X
X

Find Your Specialist

X

Contact Us

    Go Back

    Making the Jump to CEO

    Earlier this month, Frazier & Deeter CPA and the law firm of Morris, Manning and Martin offered a panel event featuring three highly accomplished women CEOs from diverse backgrounds. Panelists Dr. Amy Baxter, Founder and CEO of MMJ Labs, Mary Hester, CEO of LAN Systems and Shannon Russo, Founder and CEO of Kinetix generously shared their insights and “lessons learned” with over 100 senior executives.

    These CEOs had successful careers in finance, engineering and medicine before deciding they wanted to run their own companies. The jump to CEO brings several lessons that entrepreneurs and executives should note before making the leap.

    What are some of the key takeaways about reaching the highest level of leadership?

    1. Communicate your vision. Explain both “why the business” and “why we’re doing this thing right now.” Explain why you make the decisions you do, so that people will learn to make similar choices to move the organization in the right direction.

    This is not as easy as it sounds…how you communicate must evolve as the organization gets bigger and adds complexity, like remote employees and different generations, who consume information differently.

    2. Be authentic; model behaviors. Be upfront about your weaknesses, as well as your strengths. When you make a mistake, don’t deny it, own it and use it as a teaching opportunity. Inspire your team with your passion for your business and model the behaviors you would like exhibited by your employees. In any business culture is critical and culture is the result of collective behavior. If you see your direct reports aren’t modeling the behaviors you want as the company culture, do something about it.

    3. Don’t be a bottleneck. Let people do something, even if they will not do it as well as you would. They will learn from the experience and the team will get stronger. Coaching them rather than doing it yourself sets the stage for growth for both the individuals and the company.

    4. Think about team dynamics. Make the time to think about where the team and its members are, versus where you need them to go. What are strengths, weaknesses and personality traits of the individuals? Invest in DISC or Meyers Briggs assessments and training to help people understand how to work together and make differing styles an advantage, rather than a constraint. Ask your star performers “How can I help you do more like that?” and really listen to the answer.

    Finally, think about what skills should be outsourced. What is strategic and needs to be in-house, versus what can an outside specialist do better and faster?

    5. Find a sounding board of peers. As leaders rise in the scope of their responsibility their peer group naturally becomes smaller. A peer group of other business owners offers an immensely valuable resource for everything from finding quality providers for services to providing insight about major strategic decisions. Happily today there are traditional groups like Vistage, as well as online communities, to help business leaders find peers who can provide meaningful advice, based on similar experiences.

    Related Articles

    • 01.25.2023

      A New Year Means New Privacy Laws

      Ever since the General Data Protection Regulation (GDPR) came into effect in May 2018, US state privacy laws have been passed in Virginia, Colorado, Connecticut, Utah and, most pressing of them all, California. The California Privacy Rights Act (CPRA) went…

      Continue Reading
    • 01.19.2023

      The New Rules Under Section 174

      Internal Revenue Code Section 174 has long been used by taxpayers to deduct certain expenses related to research and experimentation (R&E) in the current year.  The code section was originally enacted in 1954 to eliminate uncertainty in the tax accounting…

      Continue Reading
    • 12.20.2022

      IRS Customer Service May Improve in 2023

      With 4,000 new customer service representatives and plans to hire 700 new Taxpayer Assistance Center (TAC) employees, taxpayers soon may get relief from endless hold times, no in-person help and unresolved problems.

      Continue Reading
    • 12.12.2022

      Reduce Taxable Income with IRA Distributions Transfers

      IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds.

      Continue Reading
    • 12.02.2022

      UK R&D Tax Reliefs – Where Are We Now?

      In the November 2022 Autumn Statement, the Chancellor announced significant changes to the current Research and Development (R&D) tax reliefs. The key announcements were a change to the applicable rate of the Research and Development Expenditure Credit (RDEC) and a…

      Continue Reading
    • 12.01.2022

      1099s Required for 2022 Tax Year

      Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have…

      Continue Reading
    • 11.28.2022

      IRS Uncovers $3.1 Billion in COVID Fraud

      The IRS Criminal Investigation department (IRS-CI) has partnered with the Justice Department to uncover and prosecute fraudulent activities related to the federal government’s COVID relief programs. To date, the IRS has conducted 840 investigations involving fraud amounts totaling more than…

      Continue Reading
    • 10.25.2022

      IRS Inflation Reduction Act Increases Funds

      The Inflation Reduction Act of 2022, enacted in August, increased funding for the IRS by $80 billion through 2031 for enforcement activities, operations support, systems modernization and taxpayer services. The legislative language, Treasury Secretary Janet Yellen and IRS Commissioner Charles…

      Continue Reading

    Privacy Overview

    When you use or access the Site, we use cookies, device identifiers, and similar technologies such as pixels, web beacons, and local storage to collect information about how you use the Site. We process the information collected through such technologies, which may include Personal Information, to help operate certain features of the Site (e.g., to prevent online poll participants from voting more than once), to enhance your experience through personalization, and to help us better understand the features of the Site that you and other users are most interested in.

    You can enable or disable our use of cookies per category.
    Always Enabled