How to structure your startup as the company grows
Most start-ups start the same way. One or two people get together in a basement or a garage and through talks of changing the world, a plan formulates that will do just that, change the world. In the beginning, most startups do not have capital, a key distinguishing factor from a company.
Hence, the founders take on as many roles as possible to get the dice rolling. Soon, as the startup grows, there are more responsibilities than one or two people can handle. This is the stage where some sort of formal structure needs to start emerging to ensure the survival of the start-up.
Also Read: 9 Ways to show your customers you care
The importance of role definition
Initially, as stated previously all the roles are taken up by the founders. However, no one person can do everything, we all have our weaknesses and strengths. Two steps are important before roles are defined.
First, identify the roles necessary for the business. When plans are made, they need to be so comprehensive that they go over every detail there is to go over. All roles need to be identified for the present and the future.
Second, founders must realize their strengths and weaknesses. To take on roles that allow them to lead and complement their strengths is a wise strategy.
Roles that can be considered weaknesses, founders need to bring on professional people. A founder may be an excellent IT genius, however, may lack the necessary skills to raise capital or handle logistics. It is important at this stage to bring in professionals that can add red value in growing the business.
Team building is vital
A defining characteristic of a start-up is that it is decentralized and lacks any formal structure. However, even Google and SpaceX, huge companies that still run as start-ups require several teams to take on roles.
Teams are what make or break a company. Once a role is identified, a team needs to be assigned that should not be entirely stuck in terms of boundaries. Teams should be assigned projects that need to be controlled. An important thing to remember is to avoid micromanaging.
The founder or even leader of a time should not be a manager, rather a leader that shows that sets the goal advises on strategy but lets the team find their own journey and ways to reach the destination. Teams should be able to work with autonomy. But, there must be teams that fill up all the previously identified roles.
Professionals and Board members
Board members are directly invested in the well-being of your business. Hence, it is important to take note of their concerns and wisdom, as it comes from a lot of experience.
Professionals are called professionals for a reason, they have spent their entire lives developing a niche skill that can be essential in running your business.
It is important for founders to realize that they cannot do everything and do not have all the expertise. It is advisable to bring on legal and such professionals that are going to add real value to the business.
Do not lose the startup vibe
It is important to become structured as a startup grows. However, it is more important to not lose the startup vibe. Do not lose that which makes a startup a start-up, its founders, its vision and its ways of operation.
As a startup, the ups and downs moments must arise but don’t be carried away when such moments arises because they will only make you get better but this is only when you are prepared to face them by doing the needful. This is why you must make conscious effort to structure your startup properly so as to equip every member of the team with the right tool to handle any situation that may arise.
Thank you for checking out our How to structure your startup as the company grows , please take a minute to share this post with your friends and help us get better audience and more reach on social network and do like and follow us on social media platforms using the button provided.