It really is lonely at the top! As a CEO, you have many pressing issues in your business that challenge you every day. Most of the challenges come from forces that you have not encountered previously.
While your Management Team can be a source of support, in many cases you cannot share the challenges with them. Sometimes it is one of them that is the challenge. The non-performer and how do deal with it. The need for capital in the business and where to get it without alarming your team. The fact that you want to exit the business and are looking for a transitional strategy.
You do not want to seem vulnerable or risk the confidence of your Board, Team or peers and so you fret over the challenges and allow it to affect your performance. The problem is also the fact that most people have not walked in your shoes and so they cannot provide the perspective and balance you need to address the challenges.
If you don’t get support, you will likely not erase the challenges or at best you will create a make shift solution that will be a patch.
Get help. There are many peer-to-peer groups for you to join. You will:
- Improve the growth and profitability of your organization.
- Obtain accurate benchmarks and best practices on key issues.
- Provide the opportunity to learn in a safe and confidential setting.
- Learn how to work “on” as opposed to “in” your business.
Do your research and find a group that is right for you. Size matters! Get with a group that is relatively the same size as your revenue so that the challenges are similar. If you are a $10M company, the value that a $1B company will bring to you will be limited, as your input will be to them.
Review the industry. If you are in manufacturing, then get in a manufacturing group of non-competing companies to generate best value.
There is much more to research, but you can now see that help is available, and what you need to do is take advantage of the help available in the marketplace. Members of peer-to-peer groups enjoy on average operating margins of 22.6%, as opposed to an industry average of 10.26%
What are you waiting for; take charge and start today.