The majority of CEOs work with every department of their company from marketing to relationship management. Many of them choose to delegate the tasks as the solution for the abundance of works they have. However, you can also consider another solution, which is to divide. Co-CEO strategy is not unfamiliar approach in business and corporation world.
Co-CEO strategy to let your business flourish
Using co-CEO strategy means cutting your tasks in half. It sounds appealing because then you can have more time to do what you do best and slow down. Also, it can increase your sales and double your growth. As tempting as it sounds, co-CEO comes with its risks. One of the key drawbacks of it is a loss of control. You have to be ready to lose some of your control over your company.
Co-CEO strategy needs to be done carefully with well preparation and good plan. There might be some clash here and there of this strategy with your own leadership style. However, it is the process of transition and remember that co-CEO doesn’t have to be permanent thing for your business.
Define your core value
If you are interested with this strategy, it is important to define your core value first. You need to ask yourself what traits you value the most. Also, you need to know what values you seek in a counterpart. It is like coming back to find yourself but it is fine because that can be the process of your self-growth.
Communication before everything else
It is impossible to avoid some clashes when working with different people. However, communication is they key in any relationship even the professional ones. Hence, you need to consider how to cultivate a shared language used with your co-CEO as well as employees, competitors, and client base. You need to fully commit to a united front to make this strategy turn out fruitful.
Regular check-ins and performance evaluations should be a regular thing in joint leaderships. Even though you and your co-CEO already know what responsibilities each of you are entitled with, communication needs to be established well. Without it, there will only be disconnection. Schedule conversation regularly to build and maintain good communication.
Define the complementary skill sets
It is also crucial for you to define the complementary set skills your future co-CEO must have. You don’t have to find someone who has exact traits as you. It doesn’t matter if they have different traits as long as they are something you value. Differences are not bad and you can even used them to complete each other.
Cost benefit analysis
Conducting a cost-benefit analysis is just as important. You need to know if you can afford to pay a second CEO salary. You need to know what kind of payment, compensation, or incentives you can afford. You need to review your financial situation because it can affect the overall of your business operation. Make sure to consider both the benefits and drawbacks of using the co-CEO leadership strategy for your business and everything it involves.