The opinions expressed by the entrepreneurs are their own.
Running a startup isn’t easy. With a smaller workforce, you can be responsible for increasing sales, maintaining your operations, maintaining compliance, and many other tasks. And when something goes wrong, it’s often you who customers and employees turn to. So while owning a company is rewarding, being a leader and wearing so many hats is sometimes challenging.
Fortunately, outside help can lift a significant burden off your shoulders. A new leader can identify potential opportunities you are missing or areas where you can improve your business operations. Above all, it allows you to step back from day-to-day operations and focus on the big pictures that will grow your business.
Here are some signs that it’s time to bring outside leadership into your organization.
1. Are you planning to expand the business?
Most businesses will have different growth goals. Maybe you want to open a new office in another city or introduce a new product or service line to benefit your customers.
With growth comes the potential for greater returns, but it also means greater risk. You will likely need to invest some money to support the expansion, which may require borrowing or digging into your savings. Your workload will also increase, so you may need to work longer hours to make your efforts successful.
To pave the way forward, it is often best to bring in a qualified leader who can support your business expansion. New management can take over the reins of your existing operations while you focus on your growth, or vice versa. You’ll have someone to turn to for help instead of losing too much weight.
Related: 5 Must-Haves for Entrepreneurs and Their Startups to Succeed
2. You are entering a new market
Are you planning to market your products or services to a new customer demographic? If so, you can benefit from the experience of a marketing executive who knows your target audience.
Opening your company to a new market is like expanding a business. there is potential and opportunity for revenue growth. However, you probably need to change your marketing techniques. After all, your current advertising strategies probably won’t work with audiences with different buying behaviors and demographics.
A new marketing leader can help you fine-tune and tailor your advertising strategy to your audience. They can also provide strategic insights into your current marketing plan and revitalize it.
Related: 8 Practical Tips to Launch Your Startup Successfully
3. Your existing employees fill multiple roles
Startups often have a few key employees who have been with the company since its infancy. As a result, founders value and trust these employees, turning to them when they need help, even if the responsibility goes beyond their day-to-day tasks.
While having an employee you trust is something to be proud of, you can give them a job that someone else can do better. For example, you may have an office manager with versatile financial, marketing and operational skills. While these traits can support your initial growth, continuing to spread your team too thin can lead to burnout.
Furthermore, the office manager is unlikely to have specialized training in finance or marketing, and relying on them in these areas will only hinder your growth. You may find that you get better results by hiring someone who is an expert in a particular area, especially if you are planning significant changes for your company in the future.
Related: Raise your game as a business leader by looking outside yourself
4. Company growth stagnates
After a certain point, you may find that you are not seeing the same significant results that you saw in the first few years of your business. This is a sign that your organization has entered its maturity stage.
The maturity stage is what startup owners strive for. However, as the maturity phase approaches, revenue growth can often slow to a crawl.
The good news is that you’ve built a solid platform for future growth, but you may need some strategic insight to get there. Hiring a new executive who can partner with you and articulate a vision to take your company past its current milestones can be a step in the right direction.
5. A valued team member leaves
Your current CEO has decided it’s time to retire. A trusted sales manager starts his own business. If so, you need to hire someone to replace them and fast.
While management turnover can be problematic for startups, it’s a natural part of growth. Nothing is permanent, and your experienced team members will leave at some point, just like you if you decide to leave.
It’s not easy when a key team member leaves, but it can be the prelude to a new beginning. Bringing in a new boss means you’ll have fresh eyes on areas that no one but you and your former co-worker have likely seen in years. Their unique perspective can breathe new life into your brand and workflow in a way you didn’t even realize you needed.
If your former team member held significant responsibilities in your organization, you may want to replace them with someone equally qualified who brings new talent to your company. Take the opportunity to find someone with up-to-date skills that can revitalize your organization.
New leadership can be scary, but it’s also good for your organization
It can be difficult to hand over key responsibilities to someone you don’t know. After all, your company probably means as much to you as your family; you’ve seen it through many milestones and achieved more than you could ever hope for. It’s natural to want to make sure it’s in good hands.
However, if you maintain a positive attitude and look for a quality leader who can add value to your company, you will reap significant benefits. Bringing in new leadership may be all you need to fuel your organization’s future growth.