CEOs have great responsibility of ensuring that the company is productive and attains profit to ensure everything runs smoothly. Despite their role within the organization they face different challenges in the company.
Loyalty To The Brand
They face a challenge of ensuring their goods and service capture people's attention in the competitive market. Given a volume of goods in the market it is very difficult to maintain higher position in the market.
Reported by Hbr, the solution is ensuring on the production of products that are unique and practical to the market per customers' high demand, matching the customer's wants and their willingness to pay for it. If the customers love the product it's the "CEO's" task to seek means of continuously improving and renewing it overtime.
Balancing Competing Interests
"CEOs" have a duty of allocating resources effectively, deciding on who gets those limited resources and at what time. The time and revenues are to be shared between employees, stakeholders, board members and even family. Competing interests view the situation as a win/lose scenario.
Example in a case of three different departments competing for a major investment to increase their revenues with limited amount of money "CEOs" can either divide among the three or allocate it to the department that has the best chance of success.
Creating A Path To Growth
For the "CEO", growth means increasing the top line in revenue and the bottom line in profits and requires investments, strategies, execution, and talent which are tough to find, fund, and figure out. In a competitive environment, "CEOs" are forced to squeeze as much as possible out of every resource whether it's money, people, or assets.
Engaging outside advisors, acquiring market intelligence, and developing the skill to forecast trends in technology and demographics are a means of combating the challenge. The "CEO" must focus on the future and keep moving.
Loneliness
Because the "CEO" holds the highest positions and thus they account for a small percentage of population usually without any peers within their own companies. They do not ask employees to give feedback on ideas and strategies; do not seek counsel from the board of directors out of fear of looking weak and indecisive.
According to Inc, to help relieve the isolation CEOs are advised to build private advisory boards, find peer groups to receive advice and unbiased feedback. In the end, anything can be resolved.
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