4 Lessons Small Business Owners Can Learn from Watching Large Business CEO’s

 

Small businesses are wonderful companies to work for. They are usually friendly, close-knit, and flexible. Sometimes though, the way they run day-to-day operations can have a detrimental effect on their bottom line. It would be helpful to small business owners and managers to closely examine how a CEO of a large business runs his enterprise. Some invaluable tips and suggestion that could be learned from this type of leader could include:

 

Keep It All Business

Many small businesses have random hiring practices. They may hire relatives, friends, and individuals without the correct job skills. Pre-employment routines may not be present. Emotion may run the business more than logic and/or reasoning.

 

A large corporation with a strong CEO hires each individual in exactly the same manner—they make background checks, administer drug tests, and hold formal interviews with all of their applicants. There are no exceptions when an employee’s brother has a spotty employment history and drugs in his system.

 

Utilize Modern Training Methodology

CEOs are passionate about properly training their new employees. Many times, new hires go through rigorous classes and courses before they are allowed to begin their new positions. Some small businesses have a “warm body” attitude—they hire someone to fill a slot and then put them to work right away, sometimes under the tutelage of a senior staff member. A strong CEO will also ensure that employees attend ongoing training to make them feel like they are vital to the company, to make them stronger in their particular areas, and to have strong staff that can be promoted from within.

 

An improperly trained individual may do more harm than good to a business. For example, a salesperson who is put to work before he knows all of the ins and outs of the product he is selling will not be able to properly answer customer inquiries. This type of employee is being set up for failure. This will make the company look weak and disorganized which will also affect sales.

 

Be Consistent

Small enterprises may be somewhat less consistent when it comes to business practices. For example, a local family-owned restaurant may close its doors due to a community event or just because it is slow. You will never see this happening at chain restaurants that are run by CEOs over several outlets. They will adhere to opening and closing hours with precision and not deter from their practices unless there is a real emergency.

 

The way goods and services are produced or provided are also handled in a consistent manner. All products are the same and the way sales staff and management works are very similar. They may be given scripts and suggestions on how to handle common situations. They may meet on a regular basis to make sure everyone involved in a project is on the same page.

 

Have Long-Term Goals

Small business owners and managers struggle to operate from day to day. Decisions are made by what is going on at the moment. Big business CEOs, like Dallin Larsen, on the other hand, have long-term plans for their company. They use capital budgets and look ahead to what their organization is going to need one year, five years, and even twenty years down the road. These plans are in writing and are often reviewed by a special committee.

 

There are many ways small businesses can emulate big businesses to be more productive and successful. A step to take would be to choose a CEO of a large company and make that person a mentor. You can do this even if you do not personally know or have contact with him. Read about this person and his daily habits and practices, analyze his decisions, and watch how his company grows and prospers. Decide which of his methods will work for you and integrate them into your small business.

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