The CEO Mindset that Will Change Your Game
Back in 2022 we introduced the CEO Mindset to our Advisory Practice clients. And as we’ve talked more and more about it over the past 2 years, I’ve observed something stark: small business owners either love it or recoil at the mention of “being a CEO.” There’s no in-between.
For those who light up at the idea of seeing themselves as a CEO, they’re immediately insatiable to hear more and how to embrace this role. And this was the case in a recent interview with Lauren Tilden, on the Making Good podcast.
Making Good is for creative entrepreneurs (mainly makers) who want a business that makes them money, makes them proud, and makes the world a better place. Just like my recent conversation with Ryan Zlomek, I lit up when talking to Lauren, as she’s such an excellent interviewer. She pushed and challenged me on lots of specifics. To reinforce the main points of our conversation, here are the Cliff’s Notes. And we’d both love it so much if you’d listen to our 50-minute conversation too.
What does it mean to act like a CEO? (no matter the size of your business)
Cut and dry, acting like a CEO means that you’re owning the responsibility of the financial health and sustainability of your business. You see yourself as an entrepreneur, not just a freelancer. This looks like devoting time and discipline to carry out “on the business” activities that set your business up to play the long game, not just the short game like fulfilling orders or client work.
You’re guarding 3 pillars:
- Financial Stability
- Long-term Vision and Strategy (owners love talking about this, but they lack follow-through in the complex project management needed to fulfill said vision and strategy)
- Leadership: specifically, developing and holding the most important relationships for the business, externally and internally
How do you know which pillar of the CEO Mindset to focus on?
Start with the Seth Godin’s point about being an entrepreneur over a freelancer. Then, ask yourself this critical question:
What is the most important next step I could take, to start making this an entity that goes beyond me? How could I make this one thing not reliant on me?
For creative businesses who sell a service, it’s probably to reset your pricing and product structure. Then second, it’s likely business development. And third, it’ll be how you set up your finances.
And if you’re objecting, “I don’t have the time or money to do this,” start here: cut the bottom 25% of your clients or products. It’s costing you 150% of your profitability.
What 3 qualities do the best creative business owners have in common?
- They focus on executing the basics, consistently. Consistently means 6-12 months. Six at minimum.
- They take the time to really integrate the thing they’re executing, be it new pricing, a sales process, financial system, anything.
- During the testing, learning, and refining, they ask themselves (and their business advisor ;)) super specific questions, like:
- What are my blind spots?
- What should I be thinking about that I’m missing? Where can I learn more?
- Is there an upside here that I don’t see? Is there a downside that I don’t see?
Is there one universal “truth” for small business CEOs?
Most people are likely avoiding the thing to really move our business forward. We’re either perfectionists – or as Lauren funnily and truthfully said – we’re “tinkerers.” We’ll tinker with this and tinker with that, trying to get the inconsequentional thing to 100%, instead of getting the most consequential thing to 80%. It’s in our nature as creators and as humans!
So typically we see: the thing you’re avoiding, is the thing that has the potential for the biggest impact on where you want to go – especially as a Small Business CEO.
This really is just the highlights of our conversation; and once again, I’m so lucky to have had 2 incredible interviews in the past few months. I didn’t realize the width and depth that Lauren would push me to; and as you’ll hear, I had to do a lot of thinking on my feet. It was a good personal test to make sure I really knew what I was talking about, ha!
I’d so love it if you give it a listen. Please let me know what you think (Anything feel harsh? Surprising?), and if you’d be so kind: follow the Making Good podcast to support Lauren and other creators.
