As an executive, your team can make or break your business. You have important jobs, and if these jobs are not done well, the mediocrity can take your business down. To guide a company towards success, here are four professionals every executive such as yourself should have on your team.
In a business, the chief financial officer (CFO) is in charge of the company’s finances. This person must make sure that the business’ finances are in order. The CFO also makes sure that he or she shares financial information with the team so that the financial knowledge and any associated concerns can help other team members make appropriate decisions in their departments. The financial officer also ensures taxes -business and sales- are properly paid to keep the company out of trouble. In addition, the CFO manages the company’s cash and budget.
Marketing is essential. People need to know about your product, and they need to want to buy your product. You need someone to create a marketing strategy and monitor it to ensure that it remains effective. When a marketing strategy works, it will increase profits. For example, the now-famous “Got Milk?” campaign is credited with greatly increasing milk sales—with just a simple slogan.
Technology is everywhere today, and technology will be a vital part of the day-to-day operations of your business. If you don’t have a good IT specialist on staff or under contract, you could find your company’s service or product output substantially delayed. If you run a call center for internet services and your internet access fails, not only are you going to have a room full of people unable to do their jobs, but your company will also look unprofessional. You need a well-educated IT staff member or firm with a proven record of success who can keep things running smoothly.
Every business will eventually need a good paralegal on the team to assist in advising on legal matters. Having a paralegal to go to can reduce your overall legal bill by reducing the amount your attorney, who bills at a hire rate, must do. A business paralegal can draft documents for:
• transaction closings
• loan documents
• UCC filings
A professional with a paralegal degree can also offer advice regarding unexpected legal situations. More than 100 million cases are filed every year, and when, not if, it becomes your turn to deal with a lawsuit, you will be happy you have a good paralegal on your side to both support you and keep your legal bills relatively low.
Your job is to run your business. Part of running your business is getting the right people behind you. Look for experience, seek a common understanding, and envision success. As you build your key team and focus on what is important, the rest of the team will be easier to hire and the business will eventually be easier to run, despite growing larger.
About the Author:
Emma is a freelance writer from Boston, MA. She writes most often on education and business. Find Emma on Twitter @EmmaSturgis2