A CEO's Emotional Attachment To Business Can Lead To Delusional Reality

   Are you a CEO living in a  delusional reality?

Owning and running a small organisation requires passion, courage, dedication, and luck. Often specialists in their field, SME company directors have identified an opportunity in the market and decided to take a leap of faith to set up on their own. However, this entrepreneurial spirit will only take them so far, and as a specialist in the technicalities of their product/service/solution, it’s unlikely that they have in-depth knowledge and experience of broader business skills, such as management, finance and strategy. It can lead to longer term problems when growing the business, which according to ICAEW (Institute of Chartered Accountants in England and Wales) is something that 89% of SMEs are looking to achieve. 

Having created the business and nurtured it from its inception, it’s not surprising that many SME CEOs view their business as their baby. It’s all they can think about, it keeps them awake at night, and they’re on a constant emotional rollercoaster celebrating the highs and worrying about the lows. It’s this emotional attachment that leads many CEOs to live in a dilusional world; often wearing ‘rose-tinted glasses’ to put a brave face on on-going issues, many CEOs fail to realise they could do with some help until it’s too late, or only realise success up until a certain point.

For most SMEs, the gap between the annual business plan and the actual result achieved is often explained away on factors such as market changes, adverse economic climate or aggressive competition, when in reality, these gaps often exist due to inadequate level of structured business planning, potential skills gaps or a possible misdirection of resources and focus.

According to its annual credit check report, ABN AMRO Commercial Finance  discovered that the majority of UK small businesses do not understand their finances:
 

• 51% believe SMEs don’t feel in control of their financial affairs.
   
• 40% feel their clients are “burying their heads in the sand”.
   
• 59% say SMEs often respond with knee-jerk reactions, rather than planning ahead.

As the ‘parent’, it can be very difficult to admit you need help and engage the services of a third party. Often, it’s a route you only go down when forced , for example, due to rising costs and inefficiencies, poor sales results, profit erosion or customer dissatisfaction. However, by failing to recognise and accept that there is an issue, it can never be resolved, and your company can never grow to realise its full potential.

So why wait for things to go wrong?
 

Asking for help means that you’re simply trying to do the best you possibly can for your business, and perhaps grow your own skills, knowledge and understanding in the process. But why wait for disaster to strike before you engage the services of a professional third party? Forward-thinking and effective strategy planning will help to prevent problems arising and ensure your journey towards growth runs smoothly.

Any good leader knows there are areas in which they can do better, and that they should be realistic about how they get from where they are now, to where they aspire to be. By asking for help, your business is guaranteed to go further.

Introducing the Business Strategy Assessment
 

Designed to provide an objective and comprehensive assessment of your organisation, our Business Strategy Assessment will consider your:
 

• Business model
   
• Business strategy
   
• Business process and infrastructure
   
• Skills, resources and structural gaps across your organisation
   
• Inefficiencies

Our team of highly experienced CIM qualified professionals will then work with you and your stakeholders to create and map a structured business planning process, which includes realistic and achievable objectives alongside corrective actions to keep your organisation on track.

"Passionate, committed and loyal. Without Biz Strategy 365’s significant and strategic contribution, we would not have reached the position of being in the Top 25 fastest growing companies in the UK."

Managing Director, IT company that was later sold to Global Blue Chip.

"A depth of knowledge and experience across most business disciplines, especially in the areas of technology, marketing & finance. Working with Biz Strategy 365 has been very beneficial to our business."

Managing Director, Financial Services Company featured in the Sunday Times Virgin Fast Track Top 50 List.

See more Testimonials
 

If you’re ready to ensure your business becomes the best that it can be, our experienced and knowledgeable team will help you reach new heights – guaranteed.

Discover more about our Business Strategy Assessment and sign up today.