I would not trade my job for anything. As the CEO of a company that develops software designed to help entrepreneurs plan and track their businesses, every day is rewarding for me. We have helped millions of new businesses succeed and we employ dozens of individuals who share my passion for entrepreneurship. Along with the positives, however, comes the stress, pressure, constant worrying and feeling that there's never enough time.
The CEO is the ultimate decision maker, leader and executor of a business. While I have a wonderful team that helps me manage and run my business, I understand first-hand how the stress of being a CEO can accumulate. If I'm worrying less about aspects of my business that are within my reach, I'm happier, healthier and can sleep better at night. Here's how I stay in control:
Plan ahead
Having a grasp on your financials is the first step in minimising stress. I create budgets and financial forecasts for every fiscal year. I use my forecast to budget my expenses and develop a clear picture of our cash on hand, what we're expecting for revenue and exactly how much we'll have left after expenses.This reduces the "unknowns" that are often the culprit behind stress and sleepless nights.
Review and monitor daily
There are certain financial indicators that I track daily such as direct sales, SaaS sign-ups and cash in the bank. I know these numbers so well that I am able to recognise normal decreases and increases and notice if an unfamiliar pattern forms. Knowing where my business is financially on any given day allows me to better focus on the bigger picture for where my company is headed long term.
Additionally, I invite my entire company to weekly budget reviews to ensure that everyone is on the same page. It gives me peace of mind to know that my team is just as knowledgeable about our financials.
Take advantage of technology
As the CEO, I am responsible for advising and leading all areas of my business. I use several web-based tools that help me better monitor my business' daily operations.
1. Basecamp: A cloud-based service that houses all of our marketing and web development projects. I can easily login and understand exactly where we are on any given project.
2. Google Docs: If a document is not in Basecamp, we house it in Google Docs. This way, updated documents never get lost in email chains, and I can easily comment and give feedback when asked.
3. Jira: A tracking technology used to monitor feature development and bugs for our application development projects. It develops outlines of what is happening that provide quick, easy updates for me.
There's no job I'd rather have than being the leader of such a successful and impactful company. The key to ensuring that the rewards outweigh the worries is to make sure you're always in control. Plan and monitor your financials, trust your employees and take advantage of technology that is designed to make your life easier.
Sabrina Parsons
CEO, Palo Alto Sofware
