What are ways to grow a business once it is doing well?
If I have a section or a sector of business that’s doing well, I like to use our resources to reinvest into that sector and make it even stronger. I will invest some resources in less profitable sectors but not the lion’s share. You don’t want to use your resources to invest in something that’s less likely to have an immediate or even a long-term return on that investment. What you’re doing well in, you should keep doing and keep investing in and play on that strength. Focus on what you do well and invest in that and do more of it and do it even better and expand on it rather than trying to beat the dead horse with something that’s struggling.
How can a business plan for growth and new possibilities?
As the CEO you have the overall picture. You have to bring your team members together who have different parts of a solution to a new offering. You have to build confidence in the staff that they can deliver and approach that market. It’s about networking your own team members and having the overall picture. You have to think about bringing in good capable people who like to work and like the work that you have for them to do. If you can get those two ingredients, that’s a good formula for success.
How can a CEO keep in touch with employees as the company grows?
Let them know you’re involved and part of the team. Keep in contact with your staff. It’s all one family and you’re all part of the same team. You have to be visible and you have to have an open-door policy. You can say it and you can encourage it, but I think the average staff member is still a little intimidated. They don’t want to fall in disfavor with the CEO or the boss. You have to let them know that you’re there to make them happy. Even if they can’t physically walk through your door they’ve got to know they can call you anytime or e-mail you and you’ll be responsive to them. Just like a project manager has to be responsive to his customer, a CEO has to be responsive to his staff.
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