Roles & Responsibilities of Virtual CEO / Digital CEO
Virtual CEO or Digital CEO is something which your business needs for reaching greater heights. It is something that helps your business to achieve higher profits.
This also contributes to helping your business by providing guidance related to boosting market share, improving efficiencies. Other than that, they work by putting greater emphasis on innovative thinking. It’s interesting to read the rise of Virtual CEO.
So, if you are seeking professional advice from experts, then you should opt for the services of Virtual CEO. They will help the businesses to achieve their unique goals.
This is considered to be the future of business and entrepreneurship as the world is becoming more and more virtual with the passing day.
Currently, the new-age entrepreneurs have concluded that a virtual CEO is the next thing which people will consider.
Virtual CEOs always tend to provide unique and highly innovative services. They help in enhancing the growth and profitability of an organization by providing its best services.
Mainly, they focus on consulting and mentoring senior executives, business professionals, and entrepreneurs.
So, they aim to add value to the organization as well as the senior executives specifically through mentoring, consulting, and online training.
Role Of A Virtual Or Digital CEO
Digital or Virtual CEO has a complete focus on strategy execution, operations control as well as a digital transformation.
This section will let you know about the roles of a virtual or digital CEO.
- Their main role is to create, communicate and implement the mission, vision, and overall direction of the organization. They also lead the development as well as the implementation of the overall strategy of an organization.
- They possess hands-on training in effectively managing day-to-day functions. CEOs are also involved in setting the vision, tone, and culture of their organizations.
- Virtual CEOs always ensure that the company maintains high social responsibility.
- They focus on evaluating the work of other executive leaders within the company.
- CEOs work to effectively maintain awareness of the industry developments, expansion opportunities, and competitive market landscape.
Key Benefits Of Employing A Virtual CEO
Some of the key benefits that you receive by employing a virtual or digital CEO are the following:
- They mainly focus on core business and execute their best strategies for the success of the business.
- A virtual CEO contributes to thoroughly analyzing current business strategies.
- Their services are effective and economical.
- They contribute to providing professional business advice specifically across all your business areas.
- They tend to foster innovation within the business.
- Again, a digital or virtual CEO covers specific areas like Financials, Operations, HR, Marketing, and a lot more.
- They focus on using an allocated number of consulting hours that are suitable for their needs.
- They provide their services at a convenient monthly costing which does not get out of control.
- A virtual CEO will work daily on dedicated working hours to meet the unique needs of your business.
- They are exposed to cross-learning from diverse industries.
- Also, they find it very easy to make unbiased hard decisions.
- You will always get the flexibility of association by opting for their services. They fix the duration and extend this whenever required.
- You will not experience any increase in liability by opting for their services.
Value Adding Services Provided As Virtual CEO
- Quarterly reviews
- Monthly reviews
- Annual budgeting
- Building business excellence
- Creating operational excellence
- Developing business targets and goals
- Strategic planning
- Interactive learning sessions that are highly customized
- Family business management
- Chairing board meetings
- Conducting performance appraisals
- Tactical level support for different business functions
- Reviews meetings
Reasons Why Family Businesses Are In Need Of A Virtual CEO
The concept of virtual CEO is considered to be suitable for family businesses that are at the threshold of growth.
So, any of the family business organizations should focus on opting for CEO services for taking their business to the next level. The best part about this is that you can opt for these services at minimal costs.
Below are mentioned some of the major reasons why a virtual CEO is proved to be helpful for the family businesses:
- A virtual CEO manages family businesses in a more effective and structured way. They do this by working on an outsourced basis.
- They tend to effectively enhance the family business equity value.
- By creating clarity of roles as well as responsibilities, they tend to build a professional work culture.
- They always contribute to succession planning.
- Other than that, they ensure strategic planning as well as enhance family business revenue.
- A virtual CEO can precisely monitor the family business functions on a monthly and daily basis.
Functional Area Of A Virtual CEO
- Sales & Marketing (Focusing on Price / Place / Product / Process / People)
Ø Sales & marketing plan
Ø Marketing communications – catalogs
Ø Pricing policy or product management
Ø Lead management for higher sales productivity
Ø Customer touchpoints improvements
Ø Sales policy framing as well as implementations
Ø Sales effectiveness mapping and training
Ø B2C or B2B channel management
Ø Reduced cost
Ø Increase in recognition and brand value
Ø Increase in sales and revenue
Ø Increase in network
Ø Easy acceptance of the product in the market
Ø Systematic approach
- HR Support Services
Ø Employee engagement programs
Ø Strategies of rewards and performance appraisal or retention
Ø Job description and KPI or KRA
Ø Induction and training requirement mapping
Ø Identification, shortlisting, and recruitment
Ø HRMS software or organogram
Ø Reduced cost
Ø Less rate of attrition
Ø A shift in organizational culture
Ø Increase in the productivity of the employee
Ø Increase in efficiency or effectiveness
- Digital Transformation – Website And Digital Marketing/CRM
Ø CRM software implementation
Ø Social media marketing
Ø SEO or Search engine optimization
Ø Website or app development and support
Ø Lead generation and management
Ø Brand building or recognition
Ø Digital presence specifically for brand awareness
- Post Sales Or After Sales Service
Ø Framing and implementations of policy
Ø Setting up of call center and management
Ø Setting up of back-office and management
Ø Analysis of data and improvements of the product
Ø Implementation of CRM systems for automation
Ø Post-sales or after-sales set up
Ø Reduced cost
Ø Brand building and network creation
Ø Scalability automation
Ø Increase in customer satisfaction
- Process Improvements Or Operation Management
Ø Business processes that are redefined
Ø Inventory planning and management
Ø Reduced cost
Ø Enhanced processes
Ø Reduced in stock holding capital
- Product Management
Ø Strategy related to the launch of new product (such as features/benefits/pilot testing/product feedback process set up)
Ø Extremely less chance of product failure
Ø Enhanced bottom-line
Ø Early market launch as well as acceptance
So, the above-mentioned ones are some of the most important things which you need to know about virtual CEOs or digital CEOs. This concept has proved to be very helpful for family businesses.