CEO:
Sometimes I am right on task, other times I struggle to figure out what a CEO is supposed to be doing. Why is that?
Because every CEO is different and every business is different... and businesses change over time.
But generally you can look at the role like this:
You must...
- survive,
- make deals,
- find rivers of cash (products and services).
You must...
- manage debt and profits, hone your "secret sauce",
- build a leadership team
- create a strong vision and culture...
And you must Live a Life.
CEO:
Okay then, what is the formula?
Walt:
There is none other than they all have to be done well at the same time.
This is not a formulaic job. It is an autodidactic experience, mainly self-guided — you learn on your feet.
When you aren’t paying enough attention to one thing or another you’ll “feel it”.
Walt:
One more thing…
Your Role changes based on the developmental stage of your business.
This has to do with complexity.
CEO:
Complexity?
Walt:
Yes, the complexity of your business is defined in three stages:
- Early Stage,
- Mid Stage, or
- Developed Stage.
Walt:
In the Early Stage, you do almost everything.
Walt:
In the Mid Stage, your Team manages parts of the business, and you do the rest.
Walt:
In the Developed Stage, your Team manages the whole of the business, and you run the company and the team.
CEO:
That’s part of the problem — what if I lose my way?
Walt:
You do what a seasoned explorer always does - get up to 50,000 feet, above the clouds, check your maps, get your bearings, confirm the big picture, make sure you are on course, gather your company around, go over your plans, and then go back to work.
