The $100 MBA Show MBA902 Better to Hire Early or Late?
Is it time to hire?
As your business grows, this can be a tough question. As entrepreneurs, we all want to be proactive. Why wait ‘till tomorrow when you can do it today? But when it comes to personnel, it’s not quite so simple. Growing your business is about many things, not the least of which is timing.
No one can hire the people they need at the exact moment they’re needed. So the question is: should you hire late or early?
Is it better to have the people you need in place before the work rolls in? Or should you save the capital until the investment is absolutely necessary (not to mention guaranteed to pay off)? What’s worse: spending money you don’t have on people you don’t need, or scrambling to handle the workload with inadequate staffing?
What’s the lesser of two evils?
We’ve been entrepreneur-ing for some time now, and we’ve got pretty strong views on this topic. Today on the podcast, we’re weighing the pros and cons of both early and late hiring, and explaining why we consistently choose one path over the other. While no two businesses are alike, we think our reasoning can help any entrepreneur, whichever policy they prefer.
It’s advice worth hearing.
To help you with your hiring plans, we discuss all the factors that go into this important decision. What positions are truly necessary? How much momentum and revenue is required to make a new hire a safe bet? How much work is too much for a solopreneur or small team? Most importantly, how can you establish a new position in a way that lets your new employees hit the ground running?
Whatever you spend on your team, it needs to be money well spent. On this episode, we’ll teach you how to project timeframes, analyze the cost/benefit ratio of every new hire, and scale up while keeping your business lean.
We’ll help you hire with the timing and finesse every entrepreneur needs to make strides without losing ground.
There’s a risk in every decision. Nowhere is that more true than when it comes to the timing of your hires. Tune in, hear how we’ve dealt with this deeply important policy question, and decide if our logic applies to your business. We offer detailed insights, plus practical exercises you can use before you decide to hire.
Make sure that every investment is a worthy one. Click Play!
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