Do you know what are the 3 most expensive mistakes CEOs make?

1. Being their own CFO

Since a CEO’s role is to drive a business forward, they tend to be highly focused on sales, operations, or both. As a result, there is a high chance that they will miss the mark when it comes to handling finances. For instance, if a CEO wants to execute a business development plan that goes over the budget, they will justify the additional costs with their perceived value of the plan and will stray from their responsibilities as a CFO.

2. Being their own CMO

Similarly, a CEO cannot be their own CMO because they are too close to their company and its cause to be able to objectively analyze its image in the eyes of audiences. In worst-case scenarios, they may end up sabotaging customer relationships.

3. Being their own lawyer

A CEO cannot be their own lawyer because certain situations require CEOs to involve legitimate lawyers. Without them, CEOs will again lack objective legal guidance regarding aspects such as contracts.

Although CEOs are considered experts on many levels, they cannot wear all hats at once as it makes them less objective. In fact, doing so does more harm than good for their companies.

Do you agree?