Making the leap from entrepreneur to CEO isn’t always a smooth journey. I’ve seen many people struggle with this transition. The ability to lead is not something you are born with; it is something you must constantly cultivate. And, the more success you have, the more leadership will be required. Being the focal point of your own business universe is one thing. Building an organization of high-performing, interdependent individuals responsible for large numbers of people is an entirely different matter. You will eventually reach a point where many things happen in your organization on a day-to-day basis, of which you have little direct influence. You may even end up having people working for you whom you don’t even know. You will need to transform from an activity junkie, who is good at getting many things done, into a CEO who is focused and thoughtful about ensuring the important things are done well and usually by someone else. It becomes less about “doing” and more about “thinking” and “being.” Here are some CEO best practices I’ve observed over the past 25 years:
- You’re only as smart as what you know, and you’re never done learning—be curious.
- Minimize your distractions and maximize your focus—multitasking is for amateurs; be present.
- Spend time on high ROI activities—your time is your most valuable asset, so treat it that way.
- Lean into challenging conversations, but do so thoughtfully and professionally—do what’s necessary because delaying the inevitable only makes it worse.
- Never stop building and strengthening your network—build as many bridges as possible because you never know when you’ll need another route.
- Know your numbers—you must become an expert on what drives your revenue, profit, and cash flow; financial ignorance is not bliss, it’s dangerous.
- Take the time necessary to select exceptional individuals, and then let them do their jobs—hire slowly, fire quickly, and then trust but verify.
- Have a strategy that drives tactics, not the other way around. Ensure that everyone understands the definition of success, and then develop a plan to achieve it.
- Healthy body, sharp mind—your job is demanding, so take care of your physical and mental capacity to do it.
- Don’t leave your family in the rearview mirror—success is pointless if it costs you your family and close relationships.