How To Build a Corporate Management Team
If a company is interested in increasing its industry market share, it is essential that the firm build a corporate management team that is composed of individuals who are well matched to specific positions. In this article you will learn about how each member of the corporate management team offers her unique skills and talents to the company to create teamwork and cohesiveness. While operating as a team, these individuals can provide the company with increased profitability, marketability and productivity.
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Instructions
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Develop strong interviewing skills, so you can ask the right questions based on exactly what talents and skills you are seeking for the open positions while also allowing you to diplomatically conduct the career placement interview.
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Find a CEO (Chief Executive Officer) whose skills include strategic thinking, visionary insight into the company's future direction, ease with hiring and firing and strong knowledge about the industry. The CEO knows the company's processes, the strengths and weaknesses of the firm and what type of skilled people are needed in order for the firm to become prominent within the industry. Usually, the CEO hires the other management team members. In smaller businesses, the CEO is the owner.
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Seeking the correct COO (Chief Operating Officer) for your company will involve finding an individual who is keen on all operational aspects of your company. This individual flourishes in the details of day-to-day operations and is always looking for ways to improve the firm's productivity by developing better strategies at lower costs. They also are up to date on the measurement tools needed for success (such as the production point at which quality decreases).
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Hiring a CFO (Chief Financial Officer), or Controller in smaller firms, will ensure that your firm's finances are handled at an optimum level. This person will implement budgets, analyze financial information to increase profitability and handle your firm's money. They are strongly skilled in making presentations reflecting the firm's operations in various forms such as graphs, charts or text.
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Hire a CMO (Chief Marketing Officer) who will oversee, and possibly implement, your marketing and sales strategy program. This individual will know your industry, your competitors, how to position your products for greatest success and how to gain and keep customers. This individual is also aware of which products are selling well, and which are loss leaders and can make recommendations for improvement.
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Hire a CTO (Chief Technology Officer) if technology has any impact upon your business or industry. This person will keep your firm up to date with technology trends by keeping informed about what is happening in the industry. They can project how technology can impact your firm. They also will implement any technology that is needed for your firm to succeed.
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Hiring a President in smaller firms may mean combining the positions of CEO, COO and CMO. The President has visionary insight for the company's future and potential marketplace positioning, is concerned about day-to-day operations and develops marketing plus sales programs. This individual is also current with industry trends and knows how to adjust the firm's operations for greater productivity by using cost-effective measures.
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Tips & Warnings
Ways to find candidates to build your management team include networking, preexisting employees ("hiring from within"), employment agencies and classified advertisements.
Don't base your opinions strictly upon technical or educational backgrounds. Use your intuition in judging whether the candidate's personality is a corporate fit. Schedule the individual to meet with others within your firm to assess how they interrelate.
