When you first begin your business, it may seem like doing everything on your own is the most cost-effective option. However, over time, it may be a good idea to bring in new people to help encourage growth and progress within your business. According to the U.S. Small Business Administration, there were 28.8 million small businesses open in the United States in 2019. Those small businesses employed 56.8 million employees. Continue reading to learn what positions you should incorporate into your business to make 2020 a successful year for you and your business!
President/Chief Executive Officer
A business’ president/CEO is in charge of all operations for that business. They allocate who takes care of what and make all major decisions regarding the business and its staff. “A CEO may be able to set strategy, predict the future and control the budget, but if they don’t hire the right team, they have to master it all themselves. So they need to be able to identify and hire the best, fire the ones who don’t work out, and run the show in between.” Says venture coach, Stever Robins. In the corporate world, the president or CEO may be someone who is hired or brought on by the company owner or a board of directors. On a smaller scale, the president or CEO of a small company or business would most likely be the owner, however, it does not have to be. If you would prefer someone else manage your business for you so you can focus on other things, then finding a strong candidate who you can trust should be your main priority. Learn about the characteristics of a great CEO here.
Head of Finance
Running a business is already a massive challenge in itself. Trying to manage day-to-day operations and ensure that your business’ finances are also in order can lead to disaster if you are not organized. Instead of trying to carry all of the burdens on your own, you may opt to bring in a financial expert. This expert can handle employee payroll, paying vendors or suppliers, and other financial matters for your business. A CFO can also handle more complex matters like creating budgets for your business as well as working to reach projected profit goals and helping build future financial plans for success. Not sure it’s the right time to bring on a CFO? Or maybe you are concerned about having to pay someone with this type of skill? Here is a helpful article to guide you in making the decision of bringing on a CFO.
According to Statista.com, 1.3 trillion dollars is set to be spent on marketing globally in 2020. Marketing and advertising are huge parts of what makes a business successful. Enlisting a marketing expert can help catapult your business into the future and make you even more appealing to consumers. A marketing executive’s main job is designing the best marketing strategy for your business. They will learn the ins and outs of your industry and the best way to present your product in a way that is unique from your business’ competitors. If your business depends heavily on marketing and advertising, you need to make sure you have an educated and passionate individual navigating the way. Here is a list of skills and qualities to look for in a marketing executive.
Technology is always evolving and changing. The key role for a technological expert is to keep up with technology trends, integrate these trends into the business’ plan and keep business systems updated where necessary. They should be able to target the types of tech that would be useful and efficient for your business. This person can also handle day-to-day issues in the office or other important elements like security and digital customer interfaces. Keeping up with current technology in the business world is critical to a business’ success. Here are some important reasons why you should never let your business fall behind on technological advances.
Having a strong team is the easiest way to grow a business successfully. By utilizing competent and educated individuals, you are taking on the goal to improve and grow your business. Make 2020 your year. Your future self will thank you!
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