Some roles in a small business cost a lot, but skipping them can hurt even more. They may not bring in direct sales, but they keep things running smoothly and help the business grow.
Take a good accountant, for example. Paying $80,000 a year might seem too much, but without proper money management, a small business can quickly run into trouble.
Just like an accountant, there are several other high-cost roles that are essential for a small business. Let’s talk about them.
1. Chief Financial Officer (CFO)
A CFO manages a company’s finances, including financial planning, risk management, and record-keeping. For instance, Dana Denis-Smith, founder of Obelisk Support, experienced a decline in sales when personal circumstances pulled her away from the business. Recognizing the need for dedicated oversight, she hired a Chief Commercial Officer, leading to a significant turnaround. This example underscores the importance of having a dedicated financial strategist to navigate challenges and drive growth.
2. Marketing Director
A Marketing Director crafts strategies to promote a business and attract customers. Take the case of Lisa Collum, an educator who developed a writing curriculum called Top Score Writing. Initially managing everything herself, she eventually hired a business development expert to handle marketing and sales. This decision led to a substantial increase in revenue, demonstrating the impact of professional marketing leadership.
3. Operations Manager
An Operations Manager oversees daily activities to ensure efficiency. For example, a local bakery struggled with supply chain issues and inconsistent product quality. After hiring an experienced Operations Manager, they streamlined processes, reduced waste, and improved product consistency, leading to increased customer satisfaction and profits.
4. IT Manager
In today’s digital age, an IT Manager is vital for managing technology infrastructure and security. A small law firm faced a data breach due to outdated systems. They hired an IT Manager who upgraded their technology and implemented robust security measures, preventing future incidents and safeguarding client information.
5. Human Resources (HR) Manager
An HR Manager handles recruitment, employee relations, and compliance with labor laws. A growing startup experienced high employee turnover and legal challenges due to inadequate HR practices. Bringing in an HR Manager helped them establish effective hiring processes, improve employee satisfaction, and ensure compliance with regulations, fostering a more stable work environment.
Final Thoughts
These roles may cost a lot, but they are key to a small business’s success. Hiring experts for a leadership position lets business owners focus on what they do best. By hiring such roles, business owners can trust that important tasks are handled well, helping the business grow and stay strong.
