A CEO or chief executive officer is the highest-ranking executive at a company and is at the top of the corporate ladder. The position is one of great power and even greater responsibility. Because of this, anyone researches what a CEO should do will learn that there is a set of various kinds of work.
While the work and responsibilities of a CEO may vary as per the industry or company, he is responsible for making major corporate decisions, managing the company’s overall resources and operations, and communicating with the board of directors, management team, and corporate operations. The scope of responsibility also varies as per the size and structure of the company.
A CEO of a small company needs to work on all kinds of mid- to low-level tasks to fill the gaps when the team is understaffed while a CEO of a big company mainly focuses on high-level strategies like corporate growth and involved in work related to business operations.
CEO- man in a suit smiling while leaning against a wall, being a CEO and leading a firm is no piece of cake. He has to make different big decisions while simultaneously managing its overall resources and operations. Here, we are going to present key responsibilities of chief executives regardless of the company’s size, industry or geography. CEOs with a holistic view of the firm must take on these duties:
Clear in Vision
Without being clear about the company’s vision, this is not possible to decide and communicate the strategic direction for the organization. And without a strategic direction or guidance, the company has a group of people where everything is pursuing individual goals, guided by their own values.
This is fine if other people are focusing on their individual vision but a CEO should be able to describe it in a clear, engaging and exciting way among employees, clients, investors and others. Everyone involved in the company just needs to know how this direction and vision affect their job and daily responsibilities. The CEO should do everything to support this vision.
Many CEOs think that strategic vision is not more than slogans on a piece of paper; this is not what a CEO should do for running a successful business.
Making a Balance in Resource Distribution
One of the major tasks of a CEO is to balance resources, capital and people are the two most important. The CEO should be focused on making both available in right quantities and most importantly at the right time for the company to progress.
See, all executives working in the firm have the experience to deal with budgets and allocate resources. But it is a CEO’s duty to keep a proper balance of all resources for different teams and initiatives, as per the company’s short term and long term goals. In order to make such decisions, the person should have a deep understanding of all aspects of the business and a clear vision.
Creating the Right Environment
The work environment or culture involves shared attitudes, goals, behaviours and values that characterize a team. It shows how things are done at a firm and greatly impacts the overall employee experience and thus the customer experience.
Every organized group of people creates a culture, whether this is recognized or not, the CEO must keep eyes on the team and should be actively involved to create a good culture.
Values are the most important part of the culture. The CEO needs to make sure that those values are applied in the team from top to bottom. A good work environment makes people feel safe and respected and they can perform at their best.
Leading Executive Team Communication
A CEO should be able to communicate efficiently and clearly. It includes leading the executive team meeting and having leaders do a status update on a weekly basis. Being a CEO, you are on the top of the communication, you lead by example and make sure that team is communicating and collaborating properly.
Taking Right Decisions
A CEO has to go through different situations and work schedules, for one minute, he is discussing a new product and the next moment he has to focus on resolving human resources issues. It’s impossible for anyone to be an expert in all verticals of business but the CEO is the person tasked with multiple works and decision making.
There is a need for the right solution for every problem whether it is a small or a big one. Sometimes, a single decision can affect many people, and only the CEO is empowered to take such an action. Here, a CEO should consider every aspect and should have decision-making skills. Mistakes and flaws are the best part of human nature, but being a CEO, one should try to benefit people associated with the company. Everyone else in a company can pass the buck, but the CEO will make the final call, so be careful and work smartly.
That’s it, what should a CEO do? We hope you find this article helpful and interesting. Don’t forget to share your opinion on the major tasks of a CEO in the comment section below.