There are many moments in a business’s lifecycle when they have to make critical decisions in the name of success. In particular, we frequently see these decisions during the first few months and years before a business is truly profitable; this is when small choices like whether to take out a new loan, for example, can determine if a company makes it to next month or has to close shop. For businesses that manage to develop a client base, though, the next big decision cycle comes with growth, and it raises the question: what does it take to move from survival to growth? The answer, at its core, is about who you hire.
Hiring For Growth
Growing a business involves a lot of moving pieces. It means making sure your applications are scalable, that you have enough money in the bank, and, most of all, that you have access to the necessary talent to expand your services and your reach. But that doesn’t mean just hiring more staff. It means hiring the right staff, because the people and skills that a small business needs on hand to thrive are different than those a larger business requires, which is why you need these three players on your radar.
Project management is a growing field, with applications in industries ranging from construction to marketing and everything in between. Whatever your industry, though, you’ll likely want to bring a project manager on board to assist with planning, staff accountability, and overall organization. Project managers are outstanding because they can navigate complicated tasks across long time periods and delegate aspects clearly based on individual skill, and once you have one, you’ll never believe you completed a project without their wisdom.
Certified Management Accountant
Your business undoubtedly employs a CPA or a bookkeeper for financial management tasks like handling reimbursements and creating expense reports, but as your business grows, you need to use your financial data to make strategic decisions, not just basic calculations – and that’s where a CMA is helpful. Generally capable of handling all the responsibilities of a CPA, CMAs have to complete a challenging exam, in addition to performing several years of fieldwork in the industry. High up on the professional ladder, your company’s CMA will advise leadership on investments, perform risk-benefit analyses, and make financial projections. This hire is your financial guru.
Everyone knows that in today’s competitive business world, you need to have clear and engaging branding to stand out, and that means having a clear professional identity. That’s why growing businesses should consider hiring a brand manager who can oversee both general branding efforts and a larger in-house marketing team. This team will create far-reaching content that communicates not just what your business does, but what your brand is all about, and that’s what will draw new customers to your company.
There are countless different people you’ll want to have working in-house as your business expands, and you’ll need to prioritize who to hire and when based on your industry, existing staff, and other needs, but it’s worth having some ideas and a wish list. What positions would you hire for if money was no object? Once you’ve figured that out, you can start making the adjustments necessary to make those hiring decisions possible.