As a CEO, you’re the captain of the ship. And, as all captains know, navigating choppy waters is part of the territory.
Here, based on my personal experience of building businesses and coaching business leaders, are some of the biggest business challenges that CEOs face.
Challenge: Time management
On average, CEOs work 9.7 hours each weekday, four hours each weekend day, and 50% more than a traditional full-time employee, according to a Harvard study.
So, if you feel that there just aren’t enough hours in the day, you’re not alone. What with emails, calls, meetings, and ever-growing to-do lists, making the best use of your time isn’t easy.
If you’re spending too much time working IN your business, then you’re not devoting valuable thinking time working ON your business.
It’s only when you stop focussing on the everyday stuff and prioritise time to reflect on the strategic process that you can truly concentrate on taking your business forward.
Challenge: Business bottleneck
A report in the Harvard Business Review found that the attributes that help founders kick-start a business (e.g. an ardent focus on tactical execution) can actually stunt business growth as the company evolves.
In other words, many CEOs become the bottleneck in their own business.
It all comes down to learning to adapt your leadership style as your company grows so you’re no longer spending time doing the wrong things. If your time is spent micromanaging, you’ve less time to do what you do best: lead the business.
Challenge: Imposter syndrome
As many as one in five leaders either ‘always’ or ‘very frequently’ feel like a fraud, according to a Working on Wellbeing report.
Commonly known as ‘Imposter Syndrome’, many CEOs find themselves in this situation, which can lead to insecure feelings they haven’t earned their success or that they’re not equipped to lead.
This is particularly common for business leaders who have risen through the ranks and find it difficult to navigate their new space. Not knowing who to ask for help and questioning if you’re the right person for the job can knock a leader’s confidence.
And confidence is contagious within a business. CEOs with above-average confidence are twice as likely to be effective influencers, delegators, and inspire confidence in others.
Do these challenges sound familiar?
If these issues are keeping you up at night, I’d love to help.
You can download my e-book on how to navigate these challenges for FREE. Based on my experience of what works, the guide is packed full of CEO tools, book recommendations, and actionable advice that will help move your company forward.
These challenges are part and parcel of being a CEO. My e-book details how to tackle these challenges and shape your success.