3 Main Things That Every CEO Should Focus On
Updated: Aug 2, 2021
Written by: Anna Filatova, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Running my own company was always a big dream of mine. However, it took me years and a lot of courage to pursue my dreams and become a coach and mentor, and I’ve never looked back since. I’m finally doing what I love.
The most rewarding part of being a coach is to see others getting huge results and moving towards something so big that they thought they were never able to reach.
Even though being a CEO of your company is great, with a big title come a lot of responsibilities. When you run your own company, you have to wear a lot of hats, and you have to be comfortable with all of them.
There’re many things that we have to do for our companies, but I believe there’re 3 main things that every CEO should focus on to be successful: the company’s vision, team building, and the company’s financial situation.
1. Company’s vision
“Vision is the art of seeing what is invisible to others.” —Jonathan Swift
Your company’s vision is your company’s direction. It’ll motivate you and your team if you have one and keep everyone on track towards what you want to achieve in your business.
As they say, if you don't know where you're going, how will you get there? As a CEO, you need to understand the present and know what is possible in the future. This will allow you to create and put in place strategies that will help you to map out your way to success.
2. Team building
“Together, ordinary people can achieve extraordinary results.” — Becka Schoettle
Even if you’re a solopreneur and don’t have a full-time team yet, you need to surround yourself with those who can help you in the different areas when you’re stuck or need advice.
For example, you might touch base with an accountant every quarter to look at your finances or hire a virtual assistant to help you with a couple of temporary tasks. Either way, you have to make sure that you’re building the best possible team. Ideally, you want to work with and hire those who are better and smarter than you. If you achieve this, you won’t need to worry about their performance and capabilities. All you have to do is lead them, coach, and delegate the tasks.
3. Company’s financial situation
“Cash is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent.” — Warren Buffet
When you’re are solopreneur, the decisions that you make will make the fate of your business. One of the most important decisions that you’ll have to make is about your company’s finances. In order to do that, you need to understand various financial statements, the difference between revenue and profit, how to keep your expenses to a minimum, and why cash flow is important. You’ll need to make short and long-term financial plans and create strategies that will get you there.
Even though these 3 things should be your main focus, the reality is that you’ll have much more than these 3 things on your plate. Especially if you’re a solopreneur, you’ll have to be an effective leader, marketing manager, strategist, salesperson, accountant, customer service manager, and procurement manager. You’ll be responsible for every decision you make, including the tough ones, and you need to be certain of those decisions.
As a CEO, you’ll use a lot of your own resources, such as energy, time, and money. If you’re spending too much energy and time on a task that can be delegated, hire someone to do it for you. If you don’t have the resources to hire, you’ll have to prioritize and do what is the most important at that particular time.
Being a CEO can be tough, but it’s also incredible being your own boss. You can set your own schedule, have flexibility and freedom and do what matters to you rather than what someone else wants you to do. I’m certain that becoming a CEO was the best decision I’ve ever made.
Anna Filatova, Executive Contributor Brainz Magazine
Anna is the founder of Dreams and Beyond Coaching Ltd, a coaching and mentoring firm that was founded in March 2020. The company is LGBTQ+ friendly and it offers a variety of services including 1:1 coaching and mentoring, one day intensives, group programs and DISC personality profiling. The services are available internationally as most of the work is done online.
From a young age, Anna has been curious about learning and development and areas such as personal fulfilment, potential and success. She has always believed that people have hidden potential and by believing in them, challenging and mentoring them, she has helped a large number of individuals to thrive and achieve high results in their careers and lives.
Anna earned an Honours BA Degree in Business Studies in International Hotel Management from National University of Ireland Galway in 2011 and a MBA for Executives with Global Perspective from London School of Commerce in 2015. She has been awarded the Brainz CREA Global Award 2021 in recognition for her creative and innovative ideas, and adaptability in business.
Before becoming a certified coach, Anna spent 9 years in Hotel Management and 5 years in Investment Banking. When she was 25, she had burnout that made her realize that health, well-being and work-life balance are more important than killing herself for a fast career progression.
As a Business and Success Coach, Anna helps entrepreneurs and business owners to strive for success in business and their personal lives without feeling stuck, overwhelmed and burned out. She ensures that they have all essential tools and resources for development, growth and success.
