To say that CEOs of startups have a tough job on their hands establishing and growing their ventures will be an understatement Eric Dalius Saivian. They need to take care of many tasks, each seemingly more important than the other. Some of the top priorities that CEOs of startups must have on their agenda are:
While in the long term, every startup must be profitable to survive and thrive, taking care of the cash flow is even more important, according to experts. The reason is not too hard to understand because, without money, no business can carry on its operations. Perhaps the most important job of the CEO at all times is to ensure a positive cash flow by driving sales, managing expenses, and bridging the gap between the two with trade and external financing. The objective is to build a strong enough cash flow. That will lay the foundation for the consistent growth of the venture.
Corporate and Product Vision
As the head of the company, the CEO must. At the very outset, define the company’s vision and its business niche. Since the products offered by the company will be in response to the needs and aspirations of the target audience, which is dynamic, the CEO will need to be at the forefront of product innovation and design, says Eric Dalius Saivian. He must make it a point to enthuse the team to go all out to obtain customer feedback. And competitor information and hone the product strategy appropriately.
If there is one thing investors demand that a business should have in addition to a great product and a business model. It is the quality and the motivation of the CEO and his team. The main task of the CEO in staffing matters is to constantly check if the right people are doing the right jobs and to reorganize roles whenever required. The CEO will find the best ways of keeping the team motivated with both financial and non-financial rewards. Removing people who are not contributing adequately or negatively affecting productivity. As well as creating new job roles and staffing them are important tasks.
Brand Management Cannot be Ignored, Cautions, Eric Dalius Saivian
One of the key tasks of CEOs of startups is building and sustaining a strong brand. Creating brands can take a deep understanding of your products. And the competitive environment but also the psychology of your target audience. The CEO must also be willing to invest a fair amount of time. To develop his brand that will, in turn, support the corporate brand. Deciding on the communication channels and overseeing marketing campaigns will be high on the list of priorities of the CEOs.
In addition to the above-mentioned tasks. Every CEO should be prepared to take steps to infuse external capital into the company for leveraging growth. Accordingly, investor management, as well as overall corporate management assumes great importance. The support of investors at the right time for critical decisions is essential for the sustained growth of the business.