Episode 22: Are You A Business Owner Or A CEO?
When you embrace the CEO mindset, step into your power. Once you step into the power, you have to own it.
CEOs ask questions like, “What is the consequence of me making this decision? Am I willing to own that consequence?”
They become the person who can decipher emotion from objectivity. You will only do that when you start becoming self-confident. Then you can make decisions for the good of your business rather than what feels good in the moment.
Learn how to step into your power as a CEO in this episode!
Are You A Business Owner?
If you're a Business Owner, you are probably the founder. However, you may not be running the business.
Many times you start a business to solve a problem you’ve experienced. This makes you very attached to your business. This leads to every decision being tied to your feelings and how you think you’ll be perceived.
When you start, there is always a hustle. You've put in hard work to get where you are today! However, the business doesn’t exist to stroke your ego. You have to question everything based on “is it working? Is it making money?” This begins to push you into a CEO role.
Are You A CEO?
If you're a CEO, you are running the business, driving the engine, sailing the boat, whatever you want to call it. Being a CEO in business will take your company far.
If you operate as a CEO, you are making decisions based on the company’s best interests.
The bottom line: If you are going to build a sustainable, profitable business, you have to shift your identity from owner to CEO.
How To Step Into Your Power As A CEO:
If you're ready to become a CEO and build a business, there are a few things you need to do. It is a mindset shift as well as change in implementation. You'll approach all your decisions differently, and it will be for the better.
1. A CEO makes all decisions based on the company’s interests.
You'll need to ask this question when making decisions: Do the products align with the vision, your customer’s wants, your financials, and your operating systems?
Do not make decisions based on your fears, feelings, and perception. You may not be making money because you're afraid of people balking at your prices. A CEO would make a price increase if sales aren’t making money. A business owner may keep prices at a less than profitable level for fear of how their customers will perceive them.
For example, I want to be the Sephora of coaching. This means that I need to accept into my program only the clientele who fit my offers and strengths. I am not for everyone, and I have to own that.
Businesses decline because they don’t have the knowledge and information they need, but I am here to help female founders grow their business and not decline! This makes my services more than worth it for my ideal client.
2. A CEO's efforts are focused on the vision, brand, and goals.
CEOs move away from year over year mentality and embrace long term thinking. Year over year thinking means that as long as you do the same or a little better than last year, you're satisfied. This is the mentality of a business owner. To become a CEO, you need an identity shift!
Do you have an identity separation from your business? Ask yourself what you are doing as an owner vs. what you should do as a CEO. Now, ask yourself what needs to be solved? What is happening in your business? What actions are happening in your business? What is working? What is NOT working? These are CEO questions, and they need to be asked frequently!
3. CEOs ask "Who can help me do this?"
This is another mindset shift. Business owners ask, “How can I do this?” Unfortunately, if you’re trying to do it yourself, you will eventually become a bottle neck. When you notice your business isn’t growing and you aren’t moving as fast as you did before, you need to figure out who can help.
CEOs ask, "Who can help me do this?" They seek quick answers and implementation.
You may find that hiring a strategic advisor or a team is helpful. When you are scaling, you get to a point where you begin trying to find areas where you need help. When you are in that stage, it isn’t an either/or strategy. It is an “and” strategy. You need both a strategic advisor who knows HOW to do it, and a team who can HELP you do it. Embrace the decision to get help, and make it happen.
4. CEOs own who they are and operate with self confidence.
You are not trying to prove yourself. You don’t doubt decisions. All decisions have consequences, and you are weighing the consequences. After you consider all sides, you make the decision. Step and own your power. You don’t need to prove anything to anyone. Not yourself, family members, employees, etc.
You need to step into and own your power so you can become the person who asks the CEO questions. These include “who can help,” “what needs to be solved,” and “what does the business need?” Then you need to implement what you’re receiving from your courses and mentors.
In order for you to really implement what you know, you have to be strategic. You have to decipher emotion from objectivity. You will only be able to do that when you start becoming self confident and courageous. This is just a business. It isn’t your identity.
This CEO thinking is what you need to start embodying. It will allow you to create legacy brands. It will allow you to get true growth outside of yourself.
What if I'm just starting out and not ready to be a CEO?
If you are brand new and just starting off, ask yourself “What is my personality? Do I like to figure it out on my own?” If not, start asking yourself what you are really looking for. Is it to build a sustainable business that has a legacy beyond you? Is it for someone to give you a blueprint that avoids mistakes?
Align yourself with a mentor that speaks your language. This is the person with a blueprint. They will save you time and money as you build your brand. However, this expertise is an investment.
What is the value of your investment? An advisor like Maureen will speed up your process and help you avoid mistakes! That way, when you’re done investing, you can continue to grow and scale. Good advisors will allow you to get a huge return on your investment in their services.
Think about this: You can’t market a brand that is undefined. Your marketing is around your messaging, which is determined by your brand.
You can't sell a product without packaging. But I see so may new business owners cobble together packaging that is "good enough." If you are doing a DIY packaging without understand the psychology of packaging, you may not be able to get into retail. You’ll have to redesign.
Remember, “Who can help me?” is the CEO way of thinking. This makes businesses sustainable. With the help of an advisor, you will be able to identify problems immediately. You’ll get to a point of “do I truly want to do this?” That decision will be the best decision you ever make. If you decide to walk away from a business idea, it will also save you time and money. The alternative is constantly being on a hamster wheel going nowhere.
There is no need to be constantly disappointed because you’re unable to find solutions for your problems. These solutions are available, you just have to look for the right kind of help.
Do you understand the thinking required to create CEO transformation?
- When you are a CEO, you make decisions based on the interests of a company not yourself.
- When you are a CEO, you ask “Who can help me?” rather than “How can I do this?”
- CEOs look for the problems at hand that need to be solved, and they clearly articulate it
- If you don’t know what needs to be solved, no one else will.
It's time to truly step into your power and own it. If you don’t, no one will do it for you!