Don’t Miss CEO Question #3!
Here at BoldHaus, we don’t only specialize in helping experts to land corporate clients. In the process, we also help them build a “boutique firm,” as opposed to being self employed.
But in order to make the leap from having simply created a job for yourself as a consultant, coach, speaker, or professional services provider, to truly being the owner of a boutique consulting business, you must make decisions like a CEO.
Your first step in that mindset shift is to begin asking yourself different questions starting TODAY.
Here are my 3 favorite thinking-like-a-CEO questions to start with.
Question 1: “How much time and energy does this decision deserve from the CEO?”
Keep in mind the primary role of a CEO is to:
(1) set the company’s vision and strategic direction;
(2) serve as the “public face” of the company; and
(3) direct the company’s financial growth and profitability.
If the question you’re agonizing over isn’t directly related to the above outcomes, then you have to ask yourself, “How much time does this decision really warrant from CEO-me?”
We often see self-employed business owners waste precious time and energy overthinking (or, frankly, complaining about) the small stuff.
But thinking like a CEO means you consciously decide to reserve your energy for the things that really matter.
Question 2: “Is the decision I’m leaning toward in alignment with where I want to be… and the vision I have for my boutique business… or will it keep me stuck where I’m currently at?”
The thing I love about this question is that it forces you to get clear on what it is that you want – and not just what you think you can have.
It also pulls in several Universal Laws, including the Law of Attraction, the Law of Inspired Action and the Law of Cause & Effect.
This sounds simple. But you’ve no doubt gotten stuck in making decisions that are aligned with where you want to be because in your current state of awareness you can’t figure out the “how.”
For example, “Yes, I need an executive assistant. But HOW am I going to afford that?”
However, the “how” doesn’t appear until AFTER you make the decision.
Perhaps even more importantly, be clear that you have NOT truly made a decision until after you take REAL ACTION on that decision.
If you say, “Well, I’ve decided just as soon as I land my next client that I’m going to do X,” well, then nope. That’s not a decision. And the “how” will not appear because it doesn’t need to. You haven’t decided!
Question 3: “What’s the true opportunity cost of each of the choices before me?”
We just talked about Universal Laws. Now let’s look at an economic law, known as the Law of Increasing Opportunity Cost.
Essentially it means the more resources you invest in something (time, money, raw materials, etc.), the opportunity cost will also equally increase.
One of the common types of decisions you’ll face that’s affected by this law is… “Should I do this task myself?” or “Should I figure this out on my own?” versus “Should I hire outside expert help?”
When you’re not making that much money in your business it’s easy to think, “Well, I have the time to just do it myself or just figure it out myself. After all, I ‘can’t afford’ another option anyway. And besides, I’m smart, so how hard could it be?”
This story might put it into a different perspective.
One of our amazing clients here at BoldHaus spent 18 years in her self-employed consulting business earning just over six-figures a year.
However, after working with us, her revenue skyrocketed to just under seven figures a year.
To make the math easy, these days she’s earning about $750K a year more in her business having implemented the BoldHaus approach.
Had she worked with us earlier, let’s say after just three years of being stuck in the low six-figures, it could have made a lifetime difference of about $11.25 MILLION dollars.
Now, in fairness, BoldHaus didn’t exist 20+ years ago. And the earnings potential at three years into business is different than when you have 18 years of experience under your belt.
Still, this is a great illustration of the Law of Increasing Opportunity Cost in action – and why it’s so important to consider it when making decisions like a CEO!
Here’s the final takeaway. Your results won’t change in your business until you start taking different action.
But different actions all start with different decisions.
And different decisions come from asking different questions.
You’ve got this, CEO!
P.S. Want to learn more about how you can win high-end B2B clients and build your lifestyle boutique business?