It can be overwhelming for Founders and CEOs of early-stage startups to take on multiple roles and responsibilities while trying to grow their business. Many are too busy to even interview potential hires, which can hurt their company's growth. However, one solution that has gained traction in recent years is hiring a Chief of Staff (CoS).
While the role of a CoS is common in larger organizations, it is relatively new in the startup world. However, as the benefits of having a CoS become more apparent, venture capitalists are increasingly requiring CEOs of their portfolio companies to hire a CoS, especially for first-time CEOs.
A CoS can be a valuable asset to any startup, taking on various roles depending on the company's needs. They can handle operational tasks, assist the executive team, draft proposals and documents, brainstorm strategies, manage communication, identify metrics and KPIs, and handle staffing responsibilities. By taking on these responsibilities, a CoS can help free up time for the CEO and other executives, allowing them to focus on more strategic decisions. Here are seven specific ways a CoS can bolster your startup:
Keep You Focused on Priorities
A CoS can help manage your priorities and filter out daily decisions that can distract from hitting your company's goals. By focusing on the most strategic decisions at hand, the ones that align with your OKRs and the ultimate success of the company, the CEO can achieve their goals without getting bogged down in minor details.
Facilitate the Smooth Flow of Information
They can also serve as a positive bottleneck for updates about the business, allowing for a more organized and contextualized executive summary of information. By distilling down the most important points, a CoS can help prioritize and focus on the right information that needs to get where it needs to go.
Inform Your Strategy and Decision-Making
One of the benefits of having a CoS is they can inform strategy and decision-making by serving as the point person for all updates across the company. By providing an executive summary level view of company happenings, strategy and decision-making can happen much quicker, while still taking all the necessary information into account.
Maximize Your Time While You Scale
A CoS can help maximize time in the c-suite, prioritizing tasks and focusing on deep-think projects vs. quick fires that aren't deal breakers for the business. As priorities shift while the business grows and needs change, a CoS can help executives keep up with the shift and stay focused on the most important tasks.
Tackle Special Projects
Additionally, a CoS can spearhead special projects alongside the CEO, such as building investor decks or drafting conference presentations. By taking on these projects, a CoS can free up the CEO's time to focus on daily priorities and jump into special projects when their input is needed or for the final pass.
Act as a Liaison Between Executives and Employees
They can serve as a liaison between executives and employees, ensuring that the executives' policies are successfully communicated to the team. By filling in the gap in communication, a CoS can help ensure that the team is working together effectively and efficiently.
Identify Key Performance Indicators (KPIs)
A good CoS is great at identifying key performance indicators and other important metrics for the startup business. By setting up a system for these measures to be tracked, analyzed, and incorporated into decision-making, a CoS can help the startup stay on track and make more informed decisions.
A Chief of Staff can be an invaluable asset to any startup. They can wear many hats and take on a variety of roles depending on the needs of the company. By taking on specific responsibilities, they can help free up time for executives, allowing them to focus on more strategic decisions, which is crucial for a startup's success.