After raising a Series A, you need specialists with specific skill sets taking charge of specific functions, which leaves the founder with two choices: promote internally or hire externally. Both are fraught with risk.
Take hiring, for example. One of the most important hires to get right is that of the revenue leader. However, as many founders have not normally held this role themselves, hiring for this role is unlikely to be their forté. This can lead to diligent yet sub-optimal decisions, such as finding an incredibly qualified sales leader with years of experience to take on the sales function. It may seem a great choice, but those with many years’ experience as a CRO, for example, are better at speaking to the boardroom rather than coaching sales reps and building your playbook from scratch. It may be a backtrack for their career and many of the sales methodologies, frameworks and tools (e.g. LinkedIn’s Sales Navigator) have changed a lot in recent years.
Instead, founders need to make the right hire for the right moment and this involves understanding the specific challenges that need solving right now, taking advice and following the metrics. You need to analyse your business strategy – your Series B end-goal – and work out what roles, functions and results are needed to get there before heading into the hiring market. You don’t want to hire a seasoned quartermaster when you need a deckhand.