Most small business owners are in no position to hire a management team in the early days of operation. As the business starts to grow, the owner must take on the role of accountant, advertising executive, human resources director and more. If you find yourself working 16 hours a day and fulfilling every role in your organization, it's time to hire an upper-level management team. Although it's hard to pass power on to someone else, it's something you must do if you want to avoid burnout.
It is important to take all the time you need to plan your management team. After all, you may be hiring your own boss. As you create new positions, remember that you need to match people's skills to the demands of the job. You may be good friends with your brother-in-law, but that doesn't mean he has the skills necessary to run your company. When the time is right, most new business owners hire people for the following positions:
In many organizations, the duties of president overlap with those of the CEO and COO. It is up to you to decide if this role is necessary in your own company.
If you are new to the business world, the thought of hiring a new management team may be overwhelming. You have to develop formal job descriptions, research salary expectations, recruit for candidates, interview them and choose who you think will do the best job in each role. An executive search firm has years of experience with finding, interviewing and hiring the best talent. Working with an executive search firm can help you to avoid the significant cost of a bad hiring decision. The following three types of executive search firms are the most common: