The road to success isn’t narrow. There are going to be times when you steer off path or have to make a U-turn. The transition from founder to CEO can be overwhelming to navigate as it involves scaling operations, building a leadership team and refining management strategies — all while maintaining the original passion that sparked the business. Through trial and error, you can learn processes that successful CEOs have implemented to build your company’s success.
Here are a few skills I’ve learned along the way and tips I wished someone had told me when I became an entrepreneur nearly 20 years ago.
BUILD A TEAM TO FILL GAPS OF KNOWLEDGE
Building a team is one of the most important processes in creating a sustainable company. While it may seem straightforward, it can be difficult to execute. It starts with determining your areas of expertise and acknowledging aspects of the business you simply do not want to manage personally. As CEO, you can’t do everything yourself. You must learn to delegate.
By identifying responsibilities, you want to retain — along with those you don’t — you can build a team that excels in the tasks you lack knowledge in or don’t want to manage. This will ensure each member of your management team is in the right seat on the bus moving your business forward.
Building a skilled team is essential. This will not only help reduce your to-do list but will ensure you don’t stretch yourself too thin. Focus on tasks that you are good at and enjoy. Offload those that you aren’t good at and/or don’t enjoy.
BUILD MANAGEMENT SKILLS AS YOU GO
Management skills are learned. Find out what works for you and your company. As the founder of your company, you are a mirror for your employees. Your actions, attitude and work ethic all set the standard. It’s as important to invest your time in honing management skills as it is to invest in scaling your company.
LET IT GO
Letting go of the “I got it” mindset is essential in the transition from founder to CEO. It doesn’t mean that you must let go of control completely. It means focusing on tasks that take priority and trusting your team with the responsibilities you don’t have time to manage yourself.
Knowing your limits is about understanding who you are as a CEO. Force yourself to step out of the day-to-day management mindset and focus on the mission of the company. By leaning into your strengths, you can prioritize the tasks you can effectively handle.
Pre-schedule your week to focus on high impact activities that are crucial to the business. Don’t stretch yourself thin, especially when you have a team that is also dedicated to the mission and responsibilities of the company.
PRIORITIZE ORGANIZATION
Sounds simple, right? Prioritizing organization ensures that you and your team are moving efficiently. Having a clear structure and established guidelines for your team will result in efficient operations. Help your team understand their responsibilities and how they fit with the company’s goals.
A strategic growth plan is critical to prioritizing organization. It outlines the vision and milestones of the company. It creates a clear path to achieve those milestones. During meetings, I refer to this plan often. The growth plan is a living, working tool that puts the team on the same boat rowing in the same direction.
The overall wellness of the business is supported by strong business processes, which ensure accurate and on-time handling of financial concerns. A strong business structure includes strengthening your operations in essential areas like payroll, accounting and tax compliance.
HOW ARE YOU GOING TO MAKE YOUR TRANSITION?
By investing in yourself and your team, you’ll not only grow as a CEO but create a strong and effective workplace that will help make your business wildly successful. The transition from founder to CEO will take determination and mental strength. You’ll meet obstacles head-on and create an atmosphere that encourages creativity and teamwork. In the end, your dedication to personal growth and team empowerment will lay the foundation for your business to have a successful future.
Ulyanna Chung is an entrepreneur and the owner of Chung Insurance Agency. Prior to opening her company nearly 20 years ago, she was a federal law enforcement officer with the U.S. Customs Service for four years, and a federal air marshal for two years. She is currently the president of Entrepreneur’s Organization Las Vegas. Contact Ulyanna at ulyanna.chung.nyye@statefarm.com.