On the business owner’s journey, there is rarely a roadside billboard declaring: “Time to Hire!” Rare are times when both the customer pipeline and business revenues are so strong that the owner has no qualms about hiring more employees. There’s usually uncertainty.
Customers come and go. Growth is sporadic. Revenues may be delayed. Your project may be terrific, but it’s not bringing in money yet and it’s unclear when it will. When to hire? When to make business bigger? When to hold off? It’s a challenge. Here are four things to think about before you hire.
#1 What are your employees doing? Are all employees working on their highest and best value? If not, this may be a great opportunity to bring in lower-level help to take over tasks that are holding back current employees.
# 2 Are you or key partners losing opportunities because the focus is on holding down the fort? How could time be better spent? Growing business? Expanding operations? Think strategically. What could you change if you had more help? How would it impact your business in a quarter or in a year? Sometimes you need to take a short-term hit for a long-term benefit. It may be a great time to hire if a new employee gives you the freedom to do more high-valued tasks.
# 3 Are your clients getting the service they need? If you know you aren’t doing enough for them, it might be time to make a short-term investment. Hire people to take care of your clients, and you will gain referrals and new business. You’ll probably learn you can pay quickly for the new hire.
# 4 Is your business missing something? Could a new employee offer a new service or product? You may have an opportunity to bring in a new employee on a revenue-neutral basis because the new hire brings in income that offsets the addition to your payroll, and becomes profitable later. If there is a huge gap in your product or service offering that forces you to turn away business, it may be clear it’s time to hire.
There’s no one-size-fits-all time to hire. Business growth, revenue and customer service are keys. If you see opportunities in those areas, that may be your sign.
What’s your experience? Have you struggled with whether to hire? What are you doing to make these decisions in the future? Join us in the comments below and let us know your thoughts and experience.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion, and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer ilker.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com/3laws), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at email@example.com or (214) 418-0258.
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