It takes some exceptionally hard-working, zealous, and dedicated people to move through each one of the obstacles that hinder the survival and growth of a business. This article will identify the five members that a small startup cannot do without. One missing member and the business may come crumbling down!
Consider these five roles as being imperative to the survival and success of a business. These five personalities bring to small startups qualities and traits that help the business function. These are also the most fundamental departments that every business, big or small, needs in order to be called a ‘business entity’. Can you imagine a business without there being a financial head or sales representative, or let’s suppose a leader – the CEO? Definitely not!
#1 The one who LEADS from the front!
This person brings the idea to the table. He is known as the inventor, the innovator, the founder, the leader and according to the modern business dictionary, the CEO (Chief Executive Officer). Everything begins with the leader.
Leaders believe in themselves, and believe in what their co-workers can bring to the team. With dedication, hard work, and perseverance, a leaders team can lead a revolution. These leaders are people like Evan Spiegel, Mark Zuckerberg, and Steve Jobs. They come with dreams that they are passionate to turn into realities, and are today known for being great at what they do – dream, vision, and LEAD!
A leader is always there to support their employees, their efforts and provide them with the necessary resources. They lend a helping hand to each employee or team member without feeling the need to maintain authority, allowing their employees to have some form of autonomy. They are someone you can rely on and turn to when in need! They motivate, reward, and ensure timely feedback to all members on how well each one is performing.
Leaders are there to correct mistakes made, rather than punishing staff for not achieving the specified target. They will always appreciate and celebrate achievements, minor or major! The leader will put forth the idea, and then assist all members, helping them to make the idea into a reality. Not only by providing them with the right resources, but by giving staff the much-needed expertise too!
He/she is someone, you can believe in, someone you can take inspiration from and definitely someone, you can turn to in times of hardship. He/she is responsible for ensuring the growth of the business and the people within the company. They provide a culture of integrity, innovation, honor, and camaraderie.
Lastly, this person can face the storm when a business is going through a tough time.
#2 The one sets the stage for MARKETING!
Nobody in their right mind can deny the power of marketing. It’s huge and far-reaching! You might have the most innovative, well put-together, and ideal product in place, but it might not sell unless you market it right. Your customers will not figure out what you are selling on their own; you ought to create that awareness and persuasion. This is where the marketing team comes in!
The marketer is seemingly the most essential asset that your business has. You need someone who understands big data and analytics and knows how to deal with a myriad of data. Marketing can make all the difference when trying to position your business as being better than your competitors.
So, you need a marketing expert that is more than just the title. It’s more about the enthusiasm, creativity, and zest of a marketing expert than the theory behind the field! You need to bring in a marketing team that understands market data, and knows how to shape it into something fantastic!
#3 The Financial Guru!
No business can do without talent. This means that you need a professional controller and CROs (Chief Risk Officers) on the team. These people are responsible for looking into the financial matters of a startup. What could these matters pertain?
- Securing financing.
- Credit availability for securing these funds.
- Payment of operating expenses.
- Making debt payments.
- Purchasing inventory to fulfill contracts.
- Managing working capital.
And who according to you is going to look into all of these crucial matters? It’s the finance guru! By finding a skilled cofounder to oversee the finances, the CEO can focus on more pressing administrative tasks.
No company can prosper without an individual who understands accounting, finance, cash flow management, and budgeting. An organization needs someone reliable and well-versed to manage funds – incoming and outgoing.
All leaders and managers consult the financial expert prior to making decisions involving capital flowing in or out of the company. There have been companies that were forced out of business because they lacked a competent financial player on their team.
#4 The Hiring and Firing Specialist!
One of the most critical roles in a small business startup is related to human resources. A startup may not require extensive hiring during the initial stages, owing to lack of resources. But in order to set up a mechanism for hiring and firing in the later stages to accommodate growth, you need specialists on the team.
Usually, startups believe that they are able to hire by themselves, without needing to spend extra on specialists. While this may be a good way to cut costs, you may essentially be compromising the quality of human resources that you bring into an office.
Hiring can be a daunting task, one that requires a specialized skill set and someone who can handle the pressure of meeting up with a dozen candidates while screening out only the best of the best!
More so, a startup requires the continuous and unwavering attention of its owner/founder. If you are busy looking for the right people to hire for the business, you could essentially lose focus.
Leave this up to an HR professional and you’ll be surprised at just how amazing it feels to get a little bit of pressure off your shoulders. If you are not convinced as to why having a professional is better than being the jack of all trades, well then risk it all you like. But working independently will never work as effectively as working in a team.
#5 The one responsible for SALES!
Ever heard of a business that said it didn’t need a sales person or specialist? Hardly ever, right! If you look closely at the equation that enables profit generation, you will come across ‘Sales Revenue’. This is a particularly essential member of the profit and loss statement.
Once the startup has fine-tuned its product or service and decided on a marketing plan, it now requires sales representatives. This selection must be done judiciously. You may not need more than one or two salespeople, to begin with. But once marketing starts generating leads, you’ll need to add more sales reps.
Be wary, too many sales individuals on board will never guarantee higher sales revenue. But, a good one or two might just do better if they are well-versed in generating leads. So, during the initial phases, introduce strategic sales representatives who know their job better than anybody else, and when there are enough resources to scale up, bring in additional people.
These are the five most essential members that are crucial to the success of a small start-up. Without one, the business could lose out on one of the most fundamental functions that ensure the survival and success of the company.
This is a small team of people that a startup needs to penetrate the market. Once a stronghold position has been achieved in the market, and resources start flowing in, you can add more people to this small team of five-six members. From there, the sky’s the limit! Soon, you’ll be working like a well-oiled machine.