What IS "24/7" anyway?

It's obvious that no person actually works 24 hours a day, 7 days a week. So what does it really mean? From my experience, working 24/7 means that there is not a waking moment in which you don't have your job on your mind - either in the foreground or background. In may case, as a CEO/COB, it meant that the welfare of the company (and most importantly the people), was always on my mind. I thought of myself as a COB/CEO first and all other duties came second. This is because as COB, my first responsibility was to the shareholders - period. My first responsibility as CEO was to the company. You can see how these two issues must live side by side as one supports the other and visa versa. However, as both, my first duty was to the shareholders, as it was for every other person who served on my Board.

What 24/7 did not mean to me was that I was forever and always present so that every employee (in my case, the employees were the shareholders), could see me on a constant and continuing basis. However, it did mean that I needed to have a sufficient presence and to be available to every executive officer and more importantly, to my Board, at any time on any day. And, I was.

Caution: Perception is reality, as they say, and to insure that everyone feels like you're working 24/7 in    an executive role, trust me, they need to see you. Unfortunately, this is not always best for the business. After all, there are trips to make, outside people to see, events to attend, and outside projects that will need your attendance. Sound like an impossible situation? It is.

Insure that your Board knows your schedule and fully understands your 24/7 commitment, and agrees that your schedule, whether in or out of the office, is in the best interest of the shareholders. Then, you must get your executive team to agree with the same as it serves the best interest of the business. Two distinctly different challenges.

Beware: You have no security of position unless your Trustee and the bank fully support you. (There are countless possible scenarios where this would not matter. One such situation that comes to mind is when the shareholders have the majority vote and are afforded the right to vote on your election as a Board member. Typically, but not always, the Board elects the Chair - but not always.) Everything here also hinges on what type of relationship you have with the bank, what type of contracts/agreements are in play (if it's not in writing, it doesn't exist), and what type of debt load you have. (Being well-collateralized does not necessarily change this.) And, you need to fully understand the type of power that the Trustee holds.

Confused yet? It's simple: Trust no one. If you are "king of the hill", there will always be someone who would like to knock you off the hill. It's life - it's reality - it's business - and, it's ugly.