What is the role of the CEO? Many advisors never stop to think about that. They are so busy working with clients, rainmaking and putting out the occasional fire that there's little time to consider what they need to do to lead their businesses.
Textbooks tell us that the CEO plans, coordinates, controls, evaluates and leads the organization. He or she:

Focuses the business
Mobilizes resources to achieve goals
Influences the organization's culture
Ensures efficiency and effectiveness
Grows the firm financially
Protects the entity
Ensures a customer-driven strategy
And so on ...

That's a lot of responsibility. More simply put, the CEO is responsible for where the firm is going and how it is growing. Leading a growing (i.e., thriving) company sounds easier than it is. When so many issues are out of a CEO's control, instead the question should be asked, is thriving even realistic?

Generally speaking, yes-as long as a boss considers a long time frame. A firm may not grow each and every year, but if it isn't thriving over time, it is likely destined to decline.

So how do CEOs at small advisory firms translate their leadership role into action? One way is by thinking strategically about what their companies' contribution to customers is and how it differs from the competition's. CEOs then communicate that vision throughout their organizations, inspiring movement forward.

Make A Plan
To that end, what does the CEO actually do? One of his or her main activities is to oversee the creation of the company's business plan-a key tool for leading-and monitor its implementation. Many advisors say they plan, but few put the plans in writing.

Business plans can enhance corporate memory. Sometimes, we simply forget the way we were thinking in the past. There can be disconnects, as different people remember agreements differently. Moreover, if we don't write down our plan, we tend to start over each year, instead of building off the previous business cycle.

A written plan can also forge discussions that get people committed. This is especially important in larger ensemble organizations, where business planning is typically done by a group. Honest dialogue ferrets out different opinions about the firm's vision or direction.

In daily work, everything seems crucial, but a written plan helps ensure that decisions are put in perspective and priorities are set so that only the critical things are focused on. Sometimes it is worthwhile to forgo one small activity to pursue a truly critical long-term objective-to work on something like converting from commissions to fees or transitioning from investment to wealth management.

The business planning process also promotes more strategic thinking (for instance, allowing team members to assess the firm's  "SWOT": strengths, weaknesses, opportunities and threats). Teams can also create formal criteria to select projects that will have the greatest impact on business. In any case, the planning process is as important as the written plan itself.
For a small business, a written plan need only be two to four pages long if it focuses on where the company is going and how it is growing. The document needs to be both concise and precise.

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