees by an email or a newsletter then it will take you away from achieving your goals. With the help of emails and newsletters, you will not be able to tell your employees their vital capabilities. To motivate your employees for better creativity you need to communicate with them frequently and face-to-face. As an employee, I can say that the every staff needs to know their important value in the organization. I am sure, the appreciation of employees’ hard work helps to boost their energy to generate more productivity.

Known the needs of employee

Generally, problems occur during the working. In some cases, an employee is not satisfied with his work. Here you need to consider the things/requirements of each employee. You need to improve your observation skills so that you can easily observe the employee’s needs by watching and listen to any changes in their behavior. Always try to fulfill their requirement by listening to their problems and needs, so that they could never go towards frustration and despair, these frustrations and problems can reduce their productivity at work.

Always be an example

To make your team hardworking or dedicating, you always need to prove yourself in front of them as an example for achieving a goal. Unless you become a big example in front of them, you cannot expect hard work from them as you want. As a team leader always give your best to your organization. Whenever you get time to show your excitement about the company’s goals and valuable points in front of the employees. Make sure, if you will be excited for achieving the company’s goals then the employees also will get on board to achieve set goals with full excitement and energy.

Improve employees’ skills

Always guide your employees to give their best. Always support them by providing helpful suggestions to increase their productivity or performance at their work. Each employee expects from the team leader to guide them well and introduce what is good and bad on their performance. Even in maximum cases, the leader hides their creativity skills and not shares it with the employees. As a result, it causes lack progress of the company, which takes away the company from its goal. Therefore, regularly take employees’ reviews regarding their improvement. Always try to take their advice and suggestions for organizational growth and implement as well. To make your employees motivated and empower give them the rights to take their own decisions. It will really help to encourage them for the great productivity.