Everyone’s answer is different. And every business’s situation is different. In the first days of running your business, it is natural to want to do everything yourself. From strategic planning to calling clients, to taking out the trash, starting a business is about a willingness to do anything and everything to get it off the ground.
As a business grows, founders and owners find themselves stretched thinner and thinner. You will find that you just can’t continue to oversee operations, marketing, cash flow, and fulfillment yourself. It’s time to bring on a senior team that’s able to manage all the critical areas of your business at a much higher level. Obviously, the individuals and job titles that are needed on your team will be different by company size, industry, and goals. Here are few essential roles to consider as you get started.
Chief Financial Officer (CFO)
This is about handling the money. Bottom line, top line, regulations, and strategic spending decisions all flow through this office. Most businesses start with outsourced accounting, tax preparation, and legal compliance teams. This officer handles those issues and more.
Chief Operations Officer (COO)
This role is all about measurements and details. Can’t figure out why your profitable business becomes less and less profitable as you grow? Bring on a COO. A Chief Operations Officer will develop the ability to measure things like employee efficiency and spending trends to find ways to shave dollars off the bottom line as your business scales. This is a great person to have by your side.
Chief Marketing Officer (CMO)
Many current business battles are battles of marketing. Because of this, corporate strategy becomes marketing strategy. Instead of a VP level marketing professional, your head of marketing should be a key player in your strategic team. This role is especially important for any business or industry that plays out primarily online.
Chief Technology Officer (CTO)
Security is huge for growing businesses. Most may assume CTO’s are early members of executive leadership teams for technology businesses, but consider a CTO for other industries as well. Technology systems continue to be some of the highest cost investments that businesses make and missteps in technology investments can cost a growing business in time and money. The Chief Technology Officer is there to represent you and make sure your technology partners are delivering on their promises.
Chief Executive Officer (CEO)
Wait, you say. I’m the CEO. I founded the company so I will lead it as the CEO. Maybe that’s the best way, but maybe it’s not. As time moves forward, you may discover that your skills and talents are better used elsewhere – sales and business development or new product engineering for example. The best of us recognize our weaknesses as well as our strengths. And you may discover that hiring an experienced CEO whose skill sets lie in business strategy frees you up to enjoy your favorite aspects of the business you started instead of trying to steer a ship you’ve never steered before.
After realizing just what skills you need on your executive leadership team, the next challenge comes in finding individuals that can fill those roles. CEO Solutions can help with both. We specialize in helping emerging growth businesses plan and build their leadership teams, partnering with them at every stage. We know great people. And we can introduce you to the ones who fit your business.