Dominique asks: What are the key positions a start-up needs to fill first?

Dear Badr, I’m spending a lot of money on my business in Deira which has already been growing for four years, but can’t do everything myself so I need to bring in a team. As I can’t afford a lot of people, what are the key positions I need to fill? My company is in marketing and events. Dominique
By Abdul Rawuf
Mon 30 Jun 2014 09:18 AM

Dear Dominique,

 

Sustained growth over four years is a great start, so congratulations on that front.

 

There are three very important functions in your business line: sales, project execution, and cash flow management. Assuming the first two are taken care of by yourself and a small team, your next most important function is finance and accounting.

 

Many start-ups tend to neglect this part of the business early on so that they can focus on growing the business. However, cash flow is crucial to a start-up, especially one in your industry. You rely on subcontractors for executing your work while payments from your clients tend to come at a later stage, and sometimes after an event. Therefore knowing and planning your cash position at every moment, present and future, is of utmost importance and is critical to you being able to execute and deliver on the services you’re selling.

 

I hope this answers your question.

Badr

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.