Three Essential Business Roles for Success and Balance
Three Vital Business Roles for Success and Balance
A passionate visionary, a get-your-hands-dirty operator, and a responsible, finance-minded executive, are what author Chip Conley describes as what investors look for in a management team when they consider providing startup money to new businesses, in his book The Rebel Rules: Daring to Be Yourself in Business.
Even if you’re never going to seek venture capital money to fund your business, this tidbit of advice makes a great strategy question to consider for your business, especially if you are an entrepreneur. Do you have these three roles in your company?
If you’re not sure which leadership role you play or who plays what role on your team, consider reading Predictable Success by Les McKeown and taking the quiz at https://getpredictablesuccess.com/styles-quiz/
The passionate visionary is a creative idea person. They have the technical knowledge that supports the service or product that will be created and offered. They see the market need, and just how to sell and position the product so that clients or consumers will want the offering.
The visionary often has more ideas than budget. The finance role can evaluate the profitability of the visionary’s ideas and prioritize the projects. The operator can execute the visionary’s ideas.
The visionary provides strategic direction for the company and keeps the market offerings fresh.
If your business is missing a visionary, you might also struggle to keep your practice full as often (but not always); the sales function could fall to the visionary. You might also find yourself getting stagnant with your service offerings and falling behind the marketplace.
The fix for a missing visionary is to develop a sales and marketing team and/or a research and development team that can serve these functions.
The operator is an action person who can execute. They get things done. They can find and hire the right team. They can develop the systems, job descriptions, procedures, and processes that makes the company unique.
The operator takes the visionary’s ideas and makes them happen. They need the visionary’s ideas because they would rather take someone else’s ideas and work with them than create their own. They also need the support of the finance executive to stay on budget and to focus on one project at a time or avoid hiring too many people.
A business without a good operator never gets the product to market and may also constantly be short of team members.
Responsible, Finance-minded Executive
The finance expert helps to make the dollars work for the company. They can tell us how much we need to sell and how much we can spend. They can also provide capital sources for the company via investors or loans.
The finance executive loves numbers and can help to make sure the company’s operations are profitable. They’ll work closely with the operator to make sure that the right number of people are hired at the right salary levels. They’ll work with the visionary to plan and budget for new sources of revenue and new product lines.
Without a finance executive, a company often spends more than they bring in and may not have a viable profit plan. They may also run out of cash which can cause problems with creditors and investors.
This is the role we can not only help you fill, but also help you build your financial literacy to the level that you need for the stage your company is in now and for the future.
Your Business Success Trinity
As you were reading, which role are you? Which role jumped out at you that might need shoring up in your business? You might be strong in one area and need to outsource another while keeping a strategic eye on things overall.
Look at each of these roles and objectively assess your business. How are all three roles being served in your company? Which ones need more development for your business to grow?
Getting clear on your company’s roles can very well take you to the next level of success.
Which trends impact your business the most? Which ones speak to you? Feel free to reach out to discuss any of these ideas with us.