Episode 73: 5 Essential CEO Responsibilities

Are you living up to your CEO title?

I know many of you are not. 

How can I say this with such confidence? 

I’ve worked with sooo many CEOs throughout my entire career. 

Now, as a business and leadership coach, I work with CEOs who are going through the same thing.

So what’s a CEO gotta do to live up that title?

What does a day in the life of a successful CEO look like?

On this week’s episode of The Scale to Seven® podcast, I’m sharing 5 core CEO responsibilities that you need to start doing. 

P.S. You don’t need to do a major overhaul on your current responsibilities. Just start with baby steps. And in time, this will get you to 7 figures!

 

What You’ll Learn from this Episode:

  • 5 core responsibilities of a CEO
  • How to devote more time to these responsibilities
  • How to maximize these responsibilities to scale to 7 figures

 

Featured on the Show:

 

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Welcome to Scale to Seven®! Your behind-the-scenes look at what it really takes to scale your business to seven figures. I'm your host Kathryn Binkley, business and leadership coach for online entrepreneurs. Here's what I know, building a business that will generate millions requires the mindset, strategy, and action of a future seven-figure CEO, starting now. Ready to Scale to Seven®? Let's go!

Hey, hey, and welcome back to the Scale to Seven® Podcast. This is episode number 73. And here's the thing, I know that you have the title of CEO if you own a business, but the question is, are you spending your time like a CEO? Most of you are not. And I can say that with confidence, because I've worked with hundreds of CEOs, maybe even thousands. I'm not counting these days. But the point is, I've worked with so many of you that I know that you're feeling trapped inside of your business. And if a video camera followed you around, what would be captured in that footage would not make people think that you're the CEO. 

Think about it, what job title would people who watch that video footage think that you have? A doubt it would be a CEO and some of you might be thinking or asking, what is the CEO even do? I'm not even sure what I should be doing if I'm not doing the work in the business? What am I supposed to be doing? What does that even look like? And I get that question a lot too. So many of you as you begin to delegate and you think about getting things off of your plate, you ask that question. What am I supposed to do with my time now? I'm not even clear on that. And I'm going to help you with that today. And I want to just mention here right at the beginning that if you want to delegate to elevate, then we've got a workshop coming up by that same name, "Delegate to Elevate", to help you learn how to free up 7+ hours per week and step into your CEO role without lowering your standards, your revenue or your sanity. So if you're ready to step fully into that CEO role, then I know you're going to need to delegate some things, come join that workshop, check it out. And you can do that at kathrynbinkley.com/delegate, we'll drop that link in the show notes for you as well. 

Now, let's get into these responsibilities. Because this is where you should be spending at least some of your time and the amount of time is really going to increase the closer you get to seven figures. So if you're just crossing the six-figure mark, don't feel like your entire job description needs an overhaul, but you want to just take some baby steps and start spending some time on each of these elements. And then as you again get closer to that seven-figure mark, as you cross that seven-figure mark, you should see all of these represented in your responsibilities in your day-to-day schedule. And you should be dedicating more and more time to it. 

So first up is "Vision". Your first responsibility is all about making sure that you have clarity, on your own vision for life and business. Yes, both. Because if you are just like me, then you believe that you're building this business to support the life that you want and not the other way around. So you need that clarity on the big picture vision for both your life and business. And then you need to be communicating that vision to your team consistently. If you aren't clear on the short, medium, and long term vision for your life in business, or you haven't been communicating that vision clearly to your team, then I want you to go add that time to your calendar right now, to get clear on your vision, go spend a block of time just thinking about it, getting it out of your head and onto paper. And then I want you to communicate that to your team in all of your meetings. I want you to really vision cast and help them see the bigger picture of where you're headed. So that's the first responsibility. It's all about vision. 

Your second CEO-level responsibility is "Team Leadership". And this is different than team management. It's all about the big picture, leading your team. Now, if you don't have a second command or an operator in your business and you're still in that role, then you're still going to have the management responsibilities as well. But I just want to note here that the management side of a team is not part of the core CEO responsibility list and some of you are probably just sighing with relief because for many of you. I've heard that you avoid hiring, you avoid delegating, you avoid managing because you don't feel great at it. It's not your strength, you really don't want to deal with managing a team day today. And I think that that's okay. Now you need to learn some of that, and we can teach you what you need to know. But ultimately, as you get closer to seven figures, you're going to build out a leadership team to help. What you do need to do what is part of your CEO level responsibility is leadership. Not just the management, but leadership. So it's not about managing all the details. It's not about managing all the projects and the deadlines. That's the stuff that you'll hire someone to help with. But leading your team is your responsibility. It's your job to really help motivate them and to really drive the business forward.

Now, the way that we do that, the way that we teach our framework is alignment, autonomy, accountability. First, you want to get aligned, which is why I mentioned vision. But this is also going to include values and goals, it's going to include expectations, is going to include the project details as well, if you're getting into the management side, but big picture, you're looking at vision, values, mission, and just overall expectations. And you want to make sure you're aligned on that you want to make sure that your team and their leader, whether that's you or someone else, managing them are aligned on strategy and just approach to accomplish a goal. Then you want to give them space as the autonomy piece, giving them room, allowing them to do what they need to do, allowing them to learn and fumble and fail a little bit still being there to support them, of course, but giving them space to learn and grow. But not just staying away, providing that accountability, which is that third piece, you have to follow up, you have to make sure things ultimately get done, and that they are held accountable to not just checking a box, but creating results. Creating an outcome based on their responsibilities. When you focus on "Team leadership", and you really have this dialed in, you've got alignment, autonomy, and accountability, all three dialed in, then not only are you going to have greater trust in your team, but you are going to see that your team is developing and growing and just getting better and better, which only increases trust. And it's just this big cycle where each of those feed into the other, you trust the team more, they learn more and develop more, you trust in them more, etc, etc. So it's going to create this great symbiotic relationship once you got all three of those pieces dialed in. 

The third responsibility for CEO is "Thought Leadership". I want you to think right now, are you feeling like a best-kept secret? Do you know exactly what you are known for in your industry? Do you feel like you're an expert? Or do you have imposter syndrome? And really question whether you have anything new, or exciting, or different, or unique to add to this space. If not thought leadership is an area for you to develop in. I believe strongly that this is something that you need to bring to the table as a CEO. And that means developing some intellectual properties and proprietary frameworks. And so a few questions around that are how much of that do you have in place? Are you protecting it? And how much does your intellectual property depend on you to create? Can you really share the vision and then have a team help develop that, but continually working on and leading the development of intellectual property who then your company, that's concepts, frameworks, systems, processes, all of that that belong to you. 

Fourth up is "Relationship Building". If right now you are focused internally, in your business, only. Your entire focus is in the business looking inward and not looking outward to other partnerships, not networking, connecting with other leaders outside of your company, not looking for opportunities that are mutually beneficial to help grow your business alongside someone else's, then this is another area for you to work on. So you want to build those relationships. You want to as you elevate in your role of CEO start to look more outward and hire a team that can focus on the internal side of the business and running the day-to-day operations responsibility. 

Number five is "Strategic Decision Making". This is huge for CEOs, you need to be very intentional, and strategic in your business. You need to really guide the decision-making at a high level, but only at that high level, that means only you focusing on and deciding the things that only you can do, right? Only you should make decisions that only you can make. And that means not making decisions that other people in your team can make. This is going to help you prevent decision fatigue, where the more decisions you make the lower quality decisions you make. This is going to help your team again develop. So this goes back to "Team Leadership", you're developing your team by helping them learn how to think and make decisions from some of the same criteria. So that decisions are made consistently in your business, whether you're making them or another leader is making them. 

A big part of this is first making sure that you're making consistent decisions. And you're using that criteria when you're thinking through decisions, right? You've got to have that clear vision, clear values, clear goals, clear strategy, that you're aligning your decisions to, and filtering, essentially every decision through. If you're still struggling with decision making, and either you're overwhelmed by the options and find yourself in a place of analysis, paralysis. Maybe you make decisions, but you second-guess them, and you're giving your entire company whiplash, as you change course and direction constantly. During either of those places, strategic decision-making is going to be an important focus for you. And you really need to get to a place where you have competent ownership of decisions. You can make decisions that do weigh the pros and cons and do you know, consider the factors that are important, but you can still make those decisions relatively quickly and competently, not too fast, but not too slow, and most importantly, competently. 

Now, there's, again, a different level of decision making, that you need to make versus the team needs to make. And some of those decisions that the piece of criteria that I use is, is this permanent? If it's permanent, it's a one-time decision, then I need to be making that decision. But if it's something that can be easily changed, then that may be something I can delegate, right? You need to learn how to delegate decisions as well. And you stay focused on the highest level strategic decision-making. All right, these are the five responsibilities of a CEO. I want you to think how are you doing on these? Are you spending time on all of these? If you had to rate yourself on a scale of 1 to 10 for each of these responsibilities? How are you doing? How would you rate yourself for Vision, Team Leadership, Thought Leadership, Relationship Building, and Strategic Decision Making? 

If you have some work to do here, and if you're ready to really step up into your role as a CEO, if you want to elevate into that role, and you know, you're gonna have to delegate. Then again, don't skip out on our upcoming workshop "Delegate to Elevate". We're going to show you how to step into that role. Learn how to let go and lead, without sacrificing more of your time, your sanity, the quality of work that you've you know, your clients have come to expect and you've come to expect, and of course, not sacrificing your revenue either. In fact, by bringing on that team and stepping up into your CEO role, we hope to see all of those improve. That's the goal. So go to kathrynbinkley.com/delegate. Sign up for that workshop today, and we will see you soon.

Hey, if you're ready to Scale to Seven®, I want to invite you to join the Scale to Seven® Mastermind. It's my coaching program designed to turn your online business into a self-sustaining scalable business that can generate millions. Just head over to kathrynbinkley.com/scale-to-seven/. We'll see you inside!

 

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