When it comes to running your own business, it is important to understand all of the functions required to be successful. This knowledge is absolutely essential, especially for starter businesses. You will need to understand what positions are absolutely essential to your company and the necessary education and background it takes to hire the right person to do that job well. While this part of owning a business can be frustrating and tedious, it is absolutely essential if you want your company to thrive.
What are the many hats of your business?
CMO (Chief Marketing Officer). Without marketing you simply cannot find or grow your client base. This is probably the first role you will play as an entrepreneur. Before breaking into intense sales strategies, you will definitely have to attract your leads before you can offer them your sales pitch.
There are many strategies to consider when getting your feet wet in the field of marketing before hiring the right person for the job. Content marketing is by far a set it and forget it method that will be sure to develop a tone for your company’s reputation. In addition, you will have to look into company branding. With the right branding and cohesive content, you’ll be sure to attract the right client base.
DOS (Director of Sales). After your marketing is set up for success, the next step is to establish your sales department. Having a DOS will allow you to close the deal with all of the potential clients you’re attracting through your marketing. The approach you take will be dependent on your business and product line.
When it comes to sales, be sure to lead with questions instead of pushing your product head on. Take advantage of your network base that you’ve established while marketing. With a sales department you can be much more aggressive when it comes to closing the deal. You can do this by making cold calls after careful research and customer selection.
COO (Chief Operations Officer). This individual deals with inventory tracking, if your business is product based. In addition, Your COO will set the pricing by paying attention to supply and demand. Finally, they are responsible for determining who to work with when it comes to vendors, software purchases, deliveries/shipping, and any other processes that involve company productivity.
CFO (Chief Financial Officer). A CFO needs to be prepared to handle rapid growth. This is done by monitoring the company’s financial position as well as figuring out strategies to improve cash flow and company profits. With business growth comes more financial responsibilities in the world of taxes. A CFO will handle all of the company’s tax obligations, leaving you time to create and run your business the way you see fit.