How To Create The Right Management Team
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...cover of City A.M by the end of the financial year.
Top tip: The best CEO’s aren’t busy; they delegate and accomplish everything through other people, i.e. don’t sweat the small stuff!
COO (Chief Operations Officer)
The COO typically oversees all areas of that business that requires operational detail. The COO will be much more hands-on than the CEO, and will ensure the smooth running of the day-to-day activities rather than taking an overall perspective. If your COO is doing a good job, then they will be continuously feeding back to the CEO on the running of the...
...company and any issues that call for the CEO’s attention.
Top tip: A COO brings all of the internal departments together and make sure things are running smoothly. They will be ‘the face’ of the company internally, so should be a personable leader. Encourage the employees’ work ethic at all times.
CFO (Chief Financial Officer)
The CFO will handle the money, and reports directly to the CEO. The CFO has a number of very important responsibilities, including: reviewing and analysing the company’s financial performance, preparing budgets and monitoring the company’s expenditure.
If you want your business to make money and don’t have great mathematical skills in-house already, then you will need a CFO. They will keep an eye on your cash flow, and make certain it’s healthy and profitable. If it’s not, get a CFO.
Top tip: Too many CFO’s get bogged down in cost reduction. Try focusing on the future of the business, visual how you could achieve this and put a plan together.
CMO (Chief Marketing Officer)
Marketing isn’t all buzzwords and jargon. In fact, if done well, it can spell the difference between fortune and failure. Your marketing strategy should support your overall business strategy, and your CMO will take ownership of... continued on page three >