Are you unsure if it is time to hire someone new for your business? In this podcast, Tyson discusses the timelines of adding a new face to the team as well as the financial aspects of hiring. He touches on the difference between capacity versus capabilities when hiring and how to make good hiring decisions.

The difference between capacity and capability is crucial to knowing when it is time to bring somebody onboard. Capacity is about the numbers. How many people do you have currently and how many tasks are getting completed? Capability is about leveraging the right skills and innovation to grow your business. Focus on hiring someone who will be an asset and will give you the leverage needed to be a better company.

For many the question is this: When do I know it is time to hire someone new? You need to look at overcapacity and if your team is overworked and staff are stretched too thin. Another important thing is if someone is “wearing too many hats'' and multitasking regularly. The last thing is opportunity cost, which for some might be losing out on clients because you don't have enough team members to take them on.

It is one thing to know more people are needed on a team, but it is another thing to be able to afford it. It is important to know if a company is in the right spot financially to hire someone new. Considering if a person being hired will bring the company revenue is significant as well.

Aside from the cost of hiring, culture fit is another consideration. Warren Buffett says to consider 3 things when hiring someone: integrity, intelligence and energy. Focus on these aspects of someone’s overall character and mindset to ensure they are going to succeed in a company.

Use these tips to ensure you get the right people for the job!

Take a listen.

3:41 Discusses the signs of overcapacity 

6:05 Discusses the cost of hiring 

9:56 Discusses the importance of a streamlined onboarding process

🎥 Watch the full video on YouTube here.