4 minute read
The Executive Corner: Are You Truly a CEO?
By Adam Balkcom
One of the biggest problems we see with owners and CEOs in the community management industry is that they are not fulfilling the “Chief Executive Officer” role within their business.
IF YOU FIND YOURSELF:
• Managing properties or doing accounting for your communities
• Meeting with every member of your team from the top down
• Dealing with non-essential problems/issues
• Filling the role of business development/sales for your company (except in special cases) then you are not an actual CEO. While some of these tasks are crucially essential pieces of the puzzle for any business, they are not the role of a CEO.
A CEO SHOULD SPEND THEIR TIME:
• Developing the company’s vision and promoting its culture
• Coaching executives and key employees
• Developing strategic objectives and direction
• Analyzing data and tracking critical KPIs
• Managing high-value clients and strategic relationships.
A CEO’s value lies in the wisdom of their decisions, not in the number of items they can complete on their task list in a day.
As you grow with an organization through being a manager, leading a division, joining the executive team, and ultimately filling the CEO role, more and more of your time should be spent on strategic/creative thinking. So many leaders spend far too much time on task-based tactical thinking. Without you fulfilling the role of an actual CEO, your company cannot be on a path of increasing success and profitability.
Whether you find yourself completely distracted from your proper role as CEO, wearing multiple hats across your business, or somewhere in between, there are concrete steps you can take to propel yourself into the authentic CEO role.
A CEO’s value lies in the wisdom of their decisions, not in the number of items they can complete on their task list in a day.
HOW TO BRIDGE THE GAP AND FILL THE ROLE OF CEO FOR YOUR MANAGEMENT COMPANY:
Hire a fractional CFO and COO
A fractional CFO and COO see into 100s of companies and bring that knowledge and those best practices to you. A CFO provides the financial structure, awareness, and accountability to get your company financially healthy. A COO will then help guide you in putting a structure in place that clearly defines everyone’s roles and identifies gaps in the team and operational structure that need to be filled to help move you into your role.
Let go of control
This is one of the biggest roadblocks for people to become an actual CEO. As you build your company, it can be hard to “pass the baton” on to someone else, especially if they do things differently than you have in the past. Your team will make mistakes as they’re learning to fill your shoes but allowing them to learn through first-hand experience will set them up for success in the future - and get you out of day-to-day operations.
Create space for creative and strategic thinking
At least quarterly, get out of your office and get into a new environment that inspires you to think about your business from a 30,000-foot, big-picture perspective. Weekly, carve out time to take a break from crushing through tasks and consider whether your work is moving you closer to your vision for the company and your role.
Create space for working on your business
Pick one day a week where your entire focus is on tasks that improve your business and move you out of the day-today operations. The CFO and COO can help guide you on what tasks will significantly impact this.
Making these changes will take time. It has taken me years to slowly offload tasks and move myself into being the actual CEO of my two companies. At times, it can be two steps forward and one step back. Stay clear on your role and take a step towards it every day.
ABOUT THE EXECUTIVE CORNER
This is a new column for Vision Magazine that will be included in every issue. It is written by staff at CAM Leadership Institute, an organization that focuses on community management company owner and executive leadership development. CAM Leadership Institute hosts mastermind groups attended by almost 100 management companies from across the country every month, which gives them unique insight into the industry. In each edition, the staff at CAM Leadership Institute will provide a column specific to management company owners and executive leadership teams.
