B2B CFO^®    (877) 4-B2B CFO

Many business leaders, both large company fortune 500 leaders and small to mid-sized entrepreneurial leaders have been dealing with an economic environment unprecedented in their lifetime.  These daily challenges are complex, yet, in order to lead their companies successfully through these challenges business leaders must adjust and refocus continually.  Ram Charan, in his excellent book, Leadership in the Era of Economic Uncertainty, says leaders will need to make changes in how they manage day-to-day.  Charan says the challenges demand “management intensity; a deep immersion in the operational details of the business and the outside world combined with hands-on involvement and follow through.”

This kind of “management intensity” cannot and will not happen until the leader is willing to redeem a vital and precious resource--time.  Notice that I said redeem.  According to Merriam-Webster’s Online Dictionary, redeem means “to buy back; repurchase”.  In other words, in order to focus and manage the areas of the business that are vital to survival and growth, the leader will have to buy the time to do so, repurchase the time from other areas, and make the most of every opportunity.

While managing with intensity is absolutely crucial, the CEO must also buy up the time to regularly meet with key customers and promote his company’s vision to potential customers through high level marketing and contacts.

Following are four suggestions that will greatly assist the CEO in redeeming their time while managing with intensity.

1. Plan your week in advance and set your business priorities.
2. Set apart a block of time early in the week to meet with your key people (Operations Manager, Sales Manager, etc.) and review their priorities for the week.
3. Develop a set of daily, weekly, and monthly flash reports that incorporate key financial measurements which accurately reflect the current health of the business, pinpoint areas of needed improvement , and measure progress toward company goals.  These reports can be reviewed quickly for rapid decision making and corrective action.
4. Buy, read, and digest the book Time Tactics Of Very Successful People by B. Eugene Griessman.

In the preface to his book, Griessman tells how he once asked Stanley Marcus, legendary retailer and chairman emeritus of Neiman-Marcus, “What do the wealthy, powerful, and famous people you know have in common?”  He answered, “They all have 24-hour days,” and then further explained, “The world has expanded in almost all directions, but we still have a 24-hour day.  The most successful people and the most unsuccessful people all receive the same ration of hours each day.”

The most successful CEO’s will be those who make the most of their time.