Building a company from the ground up can be both exhilarating and stressful. As a startup CEO, it’s important to put a few key skills into practice. Whether it’s staying flexible or communicating with your employees, these skills will help you run things smoothly.
Startup founders can’t afford to hire very many employees, so it’s important to make sure the people you do hire work out. Think about the jobs you need done and create positions that encompass these job responsibilities. Each employee will need to wear multiple hats, especially at the beginning. They will need to be self-starters since you can’t guide each employee through every task needed to accomplish the job. You can reduce the expenses of getting help by contracting freelancers. That way, you don’t have to pay salaries or benefits immediately. Having some contractors will attract other employees as well. Just make sure you don’t misclassify someone as a freelancer since there are very specific rules about who is a contractor and who is actually an employee.
If you are paying salaries and benefits, make sure you work this into your overall budget. Things like taxes and payroll deductions are higher with employees than with contractors, so spend some time thinking about how you will cover these expenses. One option is to use some of your own funds until you can get the startup running a profit. Looking for ways of reducing your monthly expenses, such as refinancing your student loans, can give you more financial breathing room. If you’re thinking about refinancing, take some time to review a guide on fixed and variable rate loans before deciding.
As the CEO of a startup, you will need to be flexible, both with your employees and in your work. You will need to be able to learn quickly and adapt to change because things will go wrong. Going with the flow allows you to push everyone to do their best. It might require you to go in a different direction or stop a project that is draining your resources. Because you may not be able to hire accountants, analysts, or other specialists, you will need to be able to problem solve on your own. It also requires you to offer employees flexibility, including nontraditional hours or the option to work from home. This helps both attract and retain talent.
Even if you hire great people, they won’t get their jobs done if they are unable to use the tools they need. It may take money and time to obtain the right programs and equipment, but in the long run, it can save you money. When your employees’ tools work well, employees are less likely to lose important information in the middle of a project. Consider more than just the basic hardware and internet connection. Think about social media tools, communication applications, and other tools that can be scaled up or down easily. Using the right software allows employees to gain a competitive edge.