Building an Effective Management Team
Any organization, regardless of its mission, needs an effective and clear management structure. For a business, it acts as a vital nervous system that needs to respond appropriately to every external and internal activity that might be going on. Any malfunction in the management’s operation usually leads to turmoil across all other departments.
So in order for any business to thrive, there needs to be a precise and straightforward team of right people in the management positions, who can make the tough decisions, take risks, support the company and ensure the growth and prosperity of the business.
Nowadays startup companies try to enter the market with great innovative ideas. Moreover, they might have the business plan and investments to back it up, but without the tough management team all of the money, all the ideas, all the work was done might just crumble down due to some mistakes, that corporate guys, who’ve been in business for long enough would call amateurish.
So, what is the management team that works, something that has been time-proven and used by everyone?
The structure Of Management Team
CEO (Chief Executive Officer)
First and foremost, the main man. The CEO is technically the boss of everyone and will be responsible for everything. This is the person who will call the final shots and whose face will appear on the front page of the magazine.
But it’s all comes at a price. Essentially CEO must be able to run a one-man show, in the worst case scenario. Strategic thinking is a must have for a CEO, he or she must be a chess grandmaster of business. And here are 2 great analogies to understand what to expect from great CEO:
- A good chess player knows that the value of piece varies as the game goes along and the board shifts.
- Chess is a sport where the player operates with pieces, he doesn’t sweat himself.
CFO (Chief Financial Officer)
Right after the CEO, comes the person who operates with money. The one who must keep in mind all the cash flows. The responsibilities of CFO include: budgeting, monitoring expenses, analyzing financial performance, etc. CFO main responsibility is to make sure that the business is making money.
COO (Chief Operations Officer)
This is a little bit trickier. COO oversees operations of all day-day activities and how smoothly they run. It is very hands-on and on the site responsibility. In a nutshell, COO needs to make sure that all the staff can do their job effectively as a unit and as a company.
CMO (Chief Marketing Officer)
CMO is the navigator of your business. The one person whose knowledge of the industry must be impeccable. CMO needs to know all the secret paths around competitors and must understand how to best them. And essentially CMO takes control of marketing and sales strategy and puts it to work.
CTO (Chief Technology Officer)
Since the IT has become an intricate part of any business at some level, the role of a CTO becomes somewhat crucial to the businesses. This is the person who must oversee the internal IT team and infrastructure. Nowadays the CTO is also the person who will move your business forward technologically and brings fresh ideas to the table. This is especially true of project management platforms that are now widely utilized by businesses around the globe. CTO must choose the most appropriate one for the company and watch over its operation.
And we’ve come to the most elusive role of all. The chairperson is one link that must unite the board. The best chairperson would not be charming or strategic minded, but rather most influential and respected character, with the voice of reason and ability to establish control with a single word.
With right people in each position the company can thrive on the market and turn your business idea into a success. But for this you will need to recruit the right people for the job.