When you are growing a company, there are almost too many things that need attention. In fast-growth mode, the decisions can fly at you like a hail of bullets. Successful leaders understand they can't tackle every little issue. They have to choose their priorities. In his new book, Make Big Happen, Mark Moses provides insight on the priorities needed for success.
Moses, a member of the Young Presidents' Organization (YPO), knows how to live big in business. He has won the Ernst & Young's Entrepreneur of the Year and the Blue Chip Enterprise awards for overcoming adversity. The last company he sold was ranked the No. 1 fastest-growing company in Los Angeles as well as No. 10 on the Inc. 5000 list.
Today, Moses, as founding partner of CEO Coaching International, shares his experience to help fast-growth CEOs keep their eyes on the prize. Here are Moses' five things to focus on to be a successful leader.
If you don't know where the company is supposed to go, how can you lead the team in the right direction? Moses notes that every business leader must point the way to success for others to follow. "The question 'Where are you going?' is a question that calls for clarity, painstaking communication and dedication to aligning your company culture to your vision," writes Moses.
No company can function without a solid and steady cash flow. "At the end of the day, the CEO is ultimately responsible to ensure the company has enough cash to achieve its plans," writes Moses. "The CEO should be thoroughly aware of the numbers and key indicators and should review monthly cash flow statements, a daily cash report and a monthly projection."
Successful leaders cannot do everything on their own and always need to have strong people around to get the machine working effectively. They also need to be cognizant of what will help those people to perform at their best. "An environment that will attract the kind of talent needed to pursue and execute on the vision is also critical," writes Moses.
4. Key Relationships.
A lack of clear focus by the leader both inside and outside of the company can create loss and destruction for a growing concern. Successful leaders set the tone for maintaining relationships that will help foster growth. "Key relationships are the ones that matter most and would be a big blow to the company if they went away," notes Moses.
The world is changing too fast to allow stagnation is business. Moses recommends that leaders encourage the pursuit of knowledge for themselves and their team. "CEOs must continue to sharpen their game. They should devote time to the pursuit of learning what is happening in their industry and related industries. We live in a world of wonders in which innovations come so fast that it is hard to keep up. But we must keep up. For businesses, it's a matter of survival."
Each week Kevin explores exclusive stories inside the Young Presidents' Organization (YPO), the world's premiere peer-to-peer organization for chief executives, eligible at age 45 or younger.