Successful entrepreneur and early-stage investor Reeve Benaron shares his tips on hiring a well-rounded team that can help you capitalise on market opportunities.
In today’s rapidly evolving business landscape, the ability to pivot and diversify is essential for companies to stay competitive and capitalize on market opportunities. This not only requires recognizing shifts in the market but also having the right team in place to navigate these changes. Hiring the right people and collaborating with individuals possessing diverse skill sets can be a game-changer for businesses. Reeve Benaron, Founder and Co-CEO of Intrivo Diagnostics, talks about the significance of building the right team and shares valuable insights gained over his own long career.
Why hiring the right (smarter) people is so important
One of the critical factors in a successful startup business is finding and hiring the right people who can expand your businesses capabilities outside of your own expertise as a CEO. At board level, hire people you think are smarter than you. That may seam scary, or maybe even just too simple, but it truly has been one of the best things to benefit at my career.
The process of recruitment should go beyond evaluating qualifications and experience and focus on finding individuals who not only possess the necessary skills but also align with the company’s vision and values, but also those individuals who will take you as a board member to the next stage. When businesses hire employees who believe in the company’s goals and are committed to its success (to challenge you in your own thinking), they create a strong foundation for growth and innovation.
The success of Intrivo Diagnostics as a trusted partner in the health tech industry, for example, can be largely attributed to the team’s expertise and their ability to drive innovation and find solutions to key business issues in a fast-changing landscape.
Diverse skill sets deliver a strategic advantage
Collaboration among individuals with different skill sets is key to driving innovation and can provide businesses with strategic advantage. Businesses can tap into a wealth of ideas and perspectives by bringing together people with diverse backgrounds, experiences, and expertise. This kind of collaboration is key; it can lead to creative problem-solving and the capture of new market opportunities, allowing businesses to adapt swiftly to changing market dynamics and forge new growth partnerships.
Reeve considers the ability to match contrasting and complimentary expertise (and personality traits!) instrumental to forming teams that can grow and excel together. His own wide range of expertise and experience demonstrates the impact that different skill sets can have on driving growth and innovation.
The immense value of cross-functional teams
Cross-functional teams, composed of individuals from various departments or disciplines, play a critical role in helping businesses pivot and diversify. These teams bring together individuals with different areas of expertise, such as marketing, technology, finance, and operations. By fostering collaboration among team members with complementary skills, businesses can develop comprehensive strategies that address multiple facets of the pivot. Cross-functional teams enable holistic decision-making, leading to well-rounded solutions that consider all aspects of the business.
World class marketing capabilities
In the digital media landscape, having world-class marketing capability is especially crucial for businesses looking to capitalize on market opportunities. Reeve, with his extensive background in marketing and technology, understands the importance of this aspect. By assembling a team with diverse marketing expertise, companies can establish a strong brand presence, attract new customers, and drive business growth.
Data-driven insights play a pivotal role in guiding business decisions and uncovering new opportunities. Reeve Benaron’s co-founding of Audiencex, a data-driven marketing company, showcases the significance of leveraging data to drive success. By hiring individuals with data analytics and insights expertise, businesses can gain a competitive edge, identify emerging trends, and make informed strategic decisions.
Embracing agility and adaptability to drive growth
Pivoting and diversifying successfully requires businesses to be agile and adaptable. This mindset should be reflected in the team members that are hired. Look for individuals who demonstrate flexibility, adaptability, and a willingness to learn and grow. These qualities enable employees to embrace change, navigate uncertainty, and proactively seek new opportunities. An agile and adaptable team can swiftly respond to market shifts, identify emerging trends, and capitalize on new growth prospects.
Building a culture of learning and development
To build a team that drives success, businesses should foster a culture of continuous learning and development. Encourage employees to expand their skill sets, stay updated with industry trends, and pursue professional development opportunities. By investing in the development of team members, businesses can create a workforce equipped with the knowledge and skills necessary to navigate changing market dynamics and drive innovation.
A successful business founder, Reeve routinely shares best practices with fellow entrepreneurs and business leaders. His own commitment to growth and development is evident through his extensive career in various industries.
Learn from the experts: Reeve Benaron shares top tips
You cannot possibly do everything yourself. I learned this the hard way. I wish someone had told me this when I was a young VP Reeve at the start of my leadership career – that the key to being a successful leader is to hire excellent people and delegate effectively.
You’re prone to commit basic errors when you’re busy working against the clock. It can be tempting to go through hiring at a fast pace, even if the people you hire don’t seem to be the right fit. You might be tempted to overspend on the wrong resources. But in the long run, shortcuts will not have made your job any easier.
Hiring and managing a team carries its own range of challenges. Pay attention to your people, and ensure they are happy and thriving while working for you. If you manage to put together a good team, put in effort to retain it.
About the Author – Reeve Benaron
Founder and Co-CEO of Intrivo Diagnostics, Reeve brings a wealth of expertise and professional experience to the table. With a background in investment banking and as co-founder of AUDIENCEX, he possesses a unique understanding of the intersection between finance, technology, and marketing. His strategic development skills, combined with his experience in leading successful companies, make him a trusted advisor for businesses seeking to navigate market shifts and capitalize on new growth partnerships.
Reeve remains Chairman at AUDIENCEX, which he launched in 2012. It is a leading digital advertising partner in North America for agencies and brands like Lenovo, Warner Bros and Jacksonville Jaguars, responsible for disrupting the digital media landscape with strategic omnichannel performance solutions that help clients maximise their marketing spend through AI and automation.