When a company is soaring high in success, the one person you will see in the limelight is the CEO. Unfortunately, when things go south, the CEO also takes the fall. That’s why more and more chief executives are being fired every day and for some, too soon into their tenure.
There are numerous factors that contribute to the success or failure of an organization. Nevertheless, there is enough reliance on the CEO to hold them accountable for the progress of the company.
Along with key CEO best practices and handy productivity tips from CEOs that have made it, here is what you need to know about the job of a CEO.
A CEO, or Chief Executive Officer, is the ultimate authority and the person who holds the highest rank in a company or organization. CEOs are in charge of all strategic, financial, and operational components and departments of a business and while they may engage and consult other shareholders on major issues, they make the final decisions.
A CEO is closely assisted by a senior leadership team and answers to a board of directors. This board is made up of people representing the company’s shareholders. In some cases, the CEO chairs the board of directors.
A CEO is also commonly referred to as managing director, chief executive, or president.
The roles of a CEO may vary depending on factors such as the size of the organization and the organizational structures put in place. This means there is no standardized list of duties.
Generally, the roles and responsibilities of a CEO include:
- Being the point of contact between the company and the shareholders, government entities and the public
- Coming up with and implementing the company’s vision and mission
- Evaluating, monitoring, and reducing risks to the company
- Facilitating the implementation of the company’s long-term and short-term strategies
- Assessing and monitoring senior leadership of the company
- Keeping the company aware of existing competition, opportunities to expand, and industry developments
- Engaging in potential deals or sales under conditions that enhance shareholder value
For a CEO to perform their duties successfully, they require the right set of skills and commitments, and a solid work-life balance. With so much on their plates, working within certain principles and routines can help them stay focused on their jobs and eliminate distractions.
Below is a list of CEO best practices and some tried and tested productivity tips from CEOs:
- Plan your day before it starts
- Keep a journal or to-do list handy to remind you about the most important tasks
- Set limits on meetings
- Form a routine and stick to it
- Engage your senior leadership team and other shareholders in major decisions
- Focus on delegating effectively
- Avoid distractions at all costs
- Schedule self-care, including exercise and proper nutrition.