Business owners and entrepreneurs are notorious for thinking they can do everything themselves. Serving as “chief” of everything may be a workable solution when you are in start-up mode. It’s not uncommon for small business owners who launch with limited resources to take on many – if not all – of the day-to-day responsibilities.

But as your business grows and the workload increases, it becomes increasingly difficult to wear so many hats. More often than not, you’re making decisions about things that are outside of your areas of expertise. Over time, failing to delegate responsibility and stretching yourself too thin can do your business more harm than good.

Even small businesses need a C-suite. 

The wise entrepreneur knows when it’s time to address the evolving needs of their business. Whether it’s accounting, IT, human resources, or marketing, you will need to surround yourself with trusted advisors – subject matter experts they can rely on to provide the insight, direction, and skills you lack. I like to call this your Posse of Professionals – or POPS for short.

Every business owner’s POPS is different. 

As Chief Executive Officer, you will need to determine the types of skilled professionals without whom your business cannot grow and thrive. Key C-suite roles to consider include:

  • Chief Operating Officer (COO) – Manages company operations, ensuring things function smoothly in areas such as human resources, legal, and administration. With the increased focus on compliance these days, you may want to tap the expertise of an HR specialist as well.
  • Chief Financial Officer (CFO) – Has a “big picture” financial mindset and helps identify actionable  business opportunities while weighing the risks and benefits.
  • Chief Marketing Officer (CMO) – Leads efforts to increase revenue through brand management, market research, product development and pricing, communications, and customer service.
  • Chief Information/Technology Officer (CIO/CTO) – Applies his/her knowledge to risk management, business strategy, and finance.

Outsourcing can help you keep costs in check.

If you are not in a position to hire full-time staff to handle these aspects of your business, you can outsource critical tasks – on as as-needed basis – to independent contractors or agencies. Start by analyzing where you could use skilled help. Ask yourself these five questions to identify areas where you could benefit from outsourcing:

  1. Does the task generate profits? If so, it’s probably not a good idea to outsource.
  2. Do you need someone with a specialized skill set? Partner with an experienced professional.
  3. Is the task seasonal or cyclical? For instance, if you plan just one or two major marketing campaigns a year, outsourcing is a great option.
  4. Is it a routine task that wastes precious resources? Outsource it to someone who can do it more efficiently.
  5. Is the cost to outsource the service less than the cost do it in-house? It may be more affordable to outsource functions like IT, accounting, or HR.

Building a solid dream team can be a catalyst for growth.

I often encourage my clients to start slow. Try hiring an expert to take on a specific task so you can monitor and measure the results. My hunch is you’ll find that having the right POPS on speed dial will not only improve efficiency and productivity – it wll free up time so you can focus on growing your business.

Still hesitant to take the first step? I’m here to help.