10 Smart Moves a CEO Can Make to Stay Profitable

Anyone can run a company during good times. When profits are up, it’s easy to get comfortable and overlook some of the deeper issues lying beneath the surface. These ten proven concepts will help you maintain a dynamic, thriving environment that will ensure profitability of your business at any point of its development:

1. Reach out to every single client and ask them if there is anything else that can be done for them. Find out their biggest challenges and generate new ways to help them.
2. What don’t you know about your company that you should? Be honest and get educated.
3. Identify three critical financial indicators that you can start sharing with all your employees, so each team member is engaged and understands how their job impacts your bottom line.
4. Determine what keeps your company from being more flexible. Today you must be able to respond to client needs quickly and efficiently. If that isn’t happening, fix it.
5. Do you have a communication plan? If not, create one and start sharing your vision. Be assertive telling your employees what they need to know.
6. Look around and connect with two strategic partners that share your client base or offer an ancillary service that complements yours. Be aggressive and spend time outlining the advantages with these alliance partners in order for results to appear faster.
7. Consider hidden pockets where profit is hiding. Try to evaluate every aspect of your business from a different perspective. For example, your employees.   
8. Estimate your own leadership skills. Now isn’t the time to gloss over your weaknesses. Now is the time to be mindful and ask what other skills you can learn that will help your company prosper.
9. Assess your team. Not every person is a great fit. Release those who need to move on and open the door to find new talent, new perspective and new ideas.
10. Seek guidance. Who can help you bring clarity and get a better understanding of how to manage your challenges? There are experts able to support your efforts, just don’t be afraid to ask.

Need help with this topic or leadership coaching? Contact Mission Critical Teams.