HOW DO I BUILD A STRONG MANAGEMENT TEAM FOR THE FUTURE?
Having a genuinely strong management team is essential for 3 reasons. Firstly you won’t get anywhere on the fundraising side without one; secondly you can’t do it all yourself and thirdly it helps if you want to create a great company!
There are probably more self-help books (and quotes) on teams and team building than almost another other subject in the universe. But the basics hold true. There is a saying that “you don’t change a winning team.” This is a universal theory that is patently untrue – all of the best teams are refreshed from time to time so you should not feel that you need to keep the same team ad infinitum. In fact the likelihood is that if you did keep the same team, in a growing company, that you might not be successful. So don’t feel you have to keep the same team for appearances sake.
Whatever the composition of your team, what you do need though is an exceptional CFO. Someone who can run the numbers from dawn until dusk, is also a good ambassador and who above all understands and has a grasp of the business.
Finally the best piece of advice is to “hold out for the best person.” In principle it is never a good idea to recruit in a “needs must” reactive manner and just hire the best available person but with the management team the attitude should be “must be right.”