Business owners’ responsibilities will vary depending on the industry you are in, what your specialties are, and most importantly, the size of your company. Businesses are generally defined based on how many employees they have: micro businesses have less than ten employees, small businesses have 10 – 49 employees, medium-sized businesses have 50 – 249 employees, and large businesses employ more than 250 people. Let’s look at the responsibilities owners’ have based on their category.
In a micro business or entrepreneurship, business owners have many responsibilities and wear many hats. In addition to handling daily operations and overall strategy, micro-business owners will generally manage sales, marketing, customer service, staffing/hiring, and financials. They don’t usually have a large enough staff to split these tasks out, and as owners (and often CEO and founder), they hold great pride in their work. They’ll want to make sure that their business runs as smoothly and efficiently as possible, which is why many micro-business owners perform such important daily, weekly, and yearly tasks.
Many of the same responsibilities hold for small business owners. With more employees, it’s easier to spread out the work, especially financials, sales, and customer service. Owners of small businesses will typically hire an in-office employee or use an agency to handle financials. Leaving your finances to an expert will help with payroll, taxes, and contracts. Many small businesses will also hire at least one salesperson and someone to handle customer service requests and complaints.
As companies grow, owners can hire employees to fill the most needed positions. Depending on the industry and the owner’s skills, they may employ many different positions. In most cases, medium-sized business owners will make big decisions and rely on department heads and other trusted individuals for many day-to-day tasks. It’s important to note that companies should have an HR department when they have 100 employees or more; the HR department will generally handle hiring and staffing requirements, including employee onboarding, offboarding, and overall business conduct.
Generally, the larger the company, the more the owner is removed from the company’s day-to-day operations. In most cases, owners communicate with department heads instead of everyone on staff. This allows them to focus on big picture items and tasks and leave smaller and more monotonous tasks to employees.
As companies grow, roles and responsibilities change. Owners generally have vast input and decision-making power with micro and small businesses. The larger the company grows, the less involved the owner will become. This is, of course, up to the discretion of each owner, but generally, these are the roles we will see.
As businesses expand and reach new markets, many owners seek to outsource some of their responsibilities. We are here to help in any area where we have the expertise and can provide value. We also help owners who are ready to retire or take a step back. We have worked with companies of all sizes across many industries, and we know that no two companies are the same. We treat each partnership as its entity, and we use our experience and expertise to provide value where needed most. If you need help handling small or big picture pieces of your micro, small, mid, or large business, give us a call. We’d love to help your business grow and run smoother than ever.