Establishing the Right Team For Your Business
You need the right team to succeed in your business. Here's some of the key people you need in your startup to get off on the right foot.
BUSINESS TEAMS START A BUSINESS
Establishing The Right Team
Whether you are a fresh startup, just started composing your world changing idea, or have an established business, the team around you is crucial to your success. More than likely the team you start with will not be the team you end with. I personally have experienced this phenomenon. Teams will grow, they will shrink, but most importantly they will adapt. Adaption is an unavoidable action in the world of business growth and all those who cannot change gears in a split second may be better suited for another profession.
"A CEO needs to be able to express the company's purpose and portray a rich dialogue that interests others."
The Face/Leader "CEO"
The most prestigious and respected position in the majority of companies is the CEO. The CEO of a startup will be a vital lifeline for the growth of the company. For a brand that is just starting out, you are the face of the company and they know the company by you. If you are unable to sit across from a venture capitalist/angel investor or conduct interviews easily, the truth is you may need to let another founder be the "face" of your just budding company. A CEO needs to be able to express the company's purpose and portray a rich dialogue that interests others. The person in this position will likely be the visionary of the group, and in the end they are the captain of the ship and can steer their team to success or to the rock bottom.
A CEO is only as good as the rest of their team. If they are being fed bad data, then chances are they will make bad decisions. There is nothing that says these positions must follow a traditional hierarchy, after all this is your creation and you make it what you want! Just remember that in the end, it is on everyone to do their part and if someone is not fulfilling their obligations, then you can't be afraid to let them go. As tough as this may be, especially because these are typically people you know well, you cannot let the personal relationships you have affect the business decisions you make. Your loyalty is to your company and its success.
Operations Master/Unsung Hero "COO"
I often refer to the COO as the unsung hero because they are typically the ones working behind the scenes, making sure all the gears are turning and putting out fires. Typically this person is not known as well as a CEO is. Without a hardworking and intuitive COO it is highly likely the ship would go down rather fast. If the COO is doing their job right, operations should be smooth sailing, at least most of the time. When looking at a startup or early company, this person needs to be able to take and interpret visionary ideas and turn them into a realistic goal/plan. This is a special skill that is developed over time, and this person needs to always be able to field new ideas as the creative/visionary minds never stop running. The COO must be able to ground the visionary and it is up to them to take the ideas that can work and put to the side the ones that are not beneficial right now.
In the early stages the COO will likely be taking on all aspects of the internal operations from budgeting, contracts, client relations etc. It may sound like a lot, and it is truly, but the reward far outweighs the work. It is easy to get overwhelmed being the one creating new systems, keeping the company in motion, and much more, but the key is to stay determined and always use your resources if you get stuck. In this day and age you have a wealth of resources at your fingertips, Books, Google, and YouTube are your friends.
"A brand is one of the single most important and valuable assets of a business."
There is nothing stopping founders from running this department themselves, but it is best to actually know what you are doing. As you produce creative content, you are forming the brand you will be known by and associated with. At the crucial stages of development you do not want your company to be misbranded, a brand is one of the single most important and valuable assets of a business. There are many mediums where you can outsource this type of work to if needed. Utilizing UpWork or Fivver has been extremely helpful for myself when searching for graphic designers and copywriters. Do not sleep on building your businesses brand early on and don't be afraid to start building your personal brand either! With more and more businesses utilizing social media as a medium, you cannot be left in the dust and the only way to be included in this boom is to take action now.
I will be releasing an article in the near future focusing on the importance of branding. Believe it or not, there are a good majority of businesses who forget or neglect the importance of being known by your brand. For now, make sure to use the incredible creative talent of those out there! They are amazingly talented and can show you a different take on your brand that you never thought of. Whatever you do in the end, do not neglect the great resources you have at your reach, it is easier than ever to be seen in front of large groups of people.
The Financial Mastermind/CFO
Setting up your finances correctly the first time around will save you the stress and unnecessary issues down the road. If you honestly have no idea what you are doing don't be afraid to reach out for help. If there is one mistake that can ruin a business to the point where it dissolves and it typically is the mismanagement of funds. Most of the time this is due to the lack of knowledge and not committed on purpose. Depending on your business type, your needs and requirements for handling money will be different, which is also where a CPA can help. Make sure you do not doom yourself from the beginning by believing that splitting profit down the middle between partners is going to be successful. A new business will require a lot of reinvesting and immediately pocketing all of the profit from day one may not be the proper move. Make sure to set up an agreed upon compensation system, whether it is by percentage or salary. Make an action plan from the start of how you want money to be managed, such as set percentages that go into savings. When it comes to financial planning/management the possibilities are endless. If you are struggling with financial management, feel free to reach out, I have some advice and systems that may be of help!
As an early business owner, it is easy to be overwhelmed and then add in tracking your accounting, it is understandable how it can fall behind. For tracking all your expenses, invoices, sales, P&L, run payroll and so much more I recommend using QuickBooks! QuickBooks makes it so easy to be able to see where your business stands at any given time and allows you to send and receive invoices all in one place. My companies have been using QuickBooks from the beginning and for a service based business, it is great to be able to manage all invoices in one place. Better yet, by following this link, QuickBooks will give you 50% off for 6 months on either QuickBooks Online or QuickBooks Self-Employed. Click the image below to give it a try and let me know how much easier it has made your accounting and life!
I am always looking for feedback on the content I provide, feel free to reach out with your thoughts!