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Running a company is no easy task. It is a famously hard job, that many often find precarious. If a company makes major errors, the blame often lands at the CEO’s feet. So, here’s an article to suggest a few ways in which a CEO can look after their business as well as themselves.
Firstly, it’s important to know when to delegate responsibilities and when not to as a CEO. This may seem obvious, but especially when you first find yourself in charge of a business, there is an overwhelming sense that the more areas you, as a CEO, are overseeing or running within a company, the more control and success your company will have. However, the key to running a business is knowing how to delegate key tasks to the right people. If you try and stretch yourself overseeing all areas of the business you will be overworking yourself, and more likely to cause mistakes. As well as that, it’s unrealistic to believe that one person could have all the expertise necessary: focus your efforts in the areas where you are the expert, and you’ll find that spending time on thinking about who to delegate certain tasks to, can save you a lot of time, and give you the flexibility to correctly oversee other key areas within the business.
Delegating can go outside the company too. As a CEO, it is important to know when your company can or cannot cope with certain responsibilities. For example, something such as brand tracking, which asks consumers to rank your brand against its competitors for the key qualities that define its identity and appeal, and other forms of market research can be costly to do within a company. Therefore, a CEO needs to know when it is cheaper for a business to delegate one step further and outsource a certain process of the company all together and see where precious resources are being wasted as a result of not doing so.
It might be isolating when you’re at the top of a company, so allow yourself to still be invested in those areas where you delegate, but understand what level of personal investment is needed from you as CEO from area to area. Taking care with delegation means that when the time comes you have the overview and energy to take care of serious threats to your business.