The position of the Chief Executive Officer or the CEO is one of the most important and the most respectable positions in any company. The CEO is responsible for executing a multiple jobs related to the operation and the development of a company. In many small firms, it has been found that the owner or the co-owner of the venture enjoys the position of the Chief Executive Officer as he has the complete idea related to the business proceedings and knows how to make the business a success.
However, in the larger corporations, the condition is not the same. A responsible person is appointed as the CEO of the company for a specific period of time. He works in exchange for a salary. His term is extended depending on his performance.
As the job and position of a CEO is quite important for any firm, it often becomes difficult for the owners or the board of directors to fix appropriate salary for the CEO. It is generally done based on the average salaries received by the senior executive officers of different companies in the country. Though this is a good way of initially deciding the salary of CEO by the company but getting a pay raise for the CEO might be a bit tricky task.
If you are the CEO of a company or if you have the eligibility to become the CEO of any company, you should know the ways of getting pay hike. The most common rule in this case is observing the market and find what the other companies are offering to their CEOs. When you find your salary is lower than that of the people holding the same position with other companies, you should make a request for salary revision. Yet, one thing that is to be noted in this context is the comparison of salary should be made among the people working in the same industry and not with others.
The pay raise should be requested only after working in a company for a certain period of time. You should also check out whether the company is making profit or not. If the company is running in loss, it might not be interested in raising your pay and it might also look out for someone to replace you. Therefore, before seeking a pay raise, you should make all your groundwork for the act carefully.
A business owner needs to be careful about the minutest proceedings of his venture. Whether you have started a new business of your own or you are an old hand in the field of business you own, you need to be cautious about your moves and avoid common mistakes. A little mistake in the business can cost you a lot at the end. Therefore, you should be careful about your steps. To guide every entrepreneur to the path of success, business experts have outlined eight common business mistakes that people make.
- Starting A Business Without Any Objective – When you are starting a business, you should be careful about the objectives or the goals of your venture. Many people often start a business without any objective and so they end up being a failure.
- Starting Business without Chalking out Budget – Business owners should have a budget before they proceed. If you do not have a budget and calculation of the business, it will be extremely difficult for you to manipulate your fund and make profit.
- Operating A Business Without Proper Manipulation Of Resources – For every business, you need some amount of resources. Therefore, it is important for you to check whether the resources that you have accepted are manipulated properly or not. If the resources are not manipulated in the right way, it will never be possible for you to make profits from the business and after a certain period of time; you will have to wind up your venture.
- No Social Media Marketing – Social media marketing is extremely important these days and many business owners often make a mistake in ignoring this activity. Do not be among them if you want to popularize your business.
- Improperly Optimized Webpage – Webpage optimization is extremely important if you want your business to have a strong online presence. So, you should not make any mistake in selecting the right professional for this job.
- No Marketing Plan – Select the right market for your products. Do not restrict yourself within a couple of markets. Search for some more.
- No Strategies for Reaching A Goal– You should have the right strategies for achieving the goal set by you. Make sure that you set realistic goals.
- No Targeted Audience – Know the customers for whom you are making the products. It will help you to grow your business.
- Inconsistency – Be consistent with the quality and quantity of the products you offer.
It is advisable that you always avoid these mistakes if you want to become a successful entrepreneur.