Featured in: Hispanic Biz Blog
Most entrepreneurs seek business growth, and while saying you want to grow your business is one thing, making it happen is another. In the words of Walt Disney:
It takes people to make the dream a reality
I often find entrepreneurs who resist hiring staff. Most say they are bootstrapping their business, or trying to “run lean”. Yet, these are the same folks who tell me that one of the reasons they started their own business was to be in charge and have a flexible schedule. But they’ve gotten caught up in work, and haven’t taken a day off in a while, or consistently work 12-hour days. They may be a solopreneur, overwhelmed by their current workload, with deadlines they can’t realistically meet without some help, and they still try to do it all on their own. This inevitably causes their deliverables to suffer, whether it’s because they are not meeting deadlines, the quality of their work begins to slip, or both. Of course, this only leads to dissatisfied customers, and a subsequent decline in revenue. Please, don’t let this be you!
Other entrepreneurs I meet, have a team, and they are still struggling to meet customer demands or grow their business in a way that’s scalable or sustainable. To these folks I say: research shows that many entrepreneurs make poor hiring decisions. Furthermore, they do not have an on-boarding processes in place for new hires; find it especially hard to have difficult conversations with employees; and they have underestimated the power of creating the type of company culture that is required to create the type of business success most entrepreneurs are seeking.
Simply put: the secret formula for business growth is hiring the right people.
Growth requires an entrepreneur to delegate and trust others to deliver results. Hiring the right people, engaging them in meaningful work, and giving purpose to the employees who are building the business, requires different skills than those needed to launch a business. Often as a business grows, it is necessary to upgrade people, processes, and controls to handle the increasing complexity of the business.
Or as Jim Collin’s, author of Good to Great, states:
“leaders of companies that go from good to great start by getting the right people on the bus, the wrong people off the bus, and the right people in the right jobs”.