9 Things CEOs Should Stop Doing If They Want To Scale

When you’re first building a company, much of the success of that business depends on your sole efforts. Even as you scale to your first seven figures and gain momentum, it’s largely a function of sheer effort and hustle. So it’s not surprising that the instinct for most founders looking to get to the eight and nine figure marks is to continue to focus on working harder and doing more. The paradox is that building a sizable company at scale actually requires doing less and using the concept of leverage.

Predictable Profits

Handout

Charles E. Gaudet II is the CEO and founder of Predictable Profits, one of the leading coaching firms for seven and eight figure entrepreneurs looking to scale to the next level. As the author of the 2014 book, The Predictable Profits Playbook: The Entrepreneur’s Guide to Dominating Any Market — And Staying on Top he quite literally wrote the book on what it really takes to scale. In a recent interview, Gaudet discussed the nine things that CEOs should immediately stop doing to better grow their business. Here are some of the highlights!

Taking advantage of opportunities that don’t fit your core business

When they’re first starting out, entrepreneurs often say “Yes!” to every opportunity; however, there comes a time when businesses simply “max out of time and resources.” Remember, saying yes to one opportunity means saying no to another.

Overcommitment dilutes everyone’s focus and wastes time. Instead, carefully pick opportunities and focus on those that lead to sustained growth.

Predictable Profits coaches clients to “eliminate distractions and remove the guesswork” so they know the most important thing to immediately focus on to reach their goals.

Engaging with headaches

An important key to creating a positive company culture is to make a list of “non-negotiable laws” that apply equally to clients, vendors, and team members. In other words, one hard and fast rule should be “no headaches”.

What this means is?

Everyone treats one another with politeness and respect. Actions are documented into processes that are easy to follow so that the company isn’t overly dependent on the CEO. Employees are “solutions-oriented” — when a problem arises, the question is “How do I fix it?” Don’t make excuses; instead, take ownership — the buck really does stop with the CEO. Most importantly, CEOs need to follow through to do what they say they will.

Working longer hours

According to Parkinson’s law, “Work expands so as to fill the time available for its completion.” CEOs must limit the number of hours they work. Leading effectively means “working smarter, not more”. Restricting their time forces CEOs to innovate and think of new ways to accomplish tasks.

As companies grow, CEOs have more demands on their time. However, to be effective, they must “do only the most important tasks and delegate, delete, or automate the rest”.

Thinking ‘only I can do it’

Despite the inability to replicate themselves, CEOs often think, “Only I can do it.” This common trap limits growth and scalability. In other words, CEOs need to trust their people to do their jobs so CEOs can do theirs.

Dr. W. Edward Deming once declared, “If you can’t describe what you are doing as a process, you don’t know what you are doing.”

Instead of doing everything themselves, CEOs need to become “more scalable and create systems and processes around all repetitive activities.” Teams can then be trained to follow the process while watching for variation in the results. Variation can be removed through “optimization, consistent training, and monitoring.”  

Repetitive tasks

When CEOs engage in repetitive tasks, they are “working the business” instead of “growing the company”. CEOs should list all of the repetitive tasks they have been doing and delegate them to a capable employee or automate through technology.

Without having to perform repetitive tasks, CEOs can focus on company growth.

Doing most of the selling themselves

It’s common for CEOs to be among the top salespeople in their companies; however, “that doesn’t mean they should be selling”. A CEO as a salesperson provides short-term revenue boost; however, according to Gaudet, CEOs should be “developing new capabilities, innovating new products/ services, forming new partnerships, and creating new profit centers to further scale the business”.

Maintaining the status quo

Business is dynamic. The competitive landscape evolving and changing all of the time—so too are customers’ needs. Failure to evolve is one of the leading causes of companies failing. To grow their businesses, CEOs must pursue growth and change.

Thinking too small

Thinking small is often associated with complacency. CEOs must ask whether their business is too dependent on the CEO and a few key employees driving everything. Break the habit and start thinking big.

Hoarding profits

Profits are fine; many people are in business to make profits. However, it’s critical to reinvest at least a portion of your profits back into growth. Look for areas that need investment, such as marketing, advertising and labor.

In other words, take some of the profits and reinvest in the business.

Following these guidelines can help CEOs to focus on what’s important — growing their businesses — while avoiding distractions.

Internet Explorer Channel Network
News Related

OTHER NEWS

Netflix CEO Says He 'Screwed Up' Response to Employee Anger Over Dave Chappelle Special

Netflix co-CEO Ted Sarandos said he “screwed up” communicating with his staff after they expressed displeasure with Dave Chappelle’s new streaming comedy special, The Closer. Employees are planning a walkout ... Read more »

Gautam Adani Meets UK PM, Assures To Commit $70 billion to Energy Transition

Business tycoon, Gautam Adani on Tuesday, met United Kingdom(UK) Prime Minister Boris Johnson at the Global Investment Summit. The Adani Group chairman said he will commit $70 billion towards Energy ... Read more »

An Ant Colony Is the Perfect Metaphor for the Economy. Here's What Else You Need to Know.

Ants are fascinating creatures. Far more than a simple picnic pest or inspiring hero moving a rubber tree plant, ants are complex creatures that demonstrate the value of teamwork, networks ... Read more »

So You Want To Be an Angel Investor? The Issue Is Exit

Arvind Khaalibaithnewala shifted his considerable bulk on the sofa and absent-mindedly flipped channels on his television. Known as Khaali to his friends, he was in his fifties and had recently ... Read more »

Facebook Expected to Reveal Its Secret New Name

Next week, Facebook may forgo its household name.  KIRILL KUDRYAVTSEV | Getty Images According to a report posted by the Verge on October 19, the social media behemoth is planning to rebrand ... Read more »

Latest: FBI Confirms Items Belonging to Brian Laundrie, Human Remains Found in Florida Park

Update 4:37 P.M.: In a press conference held in Florida, the FBI confirmed that there were in fact human remains found in the Myakkahatchee Creek Environmental Park on Wednesday morning. Octavio Jones | ... Read more »

CredAble Raises $30 Mn Series B Funding Led By Plutus Wealth And Oaks Asset Management

CredAble, an AI-powered technology platform enabling working capital financing across enterprise ecosystems using state-of-the-art technology, digital KYC and onboarding, deep ERP, and bank integrations, on Wednesday announced to have raised $30 ... Read more »

MarketWolf Secures $5.5 Mn Seed Funding

MarketWolf, an innovative ‘intra-day options only’ trading app recently announced to have raised $5.5 million in a fresh round of seed funding largely from high profile individual investors who hold ... Read more »

Consumer Foods Brand Yu Raises $ 1 Mn

Yu, a consumer brand that is re-imagining consumer packaged foods with their 100 per cent natural instant meal bowls, has secured $1 million funding. The round saw participation from Manish ... Read more »

Skyber Raises INR 40 Lakh

Skyber, a SaaS and B2B commerce-based platform, recently raised INR 40 lakh in one round of investment through the Encubay Angel Network, a women-led and women-focused angel network. Apart from ... Read more »

CVB Financial (CVBF) Beats Q3 Earnings Estimates

CVB Financial (CVBF) came out with quarterly earnings of $0.37 per share, beating the Zacks Consensus Estimate of $0.36 per share. This compares to earnings of $0.35 per share a ... Read more »

Covenant Logistics (CVLG) Q3 Earnings and Revenues Beat Estimates

Covenant Logistics (CVLG) came out with quarterly earnings of $1.02 per share, beating the Zacks Consensus Estimate of $1 per share. This compares to earnings of $0.56 per share a ... Read more »

Kaiser Aluminum (KALU) Misses Q3 Earnings and Revenue Estimates

Kaiser Aluminum (KALU) came out with quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $1.10 per share. This compares to earnings of $0.33 per share a ... Read more »

UFP Industries (UFPI) Beats Q3 Earnings and Revenue Estimates

UFP Industries (UFPI) came out with quarterly earnings of $1.93 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.25 per share a ... Read more »

Sea Limited Sponsored ADR (SE) Stock Sinks As Market Gains: What You Should Know

Sea Limited Sponsored ADR (SE) closed at $360.60 in the latest trading session, marking a -1.74% move from the prior day. This change lagged the S&P 500’s daily gain of ... Read more »

How to Get the Top Best Buy Black Friday 2021 Deals

NerdWallet is here to help you win Black Friday, while leaving your budget intact. We spend the time, you save the money. Visit regularly for holiday shopping tips and announcements ... Read more »

Farmers & Merchants Bancorp Inc. (FMAO) Beats Q3 Earnings and Revenue Estimates

Farmers & Merchants Bancorp Inc. (FMAO) came out with quarterly earnings of $0.63 per share, beating the Zacks Consensus Estimate of $0.55 per share. This compares to earnings of $0.40 ... Read more »

First Internet Bancorp (INBK) Tops Q3 Earnings Estimates

First Internet Bancorp (INBK) came out with quarterly earnings of $1.27 per share, beating the Zacks Consensus Estimate of $1.14 per share. This compares to earnings of $1.03 per share ... Read more »

OneMain Holdings (OMF) Q3 Earnings and Revenues Surpass Estimates

OneMain Holdings (OMF) came out with quarterly earnings of $2.37 per share, beating the Zacks Consensus Estimate of $2.29 per share. This compares to earnings of $2.19 per share a ... Read more »

Rexford Industrial (REXR) Tops Q3 FFO and Revenue Estimates

Rexford Industrial (REXR) came out with quarterly funds from operations (FFO) of $0.43 per share, beating the Zacks Consensus Estimate of $0.39 per share. This compares to FFO of $0.33 ... Read more »

Starbucks (SBUX) Gains But Lags Market: What You Should Know

Starbucks (SBUX) closed the most recent trading day at $113.86, moving +0.33% from the previous trading session. This move lagged the S&P 500’s daily gain of 0.37%. – Zacks Prior ... Read more »

Markets Mostly Higher: TSLA, IBM, CSX After the Bell

Another good day in the market indexes this Hump Day, with only the Nasdaq barely finishing in the red, -0.05%. Nevertheless, it snaps a fourth-straight trading day higher. The Dow ... Read more »

Graco Inc. (GGG) Q3 Earnings and Revenues Miss Estimates

Graco Inc. (GGG) came out with quarterly earnings of $0.57 per share, missing the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.59 per share a ... Read more »

Paycom Software (PAYC) Stock Sinks As Market Gains: What You Should Know

In the latest trading session, Paycom Software (PAYC) closed at $512.63, marking a -1.17% move from the previous day. This change lagged the S&P 500’s 0.37% gain on the day. ... Read more »

I'm a Certified Coach and These Are the 3 Questions I Ask in Every Session

We’re making some changes over at the SUCCESS Line. Introducing your new host—me! I am the managing director of SUCCESS Coaching, and I am so excited to be picking up ... Read more »

How Suzy Batiz Found Perspective at Rock Bottom (and How You Can Too)

Trigger warning: This post references childhood abuse, rape, domestic violence, suicide and depression. What would you do if you had nothing left to lose? Suzy Batiz is the founder, CEO ... Read more »

How Small Finance Banks can reform the fabric of rural India's finance ecosystem

Financial security is a fundamental need of a person, much needed in order to survive and thrive in the world today. The pandemic has taught us about the uncertainty and ... Read more »

Small Finance Banks - A Progressive Journey through the Technological Prism

One of the key learnings from the pandemic was the digital quotient of an organization, in the backdrop of accelerated adoption of technology across sectors, especially banking. Today’s banking ecosystem, ... Read more »

Anand Mahindra Tweets Video Of ‘Driverless' Bike, Twitter Issues Red Flag

Image credit: Screengrab from video tweeted by @DoctorAjayita It could well have been a scene straight out of actor Ajay Devgn’s iconic stunt from “Phool Aur Kaante”. Except that it ... Read more »

Afraid of Making Poor Money Moves? Use Psychology to Predict Your Financial Behavior

It’s always fun to use “reverse” psychology on your kids: “Don’t you dare clean your room!” Sure enough, they run up the stairs, laughing hysterically, to make their beds and ... Read more »

Are Stocks Ready to Break to New Highs?

The stock market (SPY) is on a 5 day winning streak and now less than 1% away from the all time highs. This quickly shakes off weeks of painful pullbacks ... Read more »

Johnson & Johnson Rockets Higher Despite Mixed Results

Blue-Chip Dividend Grower Johnson & Johnson Is A Value If you’re looking for a safe place to park some money with an expectation for capital gains, above-average dividend yields, and ... Read more »

Diamondback Energy Rallies Post-Breakout, Ahead Of Nov. 1 Earnings Report

Diamondback Energy (NASDAQ: FANG)  may be setting up for a fresh round of gains after resetting its base count in August. It cleared a first-stage, cup-shaped base on October 5, ... Read more »

Bobbing for Apple Stock: Why Investors Keep Buying the Dip

Even a mega-cap juggernaut like Apple (NASDAQ: AAPL) isn’t immune to the occasional market-driven or company-specific downturn. It’s just that it doesn’t happen very often. And when it has, it ... Read more »

What's in Store for Boston Properties (BXP) This Earnings Season?

Boston Properties, Inc. BXP is slated to report third-quarter 2021 results on Oct 26, after market close. The company’s quarterly results will likely highlight year-over-year growth in both funds from ... Read more »

Airline Stocks to Watch for Earnings on Oct 21: ALK, AAL, LUV

The rapid spread of the highly contagious Delta variant of the coronavirus across the United States dealt a huge blow to the U.S.-based airline stocks. This is because after being ... Read more »

Kimberly-Clark (KMB) Queued for Q3 Earnings: Things to Note

Kimberly-Clark Corporation KMB is likely to display year-over-year growth in the top line, when it reports third-quarter 2021 numbers on Oct 25. The Zacks Consensus Estimate for revenues is pegged ... Read more »

3 Analyst Favorite Stocks to Buy Now

Having conviction in a stock is a lot easier when you know that some of the best and brightest equity analysts on the street have recommended it. While you should ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic