When you’re a kid, being a superhero is awesome. But in your business? Not so much. Sure, you can go through spikes of energy where everything feels fresh and new, sending you into do-it-all superhero mode. But those energy spikes usually don’t last long, and soon enough, you’ll find you can’t rely on superhuman efforts forever.
To get where you want to go, you have to pull off the cape. Trust me, I’ve tried to be a superhero entrepreneur for years. I was the one to work with the clients. Do the strategy. Make the sales. Manage my small team. Write emails. Handle customer service questions from my team. Put out fires. Follow up on failed payments. Lead meetings. Deal with the finances.
It was exhausting — and a flat-out dumb idea. Trying to do it all puts you on a fast-track to burnout, and it’s the main reason why most six-figure entrepreneurs stay stuck on the hamster wheel. You don’t want to work even more hours or have even more things to do, but since your business is tied to you, it’s tied to your time and effort. And that is limited!
Believe it or not, the good news is that the ceiling you’re hitting is self-created.
The fact of the matter is, most businesses fail. And of those that survive, only 4% get past that magic $1 million per year mark. And only one-tenth of that group make it past $10 million.
Why? Most never get out of day-to-day operations and into a fully scalable business. They are trying to do too much themselves, so they can’t work on the right things needed for growth.
Is this the case for you? It’s time to put an end to the games and give up trying or even thinking you can do it all. Instead, start being a seven-figure CEO.
- One who is working on high-leverage activities, not stuck doing admin stuff.
- One who is spending time on growth, not putting out fires every day.
- One who is solving issues with a system, not dealing with the same exact issue over and over again for months on end.
To get to seven figures, you have to figure out what few things you will own — that is, what responsibilities will you have in your business? And that leads to an even tougher question: What won’t you own?
Define Your Role As CEO
Everyone on your team, including you, should have five core role responsibilities. Once you have those, more than 80% of your time should be spent on your five responsibilities alone.
That may be a far cry from where you’re at now, but to scale faster than ever, this is where you want to be. In an ideal world, how would you spend your time to help you accomplish your growth goals as fast as possible? What are the top responsibilities you need to own?
Odds are they’re not small admin tasks, customer service or even project management. It’s stuff that is really going to move the needle.
As an example, here are my top responsibilities:
- Strategic vision: Setting the overall company vision and direction.
- Building a world-class team: Hiring, leading and optimizing an elite team and culture.
- Head of growth: Spearheading our key marketing and growth initiatives.
- Strategic partnerships: Creating alliances with companies and brands for win-win relationships.
- Asset marketing creation: Things like this article, video series, podcasts — marketing that will be leveraged to continuously reach a big audience.
I spend 80% or more of my time on these tasks. Leading and driving growth while creating some content is not only the best use of my time but exactly what I want to do.
You, too, can design whatever you want in your business, but as CEO, growth is on you. Make sure you’re responsible for at least some of these higher-level activities.
Some of the most common CEO income-producing activities I suggest are:
- Create, maintain, and evolve the strategic vision and direction of the business. Your team needs to see and feel where you’re headed, as this North Star guides all decisions and creates more than just a “job” for people.
- Lead growth and your overall strategy to scale.
- Be the spokesperson of the business. Lead the marketing and content.
- Focus on mass sales opportunities (reaching the masses and optimizing your time).
- Grow and optimize a world-class team by recruiting, hiring, onboarding, training and developing your employees.
- Form strategic partnerships with others who have an audience of potential buyers of your products/services to create a win-win.
- Manage and optimize finances and capital to drive growth.
- Acquire other businesses to include or leverage to exponentially grow your own.
- Develop new products and extensions.
- Spearhead the biggest bottleneck initiative at any time.
Brainstorm the top responsibilities you need to embrace to expand your business.
- What is the best use of your time?
- What are the key responsibilities you need to adopt to get to seven figures (and beyond)?
- What do you enjoy doing that you still want to own?
Brainstorm a list, and then trim it down to the top five. Stop being a superhero and step into your role as CEO. It’s time.