• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Element 17. Management Competence > Score Elevation Tactics

Score Elevation Tactics

The easiest way to solve a soft score here is to simply accomplish what the doubters believe you cannot do. Make some sales to customers. Prevail upon a collection of solid winners in their fields to join you on the executive team. Form a first-class set of boards, both directors and advisors. If you can accomplish these things immediately, who can legitimately doubt your capabilities to lead the enterprise through its launch and growth? Until you make a mistake, no one will have an excuse to criticize you. The problem at this early moment in the life of the company is that you may not have the time to demonstrate your prowess.

Dr. Market’s Observation:

Once a solid executive team core has been established, say a CEO and a COO and a marketer with perhaps a board member or two, stop looking for help. Trust that the core team, if exemplary, will be able to attract the appropriate additions to solidify your success. Note that the CFO position should consist of nothing more than a bookkeeper at first. You will need a full-time CFO when you start actually paying income taxes because it is at that point that you will have financial dynamics in play that go beyond accounting. More often than not, the decision to hire a CFO will be made when you receive money from a sophisticated investor—they often have a CFO candidate in mind. Instead, try to use a small accounting firm for your bookkeeping matters and plug in a rational “salary” for their services. They are less likely to get involved in some political maneuvering to undermine the investor’s confidence in your capabilities. At this tender stage in taking your idea to market, you need stability and accounting accuracy, not politics.



PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint