My 3 Biggest Struggles As CEO. Can You Relate?

Running a business is hard. Of course, every win, little or large, is great motivation to keep going. But I’d be lying if I said the CEO life is a bed of roses.

Fortunately, I have a strong network around me.?

And while I know every company faces different challenges, it seems most of my peers share three particular struggles. Having founded two companies, I know these struggles well — which is why I’ve written this short article about them.

Because I hope to use my experience to help others realize that we’re in the same boat and that there are ways to face the struggles down.

Ready? Let’s get started.

Struggle #1: Finding Talent

“By 2030, more than 85 million jobs could go unfilled because there aren’t enough skilled people to take them.”

— Korn Ferry, ‘The $8.5 Trillion Talent Shortage.’

My biggest challenge in recent times has been finding the right talent. It seems this problem is particularly acute in the IT industry.

Analysis shows we’ve seen worker shortages for years now. Meaning finding employees with the right skillset (who’ll also fit the company culture) is tricky business, not only for HR teams — but for companies at large.

Thankfully, we’ve started to find ways to solve this problem; here’s what we’re doing.

Solutions:

1. Outsourcing

Outsourcing is getting more popular by the day. Why? Because, perhaps counterintuitively, it saves both time and money.

In recruiting, you can quickly bridge a talent gap. While if you’re building a product, you can get a project done quickly and on budget. That’s why more and more companies are doing it, and if you’re planning to outsource an AI-based solution, I have something for you.

This article on ‘Five questions to ask before outsourcing Artificial Intelligence development’ will help you make the right choice, so give it a read.

2. Using AI-based Software

Just three years ago, the 2018 Global Recruiting Trends report said that ‘35% of talent professionals and hiring managers agree that AI is the most important trend influencing the way they hire.’

I'm sure that number has only grown as the role of AI in HR operations is vast, covering everything from:

• Finding the leading specialists in your industry
• Sourcing candidates ideally suited to your company needs
• Reviewing and classifying applications
• Helping recruiters interview and screen candidates
• Engaging candidates before the interview process starts

These actions significantly reduce the time and money spent on recruiting. Moreover, they positively impact HR employees’ satisfaction and engagement, as they can become more effective in their role, all thanks to AI.

Personally, I’m a huge fan of automation.

Here’s what I’ve been doing recently to grow our talent stream (this isn’t AI-specific, but it’s really helped us scale our hiring process).

1. Using LinkedIn Sales Navigator to find and target candidates within specified criteria?
2. Using PhantomBuster and ProspectLabs to automate messaging to candidates (I highly recommend Patrick Collins from ProspectLabs as a go-to for help using the tool)
3. Using Calendly and Zapier to automate the scheduling of meetings with candidates

Tools like SurveyMonkey (which does use AI) are also helpful for analyzing responses and assessing applicant sentiment. I’ve even started automating things on my iPhone…?

Check out the Shortcuts app on iOS; it’s magic!

Struggle #2: Making (Good) Decisions

“44% of executives believe artificial intelligence’s most important benefit is providing data that can be used to make data-driven decisions.”

— Chatbot Magazine

Even when business is booming, a poor decision costs time, energy, and money. Plus, it’ll impact employee engagement, leading to longer-term adverse effects.?

And no one, regardless of position, likes to waste resources on a pursuit that doesn’t bring results. But as a CEO, this is something I have to contend with as my role demands that I come up with ideas and plans to move my business forward.

This leaves me battling with myself frequently, asking questions like:

• Will my solution attract customers?
• Which idea should I try first? And why?
• How much should I spend? And will that deliver an ROI?
• How long should I give my idea to prove its worth?
• What’s a competitive pricing strategy in my industry?

And that’s just the tip of the iceberg. But as I’ve spent more time in my role, I’ve found ways to be easier on myself.

Here’s what I do.

Solutions:?

Discussing ideas with peers and colleagues is crucial to decision-making. That much is a given.?

But if you know me (or you’ve seen any of my work), you’ll know how much weight I put on using data to back decisions. The most successful companies do this, too, using data to make better decisions and deliver an optimal user experience.

Netflix is the perfect example.?

The streaming giant analyzes the viewing patterns of its 100 million subscribers, with its recommendation engine now influencing as much as 80% of content viewing decisions on the platform. Now, DLabs.AI is trying to emulate the strategy.?

Using data, we’re creating predictive analytics tools that harness machine learning to generate insights that help our business grow.

No guessing games, no battles, just decisions backed by data.

Struggle #3: Keeping The Team Motivated And Engaged

“Highly engaged teams increase business profitability by 21%.”

—?Gallup, ‘Employee Burnout, Part 1: The 5 Main Causes’

When you’re trying to build a business, nothing is more disheartening than seeing your team disengage.

On the one hand, you know you only have yourself to blame. Because you’re the one responsible for motivating them. But equally, you always end up wondering why others don’t believe in your product or service as much as you.

So what can you do when motivation wanes? For us, we found solace in reaching out to @Piotr Gaczkowski and @Ma?gorzata Jasnoch, who really helped us out.?

Thanks to them, we turned things around (this Twitter thread shows how).

Solution:

Did you know that nearly half of all the work we currently do could be automated by 2055? Scary, huh.

But I’m not citing this data to suggest you replace your people with machines. On the contrary, I'm asking you to consider which of their tasks you can automate because doing so will free your people to do what they find satisfying, challenging, and growth-oriented.

According to PwC, 54% of executives say that AI solutions have already increased productivity in their businesses. And this data, coupled with our clients' experiences, confirms that AI can significantly improve employee satisfaction, motivation, and engagement.

You can always start small with tools like Zapier or Phantombuster. Or, if you need a custom solution, why not consider investing in something bespoke.

Here’s One More Solution To Try

As you may have noticed, the solutions I mention above all relate to big data and artificial intelligence.?

Being the founder of an AI development company, that shouldn’t come as a surprise. I see how this technology boosts businesses every day, which is why I love to shout about it. And I have one more thing to shout about today.

My team has written an eBook on how AI solves hundreds of business problems (not just my own), so please: if you think AI could help your company, give ‘How to implement AI in your company’ a read today.

It’s a step-by-step playbook for learning where to start, what to focus on, and how to implement AI in any business — or, if you have a question, let's talk.?

I’d be delighted to talk about any way I can help your company.

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Before you go: I have a question for you…?

What are your top three business struggles? I'd love to know, and I can’t wait to see your answer in the comments on LinkedIn. If experience has taught me anything, it’s that sharing knowledge and inspiration helps everyone.?

And, who knows — perhaps you’ll inspire another article on this topic!