I just published the second article for this series in my Forbes column: The Resource Allocation Dilemma Faced By CEOs Every Single Day. The premise for this blog as my readers know is that the chief executive officer role is unique in business, with most people receiving little practical training for the job. CEOs must balance all the competing needs, demands, and interests of constituents while moving the business forward. Nowhere is this more evident than in the need to provide the proper resources. You have to balance the capital and people needs of all the departments within your organization, allocating each at the right time for the company to be successful.
All executives have experience dealing with budgets and allocating resources. The difference is that the CEO has to balance resources between groups and items that are not all comparable. How much do we spend on marketing versus how much do we spend on rent? How do I balance between resources for sales and resources for product creation? I’ve provided some direction in the Forbes piece but would like to hear from you: How do you suggest CEOs should balance resources?