Venturing into the startup world certainly isn't easy. According to Investopedia, roughly 90% of all startups fail for varying reasons. Some end up closing due to lack of funding, while others get outpaced by the competition.
Another major consideration is not having the right team. This is especially true for startups, where each employee can have a huge impact on business operations. If you don't want to fall into the statistics of failed startups, here are some essential people you need to hire.
Chief Financial Officer (CFO) Money is the lifeblood of any business, so it's only natural to hire someone to manage your startup's finances. This is the role of the CFO. Typically armed with a degree in accounting or finance , the CFO tracks the company's cash flow, oversees financial planning, and ensures you have enough funds to continue operating. In the early stages of your startup, the CFO might also be in charge of securing funding from sponsors or banks. But more than just crunching the numbers, modern CFOs are expected to be thought leaders within the company — crafting key strategies and pushing for financial discipline to create shareholder value.
Operations Manager No matter how big or small, the key to any startup are its operations. Because of this, it's no wonder that operations managers are one of the most in-demand careers in business administration today. In fact, the Bureau of Labor Statistics puts employment for this job at 2.19 million — a significant portion of the 7 million management personnel working today. These professionals serve as the backbone of your company's activities. They manage employee workflow, work with the CFO to oversee budgets, and create policies to guide other departments within their organizations. What’s more is that their skills ensure they can fit into any type of startup — be it high-tech organizations or public service providers. This makes the operations manager a versatile and essential hire for your startup. Marketing director Today’s society has become highly media-saturated. To grab customers’ attention, you need someone to cut through all the clutter and noise — which is a job for your marketing director. The marketing director is tasked with creating and executing effective marketing campaigns to build engagement and name recognition for your brand. It's a job that requires one to wear many hats — from market researcher and data analyst to public relations manager and company liaison. As such, you’ll need someone who can handle both creative and executive work to fill in the position.
Product developer Companies need to innovate their products and services to gain an edge over their competitors. One way to optimize this process is by hiring a product developer. A product developer drafts proposals to either enhance an existing product or create a new one altogether. They base their ideas on both market research and company constraints, like budget and manufacturing capacity. In terms of background, product developers usually have experience with jobs in engineering or industrial design , combining both technical knowledge and business expertise to provide value for your startup. It’s a vital role to fill to keep your company relevant as it scales.
There’s more to running a business than just grit and passion. You also need to have a winning team — people with the right skills and values — in order to grow your startup beyond its founding members.
Prepared by R. Flakes for liftofff.com