So, you’ve reached the point at which you can no longer achieve the level of excellence you are striving for by yourself or with your small team, and the time has come to find others to help execute your company’s mission. Finding the right folks quickly is a challenge that all business owners encounter – a commonly trying process, to say the least.
While employing new talent is a reflection of success for your company, the process can be very difficult and often time consuming. Recruiting the wrong employees, especially in the beginning stages, can be detrimental to your business, leading to expensive setbacks and low morale. Conversely, taking the time to hire rockstar talent and build a strong team that understands your vision can lead to great success.
Here are some tips to consider as you expand your team and bring on new hires:
Lead with your purpose and vision. Some candidates can have the perfect qualifications for the job on paper, but if they lack the beliefs and values you have set for your company, that can be a huge red flag. Make sure you communicate your vision with every interview that takes place, and ask the candidate what that means to them. As your business evolves, the “what” will change, but the “why” (purpose) will remain constant. Don’t let your “why” be compromised by employees that don’t fit the mold. Hiring those who share your purpose will allow you to build a team that has a sense of commitment and shares the same desired future for the company. As a result, your business will grow more quickly and efficiently.
Celebrate diversity in backgrounds, experiences and opinions. As long as the candidate shares your vision and core values, diversity should always be embraced. Variations in experiences and opinions can provide new insights and foster more collaborative team meetings, as well as more innovative solutions for clients.
Bring in people smarter than you. As the CEO, your role is to support your team — not to do their jobs for them. You don’t have the time or energy with your growing business. As we mentioned in our recent blog post, Are You Listening?, hire employees because they are experts in what they do. If you hire people who are smarter than you in their area of expertise, who are truly great at what they do, you’ll be free to run your business with confidence and trust, without the need to micromanage.
Hone in on your candidate’s personal and professional goals. If your team is passionate and engaged, anything is possible. Hire those who want to be a part of something beyond just what a paycheck will bring. It’s a great sign if they sound passionate about learning new things and being part of a team. It’s a red flag, however, if the potential new hire needs titles and boundaries or lacks goals in their personal or professional lives. Find those who want to go above and beyond their job description and who sound excited and passionate – they will take your company to new heights.
Get the right people on the bus and change seats if needed. Once confirming that your candidate has the proper education, experience, communication skills and cultural fitness, hire away! If the employee who you thought was a rock star isn’t unfortunately performing at a rock star level, try “changing seats”. It might just be that they are a better fit for a different position.
Hire slowly, fire quickly. That being said, if you “change seats” enough and your employee just isn’t performing as you expected they would, do not hesitate to give them the boot. Your company doesn’t have the time or energy to put up with with unproductive employees, and recognizing that early on will save you a lot of time and money.
Really smart people don’t make the same mistake twice. Hiring new employees can involve some trial and error. Taking risks on people is a good thing to do when your gut tells you so, but if it turns out your instincts lead you in the wrong direction, learn from your mistakes. Analyze why the candidate didn’t work out, and make sure to revisit those issues during your next round of hiring.
Anyone can have a killer business idea or product, but in order to make your business flourish you’ll need an incredible team. Building the right team is truly an art — one we are constantly trying to perfect here at Far West Capital.
Some of the key qualities we seek in our hires are people who are empowered, hospitality minded, smart, self-motivated, collaborative, authentic, transparent, and eager to learn and grow.
What qualities do you seek in others as you expand your team?