Some of the aspects to trap an entrepreneur, in transition to being a CEO. We’ll have task assignments we do on a regular basis. I would recommend you take a really good look at the tasks and focusing on what you’re working on at any one given time. Stop yourself and ask yourself if this is the best and highest use of my time that I could be maximizing my efforts right now with.
Chances are, if you’re posting to your Facebook account, updating LinkedIn, or doing any of the other mundane tasks that are required to keep your business active and relevant but not really making money, then you’re not optimizing your time appropriately. As an example, if you own a restaurant and you’re the one who goes out, and buy food and other important yet mundane task is another example of not optimizing your time appropriate.
The specific areas of the business the CEO should function, I call these the four quadrants. This is where any effective CEO can be spending 95% of the time. These quadrants are critical to the function of the business growth. After all, CEO’s primary concern should be growth of revenue and control of cost. These are the quadrants truly dictate the growth potential of any company. Because the one thing that you, I, and highly effective CEOs like Bill Gates or Warren Buffett have in common is we all have 24 hours each day. Stop and think about this, when Bill Gates was CEO at Microsoft he had 46,000 employees working for him. That translates to roughly 368,000 hours of productivity in a single day.
The primary functions that we need to concentrate with as the CEO is Conducting Business Presentations, Executing Joint Venture Agreements, Planning and Operations as well as Product Development, and finally Raising Capital and Financing. The numbers in the engagements will change based upon the size of the company. But nonetheless, the area CEO needs to be functioning in is in these quadrants and not get involved in the day-to-day operations of your company that’s why you hire on premise or virtual employees. With the advancements of technology today there are very few administrative functions that cannot be conducted by virtual team employee. Not only is the cost savings very significant, but depending upon how you set up the VA’s. The ideal environment would be to have a team working for you, full-time and part-time specialists in different areas.
The exercise for this week is to make a note of what are the tasks you perform on a regular basis and are you really optimizing your time. If not, look for solutions that will help you optimize your time and grow your business instead of running inside you.