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by Fundid on Mar 31, 2022 3:51:00 PM
Are you looking to grow your business? There are many avenues to growth, but the process often starts with hiring the right people. For many business owners, this process can seem a little intimidating at first.
The smaller your business, the more likely you’ll have to serve as your own human resources director, but don’t worry. We’ll show you how to hire the right employees to help your business thrive.
Determine if Your Business is Ready to Hire
Before you initiate your job search, you’ll want to make sure you’re ready for the challenges that come from hiring a new staff member. How do you know when you’re ready to hire a new employee? Consider three critical areas:
- You have the time to train and manage a new employee
- You have specific projects or goals you need help with
- You have the funds to cover the cost of payroll
Hiring a new employee is an investment, and that investment can see significant returns. If you know you're ready to hire but are lacking the additional funds to grow your team, there are loan options that can help support your growth!
Fundid Recommendation: Ready to hire but need some additional capital to get started? Our lending partner, Accion Opportunity Fund (AOF), can help you get started! AOF is a non-profit lender offering customized small business loans up to $100,000 with flexible repayment terms.
Is their working capital loan right for you?
- Interest rates starting at 5.99%
- Transparent and flexible repayment terms
- No prepayment penalties
- Your business generates $50,000+ in annual revenue
- You have a 570+ FICO credit score
Propel your growth with a loan and explore their free coaching and resources!
How can Employees Help Your Business Grow?
By finding the right people, you can grow your business and gain the following advantages:
Reduced Stress
You can’t do it all yourself. Many business owners find themselves juggling so many administrative duties that they have no time to focus on the big picture.
Hiring staff can help with that. Your employee(s) can handle the day-to-day responsibilities of running your business, giving you more time to devote to growing and scaling your operations.
More Revenue
Hiring the right people gives you the opportunity to expand your services or offer new products. You might even be able to invest in a new business channel, such as eCommerce, now that you have the right assistance. The end result is more revenue for your business, helping you scale to a level you could never have achieved on your own.
Better Relationships
You’re likely the “face” of your company, but that can be limiting. No one can be in two places at once. More employees provide more faces, meaning you’ll be better equipped to build relationships with your customers, distributors, business partners, and other members of your community.
This can grow your business, helping you build a network that can propel your company forward.
How to Hire for Growth
The right staff members can help your business grow, which is why selecting the right employee is always important. However, the best entrepreneurs are interested in more than just a bottom line. Successful businesses invest in their staff, growing people and companies through relationships and proper training.
Here are some strategies for hiring the right employees to grow your organization:
Hire Generalists, Not Specialists
When you’re first getting started, you’ll get the most benefit from hiring people who are good at many different things. You’re probably already well aware of the need to wear different hats in your business, and you’ll need to hire someone who can provide a flexible skillset to adapt to your changing business environment.
Provide Training
In all likelihood, you’ll need to train your new hires in your company’s policies and procedures, as well as the basics of the job. This training might include product and sales training, technical training, and safety training.
Believe it or not, many employees are actually eager to learn new skills through on-the-job training. In fact, offering your workers the chance to develop new skills can keep them loyal to your company and prevent them from seeking new opportunities elsewhere.
Don’t Force It
Not everyone will share your passion for your company or industry, but you should also avoid hiring someone who’s only looking for a steady paycheck.
You might be tempted to try to “make it work,” but don’t force it. An unsatisfied employee is unlikely to meet your business needs and will likely make you return to the hiring process sooner than you prefer.
Be Open to Feedback
Talk to other business leaders — or even other employees, if you have them — about your hiring process. They may be able to offer tips and suggestions for how to hire the right people. Sometimes their feedback can sting a little, but be willing to adapt their constructive criticism into advice that shapes your company’s future.
Empower Your Workers to Make Decisions
In their marketing text Made to Stick, Chip and Dan Heath observe that some companies teach their workers the company’s mission, then give them the freedom to make decisions on how best to fulfill that mission. In other words, the question shifts from: “How do I perform my job?” to “How can I help my company grow?”
Your goal should be the same. Teach your workers what your goals are, then give them increasing degrees of freedom to make their own decisions. You may discover that you need to spend less time coaching your team and more time on processes that help your company grow.
Value Your Team Members
Employee turnover can be a challenge for small businesses, as it means you’ll have to repeat the hiring and training process all over again. Keep employees on board by ensuring they know you value them.
Some ideas: Honor your employees with some type of rewards program. Highlight your team members on your company website or social media pages. Show you appreciate their contributions, and in turn, they may feel more inclined to remain in your employment.
One other thing to keep in mind is how individuals like to receive feedback and praise. Not everyone appreciates public praise and would prefer to be recognized individually or in more direct ways. Understanding and acknowledging your employee's likes and dislikes can help you show that you value them as a person, not just a contributor.
Tips for Finding the Right People
By now, we’ve seen why hiring the right employees is crucial to an organization. If you’re ready to start the hiring process, here’s how to find new employees who can help your company grow:
Clarify Your Mission
Start by ensuring that your company’s mission and purpose are clear and memorable. This clarity will help job seekers understand more about your business, and it can also be used to connect you to the right candidates. Ideally, you want to find employees who share your passion for the business, the industry, or the people in it.
Identify the Types of Employees You Want to Hire
You’ll need to make a decision about what type of employee you want to hire. Your options include:
- Full-time
- Part-time
- Temporary/seasonal
- Contract
Typically, your most loyal workers will be those who work for you full-time. But that means you’ll need to cover not just their salary but also their benefits and payroll taxes. Make sure you can afford these expenses before asking a candidate to commit to a full-time position.
Decide Where to Look for Candidates
Knowing where to hire employees is an important step in the process. Here are some tips for how many companies are seeking out talent:
- Upwork
- Post to job boards
- Reach out to your network
- Use social media (wisely)
- Use ads
- Hire interns
- Connect with local colleges/trade schools
- Attend job fairs
- Use a recruiter
- Offer hiring bonuses/competitive benefits
- Offer flexible hours/remote work
Other business owners might provide insight into hiring the right people, so don’t be afraid to ask for advice.
Be Patient
This process takes time. Don’t settle for the first applicant who catches your eye. Instead, vet each one, check their resumes and references, and make a decision that best fits you and your company. If you have existing employees, have them meet potential candidates with their future coworkers.
Grow Your Team Without Financial Worry
Need to grow your team but worried about the expenses? Don't worry, we've got you covered! We are partnering with different lenders who can support the cost of hiring without putting too much strain on your existing budget. Explore the Capital Marketplace to find the working capital you need to grow your team.