Everyone knows a business owner wears many hats – from Chief Executive to Janitor. While taking a Small Business Management class with Dr. Thomas Jones, I learned to be aware of these three critical ‘hats’, the responsibilities and purpose of each, and how much time you need to allow for each of them to do their job.
As the Owner of the business, you are responsible for six critical areas that answer the question of WHY you are in business and sets direction.
- 1. You choose the strategic direction for your company.
- 2. By asking “Would my customer care if I were no longer here?” you continue to sharpen your company’s competitive edge.
- 3. You manage the balance sheet which means managing debt, liquidity and assets.
- 4. You make the choices in how the company will grow – how much, in which directions and how you will do it.
- 5. You also determine the long-term survival of the business – your exit strategy and deciding why your business should survive beyond your participation.
- 6. You determine your firm’s citizenship – how and when it interacts with your community and with whom.
The owner needs one day per month or quarter to continuously revisit these key responsibilities to ensure the company stays on firm footing and heading in the right direction. Continue Reading »Small Business Owner Roles – Owners Wear Too Many ‘Hats’