What do you do when you, as the owner/CEO, are stuck?
I see all the time, in my practice, when successful business owners are stuck, that they try and push their way through the problem. Often, they have no one to confer with and keep their toughest problems to themselves. This limits growth. How do you get unstuck? When do you look for outside help? How do you find it?
Join a Mastermind group. If there is not one near you, then start one. This has been an invaluable resource to me. When I'm stuck, I turn to this group. They may not have the answer but will provide me feedback that may help me.
It's also a great idea to have a good Business Coach to turn to. While we may not have an answer for you, in fact most of the time we don't, we are really good at exploring the situation you're stuck in and can help you find a way through.
first of all THE TEAM has to work together, to achieve all goals.
Second, if they are stuck in one place, they can search for new ideas, please read this http://vaguru.eu/index.php/advanced-stuff/business-ideas
Also, sometimes it is good idea to take new person "to blow fresh wind"
Suggest do a company audit of all departments and a financial review.
Then create an Action Plan and audit system review with operational options.
My Mentors said
1) Have a strong board and advisers - they will always push you
2) Strong co-founders
3) Strong Team
The last one is important, have consultants who can challenge you.
Its ok to accept CEOs are also mere human .... They need more motivation and push than others ... in fact push is considered one of the top 8 success formulas ... thanks
A business owner needs to build a personal network, just as employees or non-business owners network. They maybe other executives or professionals in other functional areas of the business (accounting, insurance, legal, etc.). I think, in the United States, one of the best ways of building a network or an advisory panel/board is to call on the retired executive network of SCORE.
Now if the owner/CEO of a business has employees, they need to be open to asking their employees questions ... specific questions. It's a way to build a better relationship with employees and utilize the intellectual capital that they've been trying to build ... and ultimately the reason they hired that specific person.
Since my near death experience this past December, I've found that exercise is a great way to work through issues. It definitely alleviates the stress that the executive may or may not be feeling, especially when you break a sweat.
Great question Dan,
I would tell the CEO to take pause and evaluate. Look back at the original business plan and company vision versus the current plan and where it appears to be headed. Is the ship on the right course for growth, or has the need for speed pushed it off course, in search of a short cut?
Get the team together and brainstorm, using those goals as your compass, and then assess what current processes and procedures may be inhibiting the way forward. Depending on the industry you are in, there can often be major changes, such as new trends and an influx of competitors, that render your old processes etc inadequate. Thus, by doing what you have always done, you are being left behind. Having said that, there are so many new innovations and ideas out there, some which may well help but many that can also have you 'chasing rainbows', so make sure that you all agree on proven methods; in order to bring back stability to the business.
Sometimes, by simply getting back to basics and 'taking stock' of the situation, you realize just how far off centre things have become.
Also be willing to seek help from recognized industry experts. This is not a sign of weakness, rather a sign of strength; as you are simply utilizing the resources available to you. For example, when an outsider takes a look at your business, they can often quickly identify where your existing business model does not support the current consumers needs and trends.
In short, the CEO should not let pride get in the way, as others in the company are more likely to label them as not being up to the task, the more they avoid taking responsibility for obvious need for change. Instead, they need to rally the troops, including outside experts, and formulate an attack plan to move forward.
Hope this helps. :)
Dan owners and CEOs are also humans.Although they r considered to be successful people of society and business class, yet they get stuck of course in different situations.I think they should get relaxed and give more thinking to the situation. By reviewing situation from all expected angles and by case study we usually find out some misty way.And it is true that there is always a solution of every problem, we just have to be calm and let the things happen.
Often the answers are in the financials. If you examine a year's worth of P & L Statements, the story is usually behind those numbers, ie are sales stagnant, are fixed or variable costs too high (or both). What about the salary levels etc. Once you have pinpointed the areas of concern, then you can either tackle the situation within the Company or decide on whether you need an expert to help you solve the problem(s). After that, prepare a strategic plan based on the answers for the next 3 years and make sure you measure against the plan every six months to make sure you are on track and re-jig the plan if necessary.
All depends what an owner is stuck on. Best way to get unstuck is to have created a strong cultural match that fits the culture of the firm. There must be employee buyin. The other step is to have an outside board of directors, either formally or informally.
Whatever the culture is, best to have all advisors and employees know exactly what that is so there is a foundation of which to resort to basics within. Next thing is to measure everything that you do so the company will know in advance that something is not working. Thus, by taking a procative role, there are very little surprises. Nowadays there are really great analytic tools that can measure about all that a company does, including soft side policies and procedures and hard side linear processes. Each is as important as the other. Human behavior issues are very measurable as well. Industrial Organizational assessments can measure everything and offer a preview of what behaviors are likely to occur.
The best managed firms use these tools frequently. They are no strangers to the positive impact behavioral assessments can bring to the table. I am absolutely NOT speaking of Myer Briggs. Instead I am speaking of an array of very targeted assessments that can measure your strategic plans, personel, placement abilities , behaviors, management styles, and much more.
Once the culture is created and placement and motivations are synergized, there is a slim chance of "getting stuck".
One last word. It is best to have professionals administer the assessments and do the interpretations as protection against discrimination issues.
I would first recommend some kind of problem identifier. Then I would utilize OPQ's and anonymous 360's. These will give you a very good idea what is really going on. Once you have that information, you will have a foundation of commonality to address. This is sort of like thinking that you have cancer. Then you get an MRI to determine if you really do. If you do, you then, with your trusted team, come up with a plan of attack.
That should do it. I think it is actually a good thing to get stuck. Why? It offers the team an opportunity to vet out problems and learn how to not be complacent. Every business will run into unforeseen transitions. This is a good way to deal with negative scenarios in advance. The best companies have practice drills all the time.
This process will also help you identify which members of your team can deal with challenges constructively and effectively. This is very critical to find out who your future leaders are as well as how well present leaders can deal with stress. I believe that you will find out that assessments like the OPQ will also help determine these traits in advance as well. The OPQ is just a starting point. That can then be expanded to help identify future leaders.
This is a great question, kudos!
As a CEO you feel a need to run everything, needless to say, you can get the necessary skills in to cover most of it, but when it comes to business decisions, most CEOs simply do not know there's help available.
I'll let the US based businessmen answer from a US point of view, but I'll answer it from a British viewpoint in case it helps others. In the UK we have a government-led business advice line called Business Link and in my experience, they are very good.