In organizations, there are several kinds of business roles crucial to company operations. From executives to entry-level workers, these positions involve specific tasks contributing to a company’s overall success. Understanding the different business roles involved in a company can help you make a defined career path.
Here are the different lead management positions and key personnel in a company and what you need to know about them—from their responsibilities to how they help a company succeed.
Chief Executive Officer
The Chief Executive Officer (CEO) of companies is the highest role. They’re the ones responsible for making all top-level decisions and getting resources to support a business and drive operational and structural changes, influencing organizational growth. Business owners often can hold this title as well.
Chief Financial Officer
The Chief Financial Officer (CFO) is the one who’s in charge of monitoring and regulating the cash flow and overall finances of a business. CFOs are responsible for searching for reputable investors and conducting external funding opportunities for growing their company. However, not every company can find a CFO with enough experience and skill to handle important duties in the company. This is why some firms opt to hire outsourced CFO services from reputable firms in Atlanta.
Chief Operating Officer
The Chief Operating Officer (COO) manages a company’s overall operations. The COO is often referred to as the general manager in smaller businesses, which possesses the same tasks as COOs. A COO is a top-level business role that ensures processes run efficiently while overseeing different departments, ensuring employees are completing tasks correctly and promptly.
Chief Marketing Officer
The Chief Marketing Officer (CMO) is the professional in charge of directing marketing campaigns, plans, and budgets while managing an organization’s entire marketing department. A CMO is often responsible for several marketing teams, each with their respective leaders. They also make the final decisions regarding the implementation or development of marketing campaigns.
Chief Technology Officer
The Chief Technology Officer (CTO) is in charge of managing an entire organization’s technological functions. CTOs often integrate the latest technology trends to a company, ensuring the technologies they introduce meets their organization’s needs. Additionally, in businesses that have prominent IT departments, the CTO is the one that oversees all high-level functions.
Instead of a traditional CEO, some companies designated a president. While most responsibilities of a company ‘president’ are the same as a CEO, presidents may tackle additional tasks that conventional CEOs may not. Presidents may perform some of the jobs that COO and CFOs handle. However, as a business grows, the president’s role may consist of more ‘defined’ jobs such as handling top-level decisions rather than general executive functions.
The vice president of a company initiates the president’s decisions and plans by instructing managers and team leaders about different tasks, acting as an ‘operational role.’ Vice presidents generally oversee business operations and initiate organizational structure, among other positions.
Executive assistants typically report directly to the CEO or president, handling most of their administrative tasks. Businesses often rely on this professional to maintain a CEO or president’s schedules and appointments. They’re the backbone behind every successful business owner.
As you make your business plan, management teams need to be pulled together with serious thoughts given to the ‘key’ roles that need to get filled and who should fill them.
Management teams often evolve. If you work for a company or run one, expect to see different organization members wear several hats until the company grows and can hire additional staff. Large businesses may have some or all the positions mentioned—but no matter the role, each one provides crucial contributions to the company’s growth and success.