You’ll probably wear multiple hats when beginning a new firm—being the CEO while managing operations, marketing, and other duties are not uncommon. It’s possible that you’ll feel prepared to assemble a formal executive team as you gain ground and climb.
Your specific demands, available funds, and long-term objectives will determine which C-suite jobs are best for your company.
The objective is always the same: to appoint people that will ultimately contribute to the success of the firm. What is appropriate for one organization may not make sense for another. So, how to find out when it is the right time for you? But before that, let’s see what the C-suite looks like and what positions might need to be filled.
Which executive positions are relevant for your company?
The relevant executive leadership positions will depend on the nature of your company. Indeed, a website for job seekers states that this might involve doing some of the following:
Chief Executive Officer(CEO)
This is the most senior position a firm can have. The CEO is a significant decision-maker who is in charge of all other departments and sets the general course of the company.
Chief Financial Officer(CFO)
The CFO is in charge of significant financial tasks, as the title suggests. The typical tasks involved in this include examining financial data, monitoring budgets, and managing overall financial planning.
Chief Technology Officer(CTO)
This executive makes sure technological efforts are effective and further the company’s overarching objectives.
Chief Marketing Officer(CMO)
The responsibility of this individual is to develop and carry out the company’s marketing plans. Typically, this entails conducting market research and running specialized advertising campaigns.
Take this opportunity to think creatively. Depending on your industry, you could require an executive-level position that is particular to your company, such as a chief creative officer or executive for employee well-being.
The good news is that you have complete control over the composition of your senior leadership team. The most important thing is to make expectations clear for each role.
When do you need to hire an executive team?
- The answer relies on how your business is currently run. You can be bootstrapping your way through the early stages if you’re a business with little working cash to pay your operating costs. Working hard hours and cutting your expenses are frequently required for this.
- However, there comes the point when bringing in senior leadership is the logical and appropriate course of action. When you want to invest in your business and take it to the next level, an executive team is required. This way, you’re providing resources (pay) to hire highly qualified personnel who will ideally take it to the next level.
- Filling executive leadership positions will probably allow you to spend more time on other things, which is another advantage. Your chief marketing officer can now handle it rather than being overwhelmed with, say, social media initiatives. This enables the business owner to concentrate on what they do best, which is managing their company.
Now that we have figured out when is the right time, is the matter closed? Not yet. There is still the question of being able to afford it, hiring, and more. So, let’s find out more about it in the next blog.