Managing The Transition From Self-Employed To CEO Of Your Business

Once your small business grows and you start taking on employees, you will notice the need for your mindset to transition from being “self-employed” to now “CEO of a business”. The change in how both yourself and others view you can be a confusing time to navigate, therefore Business Foundations has compiled a list of tips to seamlessly handle the transition from self-employed to CEO.

1. Start working on your business, not in it.

Now that you have employees to help you with the work in your business, it is important that you dedicate time to working on your business. You should identify the priorities for your business that only you can manage, such as strategy, opportunities for growth, or more, and set aside 10-15 hours a week to work on this. Spending a sufficient amount of time towards planning for your business’ future is essential for the longevity and growth of your business.

2. Delegate

Having been self-employed, you are likely accustomed to managing every minor detail in your business because there is only one of you. Now that you have employees, it is essential that you loosen the grip on your business and delegate tasks to others. Ideally, your employees have a thorough understanding of your business and are confident to make low-level decisions without your input. It is not sustainable to review every decision or output of work in your business, therefore you need to be able to trust your employees to manage these tasks for you.

3. Be authentic.

As small business owners enter the transition into CEO, many feel a sense of imposter syndrome and feel the need to adopt a persona of how they think a CEO should act. However, whilst you may need to change some approaches to the way you run your business, you should still be your authentic self. Authenticity is essential to effective leadership and building trust with your employees.

4. Find a good mentor.

Every business needs a little help to succeed, especially when undergoing the transition from self-employed to CEO. A business mentor has years of experience and knows exactly what you are going through and can help prevent you from making the same mistakes they did. Through this, you can gain valuable feedback and direction to grow your business successfully.

The shift from self-employment to becoming CEO can be difficult to navigate. If this situation resonates with you, book an appointment with one of our expert Business Advisors to help guide the transition in your business.