The Joy to Lead Podcast

How to Actually Structure Your Role as CEO of Your Business

April 28, 2020 Kaylan Thompson
The Joy to Lead Podcast
How to Actually Structure Your Role as CEO of Your Business
Chapters
The Joy to Lead Podcast
How to Actually Structure Your Role as CEO of Your Business
Apr 28, 2020
Kaylan Thompson

CRASH COURSE in how to be the CEO your business needs you to be. 

Ready to step up?

In today's Joy to Lead Podcast episode, I'm breaking down some biz fundamentals (so bring your notebook and fuzzy pen) and we're getting nitty gritty - CEO style

This isn't a "listen while you do the dishes" episode - you've been forewarned.

There is SO MUCH TALK about "being CEO" and having "CEO days," but there is a major gap in what it ACTUALLY looks like to BE a CEO

In this episode I'm breaking down:

>> Why the role even exists

>> What a CEO's actual to-do list looks like

>> Exactly what a CEO is responsible for 

>> How to be your own lovin' CEO

Time's a-wastin, so let's get to it. Jump into the link in bio to crash course with me!

Shownotes at www.joytolead.com/your-ceo-role

Show Notes Transcript

CRASH COURSE in how to be the CEO your business needs you to be. 

Ready to step up?

In today's Joy to Lead Podcast episode, I'm breaking down some biz fundamentals (so bring your notebook and fuzzy pen) and we're getting nitty gritty - CEO style

This isn't a "listen while you do the dishes" episode - you've been forewarned.

There is SO MUCH TALK about "being CEO" and having "CEO days," but there is a major gap in what it ACTUALLY looks like to BE a CEO

In this episode I'm breaking down:

>> Why the role even exists

>> What a CEO's actual to-do list looks like

>> Exactly what a CEO is responsible for 

>> How to be your own lovin' CEO

Time's a-wastin, so let's get to it. Jump into the link in bio to crash course with me!

Shownotes at www.joytolead.com/your-ceo-role

Speaker 1:

[inaudible] I think we can all agree that growing our business alone is pretty dang hard. But here's the bright side, we don't have to go alone. Welcome to the joy to lead podcast where we're all about rising up the next generation of leaders and building teams of purpose and world change. My name is Kaitlin Thompson leadership and team building coach for entrepreneurs like you. Each week we meet with business leaders to bring you live giving strategies and encouragement to help you grow your team, scale your business and step into the leadership role that you work created for. So warm up that cup of coffee for the second or third time. And let's dive in to today's episode.

Speaker 2:

And today I'm literally sitting in the closet and it's not my own. We are visiting my parents, we are quarantining up with them. If you're listening back to this episode at a later date. Yes. This episode is aired and recorded during the quarantine of 2020. Um, yeah, so we live in Nashville, but we are, we decided to visit my parents and bunker down with them for the foreseeable future. So we're just hanging out here live in life and recording podcast in their closet. So if you are a guest on this show and you're going to be recording with me, you will get a glimpse into my parent's closet. There's some cowboy boots and monster slippers. Also, there is a random training potty in here for Millie. So definitely interesting setting the vibe. I hope that you're laughing with me as I record this. Um, but today I want to get serious about a huge need that I'm seeing in our community right now in our online space.

Speaker 2:

And I think it is amazing. It is amazing, amazing, amazing that we have been able to leave nine to fives to leave a work space in a work economy that wasn't allowing us to thrive. And we literally created our own. It's amazing. And that's not lost on me. I feel it because I'm living it. This is amazing. And I feel like we're all so blessed to be able to create something out of nothing. To create opportunity for ourselves and to make money doing what we love. But I've also seen in myself and in my clients and in our community, there is a large underserved need to address and learn and educate about basic business principles. There's a lot of talk about being the CEO of your business, having CEO days and what all that means, but our current community does not talk much about what it actually and truly means to be a CEO based on business principles and foundations.

Speaker 2:

And it's so true. I learned this and my creative writing degree and all of my classes, we had to first learn the rules before we can change the rules. I remember very clearly being use it as, as an example for this, I wrote a story and I thought it was being so cool cause I don't even remember I was writing in a very free form type of fashion, not using punctuation, just trying to be really creative and weird just for the sake of doing something different. And I was told very clearly that I didn't do it well because I didn't know the why behind it. I was doing things differently and I was changing the rules before I even really knew what the, what the rules were. And so we first have to know the principles and foundations of running a business before we start to make it our own in our current online community has a ton of voices and influencers chatting about what it means to be a leader in a CEO.

Speaker 2:

But there's honestly a major gap in the discussion of the foundational business principles needed to be a true CEO and action. So I kind of want to have a crush course on that today. So if you're down, keep listening. Um, so being the CEO of your business is really not confined to certain days or times of the month. There are no, yes, I have days where I'm spending time on these tasks like on CEO tasks and those are technically my CEO days. But becoming a CEO is truly a way of thinking and a way of seeing and perceiving. Um, not a way of doing. Being the CEO of your business and a leader for your team is truly a mindset because it is based on the way that you see the world and the way that you perceive the goings on in your business. It's the way you view your business operations as a whole.

Speaker 2:

It's how you look for, for and identify opportunities and how you engage and empower your team members to move the entire mission forward. So it has to be in the DNA of you. You have to build it from the ground up with a blend of solid business principles like I said, but also your unique leadership style. So my goal in my business is to help you crack your CEO code so you can make profitable decisions that strengthen your team and really increase your bottom line. So as a CEO, here are the three kind of questions you must always be viewing your business and asking in your business to the point where they're kind of a lens of the way you look at everything that you do. So here are the three questions you must be asking on a regular basis. One, how can I make my business most effective and efficient today?

Speaker 2:

Two, how are evolving internal and external landscapes changing the needs of my market and industry and we're feeling that a lot now a lot now. And three, how does my business need to shift or evolve to meet the demands of the future? And I really think that to answer these questions accurately and confidently, we need to have a solid understanding of our unique leadership strengths and styles. Like what makes you, you, why are you here in business? What matters to you? And as we evaluate and look deeper into answering these questions, we first have to know what is our vision for our future and for the good of this world. Um, I read recently that we should not try to figure out how to exist in the future of tomorrow, but we should focus on how to make our desired future exist. So a lot of the times we get so overwhelmed because we're thinking, I don't know what tomorrow holds.

Speaker 2:

And so how can I figure out how to keep my business alive when I don't know what tomorrow has? And to be honest, we have never known that. We may have felt like we knew that in the past in comfortable times, but we never, ever, ever knew the future. And so I think that's so empowering because we can perceive what would our dream vision for our business be? What is that? And we cling to it. And then whatever external landscape has for us or however the landscape changes or evolves, we know how to adapt to keep pursuing that vision. We can make shifts and we can go around obstacles with that vision as our North star. Um, and then to what strengths bring you joy and an overflow of passion. I truly believe that our unique strengths are our guiding lights. And so if we follow those, if we follow our strengths, those will open up the doors of opportunities for growth in our business and our lives.

Speaker 2:

And then three, how and do you naturally inspire others? Knowing this is going to show you how to deepen the relationships and effectiveness of your team as well. Um, so knowing those things, I really want to dive deep into answering the questions. Those CEO questions, right? The how can I make my business most effective and efficient today? How is the landscape changing the needs of my market and industry and how do I need to make some shifts and, um, meet the demands of the future? So let's dive into what those things look like. Um, here's the thing. Effective CEOs really must function from a clear understanding of their business reality. And many of us are likely functioning off a, not a delusional picture, but a more optimistic and uninformed picture that we've created and constructed ourselves. I would wager a gas that our business is probably a little bit unhealthier than we actually think.

Speaker 2:

And that's because we've distanced ourselves from always looking at answering these questions honestly, in painting a really clear picture of the real goings on and the real efficiency of our business. And that sounds kind of bleak, but once we understand that, then we can start to paint an honest picture and not be afraid of what it tells us to truly paint an honest picture of our business reality. And yeah, it might be painful and that's okay. But you have to analyze the input and output of the three resources businesses have at their disposal. No matter what. You may think that that you have a ton of resources available to you, but what it all comes down to is time, money, and knowledge. That's it. Those are the three resources that you use to build your business and that you keep using to build your business. So when you're trying to paint a picture of the reality of your business, you have to look at your business as a true machine.

Speaker 2:

It's kind of like a car wash. something comes in, you run a process, something goes out, and the purpose of a business is to be an economic engine. Otherwise it's a creative hobby or something that you do for fulfillment and fun. But when you decide to have a business and you're functioning as a CEO, Oh, what this means is that you are committed to using time a blend and a unique concoction of time, money, and knowledge to produce financial results in our economy. That is your purpose. And I just want to, I'm going to goosebumps all over cause I'm like how freaking empowering is that because yeah, we're in a recession. Who knows what's coming, who knows what our economy is doing. But we are economic drivers. All of us, we're, we may be little, we may be entrepreneurs, but if we don't stop and if we keep the ideas, the knowledge, the money, the time flowing in our businesses and connect deeply with other businesses, we can lift our economy.

Speaker 2:

I am getting goosebumps all over and I hope this empowers you today. That was a side tangent. Let's dive back in. So you have to really see your business as simple as that. That is the foundation you are using. You are taking time, money, knowledge. You are constructing a process in your business to create a transformation that provides value. And in turn you're creating value but you're also creating money, more money. So the point of your business is to use time, money, knowledge to create more money, to drive our economy, to drive your own income, to drive the income of your team members and your clients. That is the point is to create more income for everyone. And so the point of painting, an honest picture is to see how effective are you at using your time, money and your knowledge to create income. And so we have to look at what's coming in time, money, knowledge.

Speaker 2:

We have to look at our process, make sure it's efficient, and look at the results, what's coming out of it. And as all this lining up is all of this as efficient as it can be. So we have to kind of do an analysis at every level of those three things. I'm looking at our time going into our business, what does our productivity look like? I asked a client on a call the other day, I you, she said we were kind of establishing her day to day tasks and her role as CEO because she always felt like she was always working on tasks and she never felt like she could step into that CEO role where she was actually knowing where she's driving her business. And so we are trying to map out time and space for her to do that. And one of the things that I asked her, you know, I said, okay, if your role as the CEO, how would you rate on a scale of one to 10 how effective you are at using your time to produce results?

Speaker 2:

And she labeled it as six, which is really low, especially when you're thinking that your role is like needs to be the most lucrative in your business. And I said, okay, well what does a 10 look like? So ask yourself that same question if you try to try to be honest about how effective your time and energy is at producing the desired results that is needed to make your company money, how would you rate that on a scale of one to 10 and then if you were to rate yourself a 10 what does that look like? What would need to be in existence? What would your reality need to be like in order for you to rate yourself a 10 paint a picture of that. And then we have to look at our money. So looking at our offering, is it built from a need, a true need in our industry?

Speaker 2:

And do people want it, value it, and are they willing to pay for it? Sometimes, you know, as our business grows, as the landscape changes, as it is now needs change. And it's our job as a CEO to always observe that, how our shifts in our external landscape, shifting the needs of our people because they may need it and they may want it. They may value it, but are they willing to pay for it right now or are they willing to pay for it? But they don't value it. But those are going to be crappy clients. So we have to look at our offering in that way and be truly honest at what we're seeing. Sometimes we create things and it's so like near and dear to our heart that we don't want to give it up. And I encourage you to never be afraid of putting something in a season of harvest.

Speaker 2:

You know, I always look at my offerings in different seasons. Like what am I harvesting right now? Oh, I need to backtrack. Don't be afraid of putting something in a season of, um, what's the word? When you're putting something on the back burner, you're letting it sit and rest. But yeah, I digress. So I always look at my offerings in four different seasons. There's a season where I'm harvesting, I'm harvesting what I've already planted and cultivated. There's a season where I'm cultivating, I'm tending, I'm about to harvest, but I'm still working on it. And there's a season where I'm planting seeds and this is truly vision casting and doing some groundwork I'm not cultivating yet cause I don't have anything growing. But I am planting seeds and then what am I letting rest for awhile? And there's an agriculture of term that I can't remember now.

Speaker 2:

And you're probably listening to this saying, Oh my gosh, it's right. Like this is the word. Why are you so stupid? There's a term, and I don't know what it is, but there's a empty plot where you're letting things rest for a season. So if you had an offering that's really dear to your heart but just no one's buying right now and you literally can't figure out how to sell it, how to make it, um, needed and wanted and viable, you can feel free to let it rest. It's not going away. It can come back in a different season. Maybe a year from now you're going to hire a team member who's going to see the opportunity for it and they're going to provide perspective that you need. Let it rest until it's time to be planted. Okay, I digress. Again, we also have to look at our cost centers.

Speaker 2:

So as service providers, if you're a service provider like me, our cost centers are pretty low. But if you're a product based service or even if you are a creator, you likely have some larger cost centers in your business that you need to continually evaluate. So break it down an area of department, what are all the areas of your business that costs you money? So there's marketing, there's probably, if you're a product bank business, there's inventory and having products. If you're a designer, what are all the softwares you need to produce, your deliverables and that kind of thing. And then breaking it down from there. Exactly what is, what are the bills that are coming out on a regular basis? When do they come out? Always being in touch with those regularly to evaluate what needs to be changed, what isn't producing results right now and what maybe needs to be eliminated.

Speaker 2:

Do you need all those, all those subscriptions. Do you need to buy that course that you're about to buy? Be honest about your money and really look at the cost centers of your business. And then we have to, so we've talked about time, we've talked about money and now we need to talk about knowledge because yes, you can audit your knowledge base and you should. So when you start a business, you're packaging up your knowledge to your clients to create a transformation, to drive an economic force in our world. And so when we start our business, we know a certain amount, we have knowledge, but here's the thing, knowledge doesn't last. Knowledge doesn't stay knowledge forever. At some point it becomes history. You know, I was just reading a book called executive in action. And in it he's making large predictions for the magazine industry and he's highlighting these companies that are leading the way and they're doing all these amazing things that is now history.

Speaker 2:

Now I came to think of an equivalent, like what the magazine industry is almost marginal now. I can't remember the last time I bought a magazine and so now, but some of those magazine companies have stayed alive by innovating in other ways. So the things that you know now will not sustain you forever. You have to keep learning in your industry and in peripheral industries, technology systems, staying a top of our world news, knowing how the landscape is changing. That doesn't mean that we need to get inundated on Facebook and spend hours getting on Facebook following the news. But we need to know what's going on so that we can perceive how things are going to shift for us in the future. So we have to first understand what is our specific knowledge that I can be a leader of excellence and what knowledge do I truly have at my disposal and how am I a leader of excellence in it? And then how soon will it become perishable? Like what's what, what does its time limit look like and how do I need to keep expanding it? We also need to think about,

Speaker 2:

I, I really want to encourage you to truly think about your knowledge as concentrated power. You know, you don't want to be the agency that does everything, be the person that knows everything because then you almost know nothing. You don't want to be a Jack of all trades. You really want to be an expert in something. So when we think about that, we have to apply that to our knowledge and our learning capacity as well. So we have to think, do I concentrate my knowledge where the results truly are or am I staying marginal in many areas? That's a powerful question to ask. And so I want you to write it down and maybe come back to it regularly. And then we have to look at an ask. It was my knowledge as it is now because you know, I started my business in August and my offerings are always changing because I learn more with every client that comes through me.

Speaker 2:

So we have to keep asking, is my knowledge sufficiently built into my offering? If you're functioning on an offering that hasn't been updated in years, you are functioning off of outdated knowledge and it's probably hard to sell that. So if you're wanting to sell more easily and develop an offering that people are dying to get ahold of, we have to always ask this question as well, how do I package up my current knowledge and build that and integrate it into my offerings? Because here's the thing, knowledge has to progress to remain knowledge. Peter Drucker wrote that in the book that I'm reading executive inaction and it hit me like a ton of bricks. Knowledge has to progress to remain knowledge. So whew, that was a lot crash course and CEO. Um, so just to summarize, we have to always be looking at the three resources that we have at our disposal, our time, our money, and our knowledge.

Speaker 2:

Making sure that those are most effective at producing results in our business right now we have to look at how our external and internal landscapes are changing to adjust the market need and making sure that we're utilizing our money, time and knowledge to create an offering that is viable and this current market. And then we have to always look at how do I need to meet making shifts and the way I utilize my time, money, and knowledge to produce results in my business. Okay. Whew. I need to go drink some water. Okay, you guys, whew. I need you to know that this is key to becoming the CEO of your business, but it doesn't have to be a puzzle piece. It doesn't have to be cut and dry, doesn't have to be one size fits all. I truly want each of us to apply our own leadership style and strength to the CEO blueprint and you guys as the leader of your business and your team.

Speaker 2:

I know that you carry the weight of the world on your shoulders and add to that the daily pile of tasks that you have to get through before you're able even able to work on the future you crave to dive into and that your business honestly needs you to step into in order to survive. Like before you can even answer any of these questions on daily basis, you have tasks and client work that you have to get through and oftentimes those take up all of your day and you find that you're giving your CEO hat, your CEO role, the very last part of you when it needs to be the opposite way in order for your business to survive and that's tough, but I'm here. My goal in this season and going forward is to unashamedly and bravely tackle this need. I've seen this gap. There's no one talking about true business principles and education around what it actually looks like and feels like on a practical level to be the CEO of your, of your business and lead your team.

Speaker 2:

And you guys, this is exactly why I in this season I'm opening up four spots for one-on-one monthly leadership and CEO coaching. Um, and it's literally everything that we talked about today. This is the framework that I'm using to help my clients create the most of their time, create results in their business and lead their team as a true CEO. And I have clients who are preparing for a team. You don't have to already have a team to take full advantage of this offering, but if you want to scale in the future, this is for you. And if you already have a team and you want to reclaim your true role as CEO, this is for you. I have several clients all across the board. Um, but yeah, this is why I'm opening up these four spots. I wish that I had all the time in the world that I could offer like 30 or 40, 50 unlimited spots.

Speaker 2:

I wish I had all the time in the world to work with everybody, but it's really hard for me to say right now that honestly have looked on my calendar. I honestly only have time for four clients right now who really want to go deep, um, who really, really want to claim their executive role and crack their own CEO code. It's different. It looks different on each of us. And I want to help you apply your strengths and your leadership style and your personality and your passions to this CEO blueprint. Doors are officially opening on April 27th, um, yesterday. So they're open and honestly I'd love to welcome you in. So if you want to learn more, DM me on Instagram at joy to lead, you could head over to joy to lead.com backslash leadership coaching to learn more. You guys, this is for you in this season and I'm really excited to work with you.

Speaker 2:

If you're thinking, Hmm, this might be me, I urge you to go check it out. DME, DME on, on Instagram with your questions or thoughts or just just even come to me and say, Hmm, I don't know if this is for me, but I have a nudge in my stomach that it might be. And I'll probably say, Hey, do you want to get on an Instagram live chat? Or you know, if you're an introvert and you're like, or really don't want to do that, just say, Hey, can, I don't want to get on a live chat but text me.

Speaker 2:

I'll totally respect that. Um, okay guys, if you're interested, go check that out. Um, I'm excited to hear from you if this episode today spoke to you in a deep way and you think, and you can think of a few business besties who might be blessed to learn these concepts today, I urge you to share it with them, link it to them in an email. Um, you, you can take a screenshot on Instagram and tag me. I'll be sure to share it as well and shout you out. Um, I appreciate the heck out of you guys. I am so honored to be here in this space running this podcast. It's been the best thing ever, and I'm just so thankful that you're here. So thanks for being with me today and I hope you have an amazing day.

Speaker 1:

Thanks for tuning in to the joint lead podcast. Be sure to subscribe so you don't miss a single episode to access this episode, show notes. Head over to www dot [inaudible] dot com backslash podcast to dive in. If you love today's episode, I love it if you share it with a friend or if you really loved it, gave the show a review. So thanks for tuning in and remember, you already have everything you need, the drive, the courage, and most importantly, the joy to lead.