Am I Really Competent in My New CEO Role?

Despite the inherent weirdness of feeling competent in my new role, I freely admit that I do. After 6.5 years in sales and nearly 4 years as a sales manager, I recently founded a consultancy specialising in sales and marketing, which I now lead as CEO. Navigating a first-time CEO position can indeed be challenging, but oddly, I find it easier than managing a sales team. This passing sentiment is not without some context and experience backing it up.

Personal Background and Support System

My journey to becoming a CEO has been both humble and enlightening. Serving as a salesperson, I honed my communication, negotiation, and leadership skills. Progressing to sales management, I developed even deeper insights into sales processes and team dynamics. With this foundation, transitioning to the role of a CEO has been a natural evolution.

However, the leap to CEO certainly comes with its own set of unique challenges. I have leverage several key factors that have made this transition smoother. Firstly, I have a supportive and loving wife who has carried much of the household responsibilities while I focus on the business. Financially, I no longer have the stress of ongoing debt or financial instability, as I now have substantial savings to cushion me against unforeseen expenses or setbacks. Secondly, I have the invaluable support of a co-founder who is highly experienced and both shares my vision and understands the intricacies of the startup world. Lastly, I have a talented founding team that works diligently to ensure our business functions smoothly and efficiently, with robust administrative and operational support.

Understanding My Weaknesses

It’s crucial to acknowledge and understand one's weaknesses as a CEO. I firmly believe in acknowledging my own limitations and working around them. I make a point to delegate tasks like administrative work to assigned team members, which allows me to focus on strategic decision-making and long-term planning. This approach not only enhances team dynamics but also leverages the individual strengths of my colleagues, creating a more cohesive and productive environment.

Business Success and Early Milestones

The business side of my consultancy has seen considerable success and growth in its early stages. Being profitable and cash flow positive within the first 90 days of operation is a significant achievement. It speaks to the efficacy of our business model and the diligence with which we have approached our operations. Additionally, having virtually zero client churn indicates that our approach to client satisfaction and retention is robust, fostering a loyal client base. Our diversification strategy, ensuring that no single client accounts for more than 20% of our monthly revenue, adds another layer of financial stability and reduces the risk of over-reliance on any one client or market segment.

Lessons Learned and Future Outlook

While the early success is gratifying, it is important not to rest on my laurels. The role of a CEO requires constant vigilance and adaptability. As the business grows, so too must the leadership and management skills required to sustain and scale this endeavor. I remain committed to learning from every day, every challenge, and every lesson, ensuring that my competent demeanor in my role as CEO continues to evolve and grow.