3 Management Mistakes CEOs Make in Business [Video]
Are you making costly management mistakes? Ther are 3 common mistakes that often lead to ineffective leadership that can inhibit the potential of your business:
1. Under-Hiring Talent – Not having the correct team in place can create mediocre results, so it’s imperative to hire strong.
2. Being Constrained by Capital – Dream as if you have unlimited capital and then seek the appropriate amount to grow your business.
3. Micromanagement – How can you strategize and grow the business if you are trying to handle all the daily operations yourself? Trust your team to do what they do best so that you can go forward and do what you do best.
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Good morning. I’m Brad Mishlove, CEO of Catapult Groups. This morning, we are having our Coffee with Catapult. You can see I have my cup with me. One of the questions that came to us recently to address three mistakes that CEOs make, and I’m going to do that this morning very briefly, and I think you will find it of great use.
So one of the biggest mistakes that I see CEOs make is that they do not hire talent that has the skill and knowledge and the“been-there-done-that” approach. They tend to under hire, and under hiring usually produces mediocre results at best, so one of the encouragements that I have is to hire and hire very, very strong.
One of the other mistakes I’ve seen is that they allow capital to constrain business. Capital today really has become a commodity, and in that light, I think that you should dream as if you have unlimited capital and structure the business in that fashion and then go out and seek the appropriate level of capital to grow your business.
The third issue is the CEO tries to do everything themselves, and in that light, they run in the business and instead of on the business. The job of the CEO is to be the chief strategist, to find that next river of cash to move that business forward, and if you’re in the weeds, it just isn’t going to happen, so I encourage you to hire a great team, leverage that team, allow them to do the work and don’t micromanage them, and you will see great success.
Listen to the Catapult Business Growth Podcast for more on leadership: E003: Stop Managing and Start Leading