Figure out who you report to. The CEO might be the founder or owner of the company, and therefore would only be responsible for reporting to other large shareholders. However, in many cases, the CEO reports to a board of directors or the owner of the company. In this way, they act as the operation hand of the board, carrying out their decisions. A CEO may also work in tandem with another executive, like a vice president or chairman, to make key business decisions. Make sure to clearly assess who you are responsible for reporting to
Determine reporting goals. When you report to the board or owner, if you are required to do so, you will report on new operational plans and/or the progress of existing plans. These might include both short-term and long-term plans. Progress must be reported at regular intervals, depending on the board requirements. In addition, the board will likely require that the CEO report to them on the financial health of the company quarterly and annually.
The CEO might also be responsible for assessing the performance of subordinate executives and reporting their findings to the board.
Have a written plan. Without a plan, it is merely a dream. It doesn’t have to be a book, but you need a few pages outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.
Don’t marry your plan. Every great military general in history has known that even the best-laid plan sometimes has to be thrown in the fire when the bullets start flying. Adjust, confront and conquer.Keep your ego in check and listen to others. Advisors are crucial because you need people to bounce ideas off, inspect what you’re doing, and push you to greater accomplishments, holding you accountable for what you are committing to do. Always be good to your word and follow through on commitments, even when difficult and challenging. This isn’t about you; it’s about the business. Don’t take things personally and stay out of emotion. Do not let your ego take control.Use the Internet. It is incredibly powerful and very cost efficient, but it takes time and some skill. It is about creating a community, using social media networking such as Facebook, YouTube, Twitter and blogging to build rapport with your market. You need to get on the train and do it, because your competitors are.
Reinvent your business. It is net profit, not gross revenue, that you want to focus on. Separate yourself from your history and create a new competitive advantage, be it a focused niche or super service, but not by discounting.Above all, have fun. Being an entrepreneur is your choice, so make it work. It can be done. You can survive, emerge and succeed in this downsized economy, if you follow the right path.