On the Up and Up Ep. 4 Three Questions To Ask Yourself Before You Hire
If you’re an entrepreneur, leader, or work in human resources, then this week’s episode was made just for you!
When it comes to growing your business, the decision to add employees can feel very overwhelming. The truth is that hiring a new employee can bring comfort and ease in your everyday work life.
If you find yourself wondering Is it time to hire a new employee? These 3 questions should bring you clarity.
Capacity - Is your ability to create revenue impeded by your capacity limits?
Mindset - Are you ready to change the way you view your business to make space for true support?
Stability - Can you identify an average revenue marker or profit margin that you can expect to come in each month that allows for setting a budget?
We can take all three of these things and deconstruct them into whether or not an employee or contractor is the right move. A long term, involved player in a growing business will be most successful in starting and growing in an employee role. A bandaid on a bullet hole, or hemorrhage hire is going to be more about the tasks and less about the person.
Things that you don’t need to have sorted before you hire:
- Revenue of XX amount - Don’t worry about the numbers. Look for consistent predictable revenue.
- A desire to grow and expand - Hiring could mean growth, or it could mean maintenance - a hire can mean the difference between a busy life for you or a truly sustainable model with less profit. Neither are wrong.
- SOP Libraries - Processes are important, but you don't need them to be set in stone to hire support.
- KPI Dashboards - if you can ID one measure of success to start, you can always build on those later
Don’t wait for the stars to align to hire a new employee. Take the risk with the proper precautions, and watch your business flourish.
Next week, we're chatting with my dear friend and client, Jordan King, to chat all about the overhaul of a team built on being contractors, and then mindset shifts that happen when converting business owners to employees (and the pitfalls!)
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Resources:
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