In the early years, company founders intentionally keep their management structures lean in order to manage, spend, and maintain control over the key elements of the business. They do whatever it takes to launch the venture, get their products and services to the market, and begin generating revenues. It is only after the business has begun to produce substantial cash flows that founders typically start to consider adding senior people in specialized areas, such as finance, sales, or operations.

This process of expanding the management team can be a difficult one. That is because many entrepreneurs are initially reluctant to delegate responsibilities for their company, a business they have been overseeing since the beginning. Yet no successful business owner can continue to go it alone indefinitely. Building a management team can be a critical step in a company's transition from a small organization to a mature, stable business with increased capacity for future growth. By hiring the right people at this stage, you can lay the foundation for the future, ensuring that your company has the resources and expertise required to reach its full potential.

Many entrepreneurs I have worked with point to the expansion of their companies' teams as one of the critical factors in their later success. And not hiring an effective team can significantly hinder growth. In a 2007 survey of U.S. middle market companies sponsored by CIT Group, "shortage of talented staff" was cited as the No. 1 obstacle to growth, the top concern of some 35% of the 500 senior financial decision makers at American companies that were surveyed.

Over the years, I have worked with dozens of businesses at this stage of growth, and have found that eight key steps can help you successfully expand your team.

1. Do not expand too early: Successful companies often start with one employee, the founder. If you are at this early stage, you do not need a full suite of officers and executives. Only as you begin to grow the business and revenue base can you justify hiring additional people.

2. Look for holes in your expertise: At this point, take a hard look at your skills set. Are you best at R&D? Are you a natural salesperson? Do you excel at finance? Even if you are good in several areas, focus on your expertise. Then hire people for those slots that do not play as well to your strengths.

3. Use your contacts: Based on your industry contacts, you probably know many people you should consider hiring. Those who work for competitors, customers, suppliers, and service providers will likely take up much of your short list. During your search process, network with them to uncover other possibilities.

4. Develop talent inside your company: As you search for management talent, do not overlook your own employees. Hardworking staffers can learn many skills, and are already familiar with your company and culture.

5. If you have built an experienced board, ask for help: As an investor, I know dozens of executives at companies in similar stages of growth. Over time, I have developed pattern recognition to quickly assess if people are the right fit. If you have investors on your board, involve them in the process of identifying, interviewing, and evaluating new hires.

6. Think about corporate fit: Consider differences in corporate culture, as new hires must fit into your company. People hired from larger firms may need time to adapt to lean company practices. Those who worked in a strict hierarchy may be uneasy in a flat organization, while others may not be able to make the transition.

7. Hire the best...and let them do the job: This is perhaps the most challenging part of recruiting: give your new team members the autonomy to do their jobs. Since you have hired competent people, step back and let them run their areas, even if their approach differs from yours.

8. Find your replacement: Once your senior team is in place, begin to think about the next generation of leadership. Do not forget to look for someone who can eventually replace you. That will be the final stage in your recruiting process. Even if you have no plans to leave the company, you need to prepare for the unexpected. By having a strong management team-and a qualified candidate to succeed you-in place, you will be in a position to protect your employees, your customers, your shareholders, and most importantly, your own financial interests in all kinds of situations.

By following these eight steps, you can build a team deep in talent and potential, ensuring the success of your company today - and for many years to come.

Bruce R. Evans is a managing director of Summit Partners, a private equity and venture capital firm with offices in Boston, Palo Alto, and London. Since 1984, Summit Partners has invested in more than 300 growing, profitable companies across North America and Europe. Bruce can be reached at +1 617 824 1000 or bevans@summitpartners.com.