President vs CEO - What's in a title?
Yes...some owners call themselves "President", others use the title "CEO", and still others use "President & CEO".
But this is NOT about titles.
It IS about a mindset and the focus of your position for the current phase of your business. Now, more than ever before, it is your interest to enhance TRANSFERABLE VALUE, which will also ensure that the business is sustainable on its own, whenever a transfer is made.
THIS IS A BIG CHANGE IN YOUR OUTLOOK...
When your business was in it's start up mode and as it advanced through the high growth phase, YOU were the one who DROVE it day by day on every front. It was YOUR personal skill set that led it to its current level of success.
Take pride in that achievement!
Now that your business is more mature, a new perspective can pay dividends on several fronts...
- The stability of your business allows for an easier transition of responsibilities and authority to your management team.
- Doing so directly enhances the value of your business by making it less dependent on you personally for future cash flows.
- Looking at your business more strategically will surface opportunities for significant enhancement of transferable value - that would remain unexplored as long as you are consumed by day to day issues.
- From this position, you will be able to address the many other business elements that prospective buyers see as risks to sustainability.
The good news is that this one move can provide you with personal challenge and stimulation at the same time it makes the business stronger and more valuable.
Some of the many Different Perspectives between these roles...
- On the ground - Tactical
- Focused on day to day business and performance to plan
- Lead organization to develop, produce, sell, and deliver its products or services
- Drive Excellence across existing business
- Maintain strong relationships with customers and suppliers
- At 5000 foot level - Strategic
- Focused on enhancing long term business value for investors
- Continually reevaluates business scope and scale, seeking new opportunities beyond current offerings,
- Sets and communicates VISION for the business
- Develops broadened relationships to discover mutual opportunities for growth
- Considers / pursues Acquisitions that can accellerate growth in line with the Vision for the Business