Daccanomics
If you are about to launch your startup and aiming to be a Fortune 500 company, the most important thing apart from capital is your A-team.
The bigger the vision you have, the more important it is for you on what type of team you are going to put around you. It is a challenge for entrepreneurs to put a team around them. There are so many factors to take into consideration before choosing the right team for you. But the most important of all is ‘Vision’.
You need to ensure your core team has the same vision as you do and they want to take your company to the next level where you dream of. Before you start hiring you need to make sure that the person that you are hiring believes in the work you do. They believe in the idea of the company.
Make sure your executives are work-motivated and have leadership qualities. They are willing to take risks and make instant decisions whenever needed. They believe in the motto of the company and most importantly, they believe in you.
Your team of executives will decide the fate of the company. Whether it will turn into a billion-dollar business or will eventually fade away like many startups. There are so many startups with life-changing ideas who couldn’t make it to the top because of a core leading team. So before diving into hiring think about what type of team members you want to lead the company with you along your side.
The CEO
CEO, or Chief Executive Officer, is ultimately in charge of the business. They are the vision of the company. Every decision made within the company goes through the CEO. He is the ultimate decision-maker. Starting from setting the company’s strategic direction and vision to establishing the company culture, they do it all. The CEO looks into every department and gives valuable inputs. They are the ones responsible for the company’s growth or decline. They are the ones responsible for managing company resources, leading the executive team as well as overseeing all company operations. CEOs have to be quick in making decisions. They need to keep themselves updated with the business regulations. CEOs are always looking into business development and how they can grow the company.
As CEO you will need a cool head and the ability to make difficult decisions. You need to make decisions based on the betterment and the future of the company. It is their responsibility that the company stays in profit and achieves its objectives in time to see exponential growth. CEOs are the one who is always acquainted with the company. As the decision-maker, they have to be agile.
Your precise responsibilities will vary depending on the size of the company. But they are always focused on every division of the company. CEOs are the one who has to give answers to the customers, the investors, and the shareholders. They need to make sure the whole organization is legally compliant.
Once the company starts to lose profits, they are the first in line to get fired. It is the most responsible role within the company so every decision they make needs to be well decisive.
The COO
The chief operating officer (COO) is a senior executive tasked with overseeing the day-to-day administrative and operational functions of a business. They are considered the CEO’s second in command. They’re responsible for all business operations, with a focus on quality, efficiency, and service. Just like the CEO, the COOs role is also a generalist role, which can vary depending on the size and requirements of the company. The COO directly needs to report to the CEO of the company’s day-to-day happenings. the COO is known by other terms, such as “executive vice president of operations,” “chief operations officer,” or “operations director.”
The COO mainly focuses on executing the company’s business plans, while the CEO is more concerned with long-term goals and the broader company outlook. In other words, the CEO devises plans, while the COO implements them. COOs mostly carry out CEOs’ mandates and implement them in company operations. The COO may also initiate the rollout of new product lines, and may likewise be responsible for production, research and development, and marketing. They need to execute decisions made by the CEO as quickly as possible as they are the head of operations. They need to have leadership qualities to guide the employees directly.
There are generally seven types of COOs:
- The executor, who oversees the implementation of company strategies
- The change agent, who spearheads new initiatives
- The mentor, who is hired to counsel younger or newer company team members
- An “MVP” COO, who is promoted internally to ensure that he doesn’t defect to a rival company
- The COO who is brought in to complement the CEO
- The partner COO, who is brought as the CEO’s right-hand person
- The heir apparent who becomes the COO to learn from the CEO, in order to ultimately assume the CEO position
CFO
The CFO, or Chief Financial Officer, as the title suggests, is responsible for managing all of the company finances of the company. They are senior executives responsible for all financial actions within a company. Their role encompasses financial planning, risk management, financial reporting, and regulatory compliance. So, the primary aim of the CFO is to maximize the company’s financial performance and bring profits to the company. They track the cash flow and financial planning based on the reports presented. The CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the company’s financial reports are accurate and completed in a timely manner.
The CFO needs a strong background in finance. They need to be accurate with data and planning financial strategies. They are the ones responsible to crunch the numbers and data into a meaningful context to ensure accurate decision-making and present to the highest level of the company. Their role includes improving shareholder value and company profitability.
CTO
The Chief Technology Officer is concerned with the technical side of the company. They are the executive in charge of an organization’s technological needs as well as its research and development (R&D). The role of a CTO and CIO is pretty similar. The CTO ensures the company’s technology meets its customer’s needs by developing and improving the corporate technology offering. They help the business grow with the latest help of technology. They need to keep themselves updated with the world of technology and focus on customers’ needs to give them a better experience with the help of technology. This will eventually help the company to grow its customer value and experience.
CMO
Chief Marketing Officer, or CMO, is focused on developing the marketing strategy of the company to generate more sales and help the company acquire new customers. The key areas within this role are brand communication and customer loyalty. They are the ones responsible for brand interaction with their customers. They are the Chief storyteller who reaches the customer and presents your company in a manner where the customers will relate to your company.
There are several other executive roles within the company. Depending on the size and growth potential of the company these roles are evolved. So if you are looking for creating a core team or if you are willing to take on one of these roles make sure you look into yourself to see if you are a good fit.
