Building the Right Management Team
When you first start your business, you may be able to do it all yourself. However, as your business grows, there comes a time when this is no longer possible. You’ll probably realize that you’re being spread thinner and thinner, that you can’t possibly handle everything, and maybe that some things may start slipping through the cracks. When you reach this point (and hopefully before you reach this point) you’ll want to consider bringing in other managers to help you out.
While hiring the right employees is certainly important, hiring the right management team can be even more critical. Here are some tips for building a management team for your business.
Determine the Skills You’ll Need
Take a good look at your business and figure out the types of skills you’ll need. This will likely involve taking an honest look at your own strengths and weaknesses. There are probably many aspects of your business that you do well, but there are also likely a few areas where you could use some help. No one can do everything.
For instance, if you and your current team lack sales skills, you’ll likely want to consider adding a Sales Manager to your team. However, if your weakness is financial, you’ll be looking for a Finance Director or Chief Financial Officer instead. Be honest with yourself and put the needs of your business ahead of your own pride and ego.
Create an Organizational Chart
It’s critical to define the roles of your new management team even before it is in place. You’ll need to identify which managers are responsible for which aspects of your business. Everyone needs to know their job in the organization, who they report to, and what they are responsible for.
Creating an organizational chart can help you visualize the structure of your business. It can also draw attention to any leadership gaps you may have.
Define your Business Vision
What are your plans for your business? Where do you see your organization in six months, one year, or two years from now? What sort of culture do you hope to build? What are the values of your organization? Take some time to think about these aspects and write down some clear vision statements.
Find Leaders Who Match Your Vision
When you’re hiring a management team, you’ll want to find managers who understand your vision and want to help the organization achieve its goals. For instance, if one of your goals is to be environmentally conscious, then it’s critical that your management team not only understands this goal, but that all members believe in it as well.
Understand the Importance of Diversity
Hiring several managers who are just like you may not be the right path to take. There is incredible value in having diverse ideas, backgrounds, and experiences on your management team. This will help you with problem solving, open your organization up to new opportunities, and allow you to predict and avoid potential issues. When you’re hiring your management team, try to step outside your own bubble and choose people with diverse skillsets and backgrounds. It will help your business in the long run.
How a Chartered Professional Accountant Can Help
A Chartered Professional Accountant (CPA) does more than just add up numbers. At Ralevic & Ralevic LLP, we have the experience needed to help you grow your business. We leverage our depth of specialized industry knowledge and expertise to improve your organization’s operations and performance systems and processes. If you’re looking to restructure or grow your business, or hire a management team, we’re here to help. Need some direction with your company’s finances, we can assist with that too. Contact us today.
