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6 Ways a Small Business Can Afford a CTO

6 Ways a Small Business Can Afford a CTO

A Chief Technical Officer (CTO) is someone who will make everything work. More and more businesses rely entirely on computerized systems and automation to function. The average entrepreneur starting a new small business has a small technical team, and the CTO is the thought leader. They won’t just repair they’ll innovate, making this an essential role within the company.

What can you do when you’re a small business without any additional room in your budget?

1. Work Over Your Budget Again

It’s easy to assume you automatically can’t afford to add another person to your team. Take a closer look and factor the cost into your current budget. You’ll be surprised at how quickly you can find some wiggle space by making cuts and adjustments elsewhere. Sometimes the best way to afford a CTO is to force one into your company.

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2. Outsource the CTO

There are independent consultants acting as CTO’s for multiple small businesses at the same time. To ensure the smooth running of your small business you shouldn’t spend money you don’t have. Outsourcing the issue and paying someone for a couple of days every week may allow you to slip that new member into your team.

You could even bring someone in remotely. For example, you could employ an independent CTO from another country and deal with them remotely.

3. Begin Combining Roles

To start strong in business you need to economize. Sometimes the best way to do this is to combine roles together. Similar roles, such as IT consultant and CTO, can be dually handled by the right candidate. Employing someone to carry out both tasks can be a great way to cover two positions without paying two salaries.

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Beware of combining roles exclusively for the reason of saving money, though. It’s always better to have an expert in one position than an over-stretched worker covering two positions.

4. Going into Debt in the Short-Term

A CTO can be such a valuable part of the company during the new business formation phase. You may discover that the best way to afford one is to go into debt in the short-term. Payable debt is common for small businesses, so should you ever go into debt to afford a CTO?

This all depends on your income plan. How quickly will you be able to generate enough money to cover the new position and how much debt will you be in when you reach that point? You must decide based on your own calculations whether going into short-term debt is the right option for you. If you want to start strong in business you may find that debt is the worst possible option for you.

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5. Don’t Choose the Best CTO on the Market

Small businesses don’t need to have the most qualified CTO. The chances are your internal systems aren’t big enough to warrant a full-time, high-cost CTO. It’s always nice to have the best CTO in the world working for your company, but do you really NEED them? In a lot of cases, their skills are completely wasted on the average new business. Think about searching for someone more affordable. They may have less experience or they may specialize in micro businesses.

6. Wait Until Later

In the first six months, you won’t necessarily have the need for a CTO. You’re establishing your product and working on basic marketing. Too many entrepreneurs attempt to employ a full team from day one. It isn’t the best decision money-wise because you can’t utilize their full potential just yet. Can’t afford a CTO right now? Wait a month or two when you can better utilize them.

You can make room in your budget for a CTO if you try hard enough. But what’s more important is hiring the right person for your business. The ingredients for a perfect start include a robust hiring process, acknowledging your short-term needs, and considering what you can do with each member of your team in the future.

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How and when will you make room in your budget for a CTO?

Featured photo credit: Pexels via pexels.com

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Ryan Kh

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Last Updated on September 23, 2020

Do What You Love and Love What You Do to Achieve More

Do What You Love and Love What You Do to Achieve More

Are you waking up each day looking for that perfect thing, activity, or job that will make your life work? Or, maybe you are looking for that perfect relationship. Once you “get” this new thing that will allow you to do what you love, you are sure that you will be happy forever.

In reality, life doesn’t work like that, and we would probably get bored if it did. There is likely no one thing, experience, or activity that will keep you feeling passionate and engaged all the time. What’s important is staying connected to what you love and continuing to grow in the process.

Here, we’ll talk about how to get started doing what you love and achieving more in life through the motivation it brings. Doing this doesn’t have to take a long time; it just takes determination and energy.

Most People Already Know Their Passion

So many people walk around in life “looking for” their passion. They look for it as if true passion is some mysterious thing that is difficult to find and runs away once you find it. However, the problem is rarely lack of passion.

Most of us already know what we love to do. We know what excites us, even if we haven’t done it for years. Instead, we focus on what we think we “must” do.

For example, maybe you love building model cars or painting pet portraits. Yet, each day you work a completely unrelated job and make no time for the activity you already know you love. The truth is you probably don’t need to find your passion; you just need to start doing what you already know you’re passionate about[1].

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No Activity Is Exciting All the Time

Even people who are living their dream lifestyle or working their dream job don’t love it all the time. Every job or lifestyle has parts of it that we won’t like.

Let’s say your dream is to become an actress, and you succeed. You may not enjoy the process of auditioning and facing rejection. You may experience moments of boredom when you practice your lines over and over again. But the overall experience is totally worth it.

Most of life is like that. Don’t set yourself up for disappointment by demanding that life be perfect all the time. If things were perfect and easy, you would ultimately stop learning and growing, and life would begin to lack even more meaning in that case.

Be grateful for both the good and bad moments as they are both entirely necessary if you genuinely want to do what you love and love what you do.

Doing What You Love May Not Be Easy

Living a life you love is unlikely to be easy. If it was, you would not grow very much as a person. And, if you think about a great book or movie, the growth of the main character is what matters most.

What if the challenges you meet along your path to living a life you love were designed to make you grow as a person? You may actually start looking forward to challenges instead of dreading them. An easy life hardly ever makes a compelling story.

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If you struggle to overcome challenges, try writing them down each time you encounter one. Then, write down three ways you could tackle it. Try one, and if it doesn’t work, try another. This way, you’ll learn what does and doesn’t work for you.

How to Do What You Love

There are many small steps you can take to ensure you are making time to do the things you love. Start with these, and you’ll likely find that you’re already on the right track.

1. Choose Your Priorities Wisely

Many people claim they want to do something, yet they don’t do it. The truth is they might not really want to do it in the first place[2].

We all end up following through on what matters most to us. We make decisions moment by moment about what we need to focus on. What we choose to do is what we deem most important in our lives.

If there is something you claim you want to do but you don’t do it, try asking yourself how much you really want it or where it’s currently placed on priority list. Are there other things you want more?

Be honest with yourself: what you currently do each day is a reflection of your priorities. Recognize that you can change your priorities at any time.

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Make a list of your priorities. Really take the time to think this through. Then, ask yourself if what you are doing each day reflects them. For example, if you believe your top priority is spending more time with your family, but you consistently take on extra hours at work, you’re not really prioritizing things in the way you think you are.

If this is happening, it’s time to make a change.

2. Do One Small Thing Each Day

As stated above, doing what you love doesn’t have to mean finding that perfect job that makes you want to jump out of bed in the morning. If you want to do what you love, start with one small thing each day.

Maybe you love reading a good book. Take ten minutes before bed to read.

Maybe you love swimming. Get a membership at the local YMCA, and go there for thirty minutes after work each day.

Dedicating even a short amount of time to something that brings you joy each day will improve your life overall. You may find that, over time, a career path related to what you love to do pops up. After doing the thing you love each day, you’ll be more than prepared to take it on when the opportunity arises.

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If you need help making time for your passions, check out this article to get started.

3. Prepare to Make Sacrifices

If you are an exceptionally busy person (aren’t we all?), you may have to make sacrifices in order to make space for the things you are passionate about. Maybe you take on less extra hours at the office or take thirty minutes away from another hobby in order to develop another that you enjoy.

Looking at your priority list will help you decide what can get put on the back burner and what can’t. Remember, do this thinking about what will help you feel good about how you’re spending your time. 

For example, if you love writing but rarely make time for it, consider getting up 30 minutes earlier than normal. Or instead of browsing your phone for 30 minutes before bed, you can write instead. There is always a way to find time for what you love.

Final Thoughts

If you love what you do, each day becomes a joyful adventure. If you don’t love what you are doing, life feels like a chore. The best way to achieve success is to design a life you love and live it every day.

Remember, doing something you love doesn’t have to include big gestures or time-consuming projects. Start small and grow from there.

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Featured photo credit: William Recinos via unsplash.com

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