Chief executive officer, or CEO, is usually the highest-ranking executive officer in a company, and he or she is responsible for overseeing every aspect of the business.
As a business owner, you have to make sure that you have a competent CEO, because he or she can make a big difference to your company’s performance.
Here is a look at the role of a CEO and how he or she can contribute to the success of your business.
Responsibilities of a CEO
Your CEO is tasked to ensure that every aspect of your company is running smoothly and effectively, including operations, human resources, financing, marketing, sales, public relations, fundraising and others.
While some of the responsibilities of your CEO can be delegated, others cannot be delegated, such as building company culture and establishing the senior management team.
Basically, your CEO’s main responsibility is to develop a vision and business plan for your company.
He or she will set the direction for your company and make decisions concerning budgets, partnerships, product lines, market entries, brand identity and others.
Another important duty of your CEO is building culture. His or her every action will send cultural messages to your employees, giving them a clearer idea of what is acceptable or unacceptable in your company.
Additionally, your CEO is responsible for capital allocation and hiring, firing and leading the members of your senior management team.
How Your CEO Can Be a Greater Asset to Your Company
Be Humble
According to successful entrepreneur Cecilia Ibru, CEO of Oceanic Bank International, CEOs should try to refrain from being overly arrogant even though they hold a higher position than most people in their companies.
It is fine if your CEO wants to be in the spotlight to help your company gain visibility and establish a firm foothold in the marketplace. However, he or she should be willing to do whatever is best for your company at any given time, even if it means putting aside his or her ego.
A humble CEO will be able to gain the trust of your employees and create a more closely-knit workforce.
Make Full Use of Data
The success of your company depends a lot on your CEO’s decision-making ability.
One thing you can do to ensure that he or she will be able to make better decisions is to implement big data analytics.
With a big data system in place, your CEO can analyze your company’s data more efficiently and effectively, and derive valuable and actionable insights that can help him or her make well-informed decisions.
Communicate Clearly
Whether your CEO is communicating with the board, investors, employees or clients, it is essential that he or she knows how to communicate and inform clearly.
The people whom he or she is communicating with should be able to understand his or her visions, goals and strategies. Clear communication can lead to greater efficiency and productivity, as well as higher work quality.
In most companies, the CEO is the person who has the greatest influence on business performance.
If you have a capable CEO, you will have the peace of mind that your company is in good hands.
About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to running a business.
