If you have poured your blood, sweat, and tears into your startup business, then the thought of handing over the reins to someone else, someone who has not been there since day one, can be a difficult choice to even contemplate.
However, if your business is thriving and you are finding yourself being stretched thinner and thinner, and even worse, being unable to carry out your duties as a business owner to the best of your abilities, then it may be time to think about hiring a senior executive to help lessen your load.
Look at it in a positive way. You have created a company so popular that you need to expand your workforce to keep up with customer demand.
You should be celebrating.
However, you may first feel like you need to better understand the reasons why and how a top-level executive could help you and be beneficial to your business.
1. They can help move your business forward
If you have a loyal customer base and sales are coming in, it can be tempting to leave things exactly as they are; the “if it ain’t broke, don’t fix it” kind of approach. Although this may work in the short run, in the long term, you need to be able to look into ways in which your company can diversify and grow; however, this can be challenging for an SME owner.
This is when the services and expertise of a C-level executive can come in; they can help show you the bigger picture, bring a new wealth of experience and industry knowledge to the table and discover new ways to expand your business that you may never have thought of.
2. They can help delegate the workload
Many SME owners are guilty of taking on the lion share of the work; no department is safe from the boss. This may be because you genuinely want to help out, or it may be because you want to save money, or you just like to be involved in every aspect of your business. Whatever the reason, your employees might not be working to the best of their abilities if they feel they are being micromanaged.
However, by hiring a C-level executive, you can actively take a step back. You can then enjoy the fruits of your labour or brainstorm your next business venture, allowing your team to flourish.
3. They can offer a different perspective
Of course, you will want to hire someone who shares the same values as you, the same work ethic and approach to employee care. However, it can be beneficial to your business to look for an individual who can help diversify your business and offer a different perspective.
You do not want to employ someone who is very similar to yourself because what would be the point? You want a C-level executive who can bring a fresh outlook on your business.
If you feel you need help hiring the right executive for your business, then a good idea is to have an executive assessment carried out to ensure you get exactly what you need.
4. They can introduce you to new technologies
Technologies are constantly evolving and if you want your SME to be able to compete with larger corporations, you need to make sure you are taking advantage of the right technological advances for your business.
For example, are you using chatbots to answer your customer inquiries 24/7? Are you utilizing artificial intelligence to automate your processes?
If not, a top executive could help you implement and utilize these technologies to improve your business and your bottom line.