115 - Making The Decision To Hire
Making the Decision to Hire: A Guide for Small and Medium-Sized Businesses
“You’ve got to be willing to delegate and you need to have trust.”
For small and medium-sized businesses (SMBs), hiring new employees is a big decision. On one hand, it can bring fresh perspectives, new skills, and increased productivity to your company. On the other hand, it also requires time, money, and resources to train and integrate new hires into your business. So, how do you know when it's the right time to take the plunge and hire someone new? Here are a few signs that it may be time to start looking for new talent:
Your workload is becoming overwhelming. If you and your current team are consistently working long hours and struggling to keep up with demand, it may be time to bring on additional help.
You're missing out on business opportunities. If you're turning down projects or clients because you don't have the capacity to take on more work, hiring could help you expand your business.
You have a new, long-term project or strategy. If you have a major initiative on the horizon that will require additional resources, it's worth considering hiring someone to help with the workload.
Once you've determined that it's time to hire, the first thing you should do is create a clear job description outlining the responsibilities, qualifications, and expectations for the role. This will help you attract the right candidates and ensure that everyone is on the same page from the start.
“On the job training is NOT training. It’s an abdication of training.”
Training is another important consideration when hiring. Even if a candidate has all the necessary skills and experience, it's important to have a plan in place for onboarding and getting them up to speed on your company's processes and culture. This will not only help the new hire succeed in their role, but it will also minimize disruptions to your existing team.
Hiring can have a number of positive impacts on your business. In addition to the potential for increased productivity, it can also bring new ideas and perspectives to your team. It can also help you grow and expand your business by allowing you to take on more work or tackle new projects.
Of course, it's important to make sure that you can afford to hire new employees. This means not only considering the salary and benefits you can offer, but also the cost of training and onboarding. It's worth taking the time to do some budgeting and financial planning to ensure that hiring is a viable option for your business.
However, it's also worth noting that hiring can be more affordable than you might think. For example, consider hiring interns or entry-level employees who may be willing to work for lower salaries in exchange for the opportunity to gain valuable experience. You can also consider hiring freelancers or contractors on a project-by-project basis, which can be a cost-effective way to bring in new talent.
There are also less-obvious impacts and responsibilities to consider when hiring. For example, you'll need to have systems in place for onboarding and training, as well as policies and procedures for managing and evaluating employee performance. You'll also need to consider HR issues such as benefits, time off, and workplace safety.
“You also need to consider the other things that come with hiring: managing, ensuring they’re doing their job, training them, and making sure they’re a cultural fit.”
Ultimately, deciding to hire is a milestone for any SMB. It requires careful planning and consideration, but it can also bring a host of benefits to your business. By being proactive and thinking about the long-term impacts of hiring, you can make the right decision for your company's growth and success.
In today’s short episode we’re talking about hiring – not HOW to hire, but how to make the decision TO hire. Oftentimes, employers let fear stop them from hiring. That fear can stem from a concern about associated costs or even losing control. Regardless of what it is that’s stopping you, we want to help you work through the mental roadblocks. Yes, adding a person to your payroll is a huge milestone that requires a shift in mindset for most business owners, but if you listen to this episode, we will help you make the right hiring decision for your business.
Show Notes
00:00 - Intro
01:00 - Who Was Your 1st Hire?
02:30 - The Signs You Should Hire
04:30 - The 1st Thing You Have To Do When Hiring
05:45 - Why You Have To Plan Training
06:45 - How Hiring Can Positively Impact You + Your Business
08:00 - Knowing Who You Can Afford To Hire
09:30 - How It’s More Affordable Than You Think
10:10 - Less-Obvious Hiring Impacts + Responsibilities
10:50 - Deciding To Hire Is A Milestone
11:30 - Outro
Quotable Moments
“You’ve got to be willing to delegate and you need to have trust.” – Martin
“The 1st thing you need to do when you make the decision to hire is to write out a list or a log of everything that you do.” – Martin
“Writing out the exact job responsibilities you have will allow you to write a thorough job description and help you train new employees.” – Martin
“On the job training is NOT training. It's an abdication of training.” – Martin
“Is the business out there for you to get, [as an owner or salesperson], if you had the time?” – Martin
“Don’t limit yourself by saying “nobody can ever do what I do.” – Martin
“When it comes to the expense of hiring, yes it will cost you on the front end, but think of the return after they’re trained.” – Martin
“If you’re going to hire someone for $60,000, that’s not a $60k expense, that’s a $5,000 expense.” – Martin
“If it’s not a fit, you can always reverse your decision.” – Martin
“You also need to consider the other things that come with hiring: managing, ensuring they’re doing their job, training them, and making sure they’re a cultural fit.” – Khalil
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