Insights

How To Bring The Right People On Board To Support Fast Growth

Wednesday 5 January 2022

We’ve all heard stories of highly successful entrepreneurs who started a business and did everything themselves from their spare room or garage, but it’s a lonely path that inhibits growth.

Nobody is good enough (or has enough time) to do everything.

 

Smart recruitment

You need a solid recruitment process that will facilitate fast growth and high performance; recruit people specifically for their skills and ability to take your business further faster.

It’s tempting to hire people similar to you because you know you’ll get on well, but your company will benefit from different perspectives. You might also be tempted to hire someone you know because you “trust them”, but who says they’re the best the recruitment pool has to offer?

I’m sure you will agree, it’s tortuous trying to do everything in your business; but hiring the wrong person can be equally painful at times. So, what’s the solution? How can we make sure we are hiring the right people, whom we can trust to take care of all that stuff we don’t like or can’t do ourselves? 

Here are ten golden rules to help you bring the right team on board (and save time and money in the long run).

 

Ten golden rules to bringing the right team on board

  1. Know who you need to hire immediately; a chief exec and finance director are essential. And, trust me, if you want a profitable company, you need at least one salesperson and a marketing person (they do not perform the same tasks!).  

  2. Bullet point the job descriptions, person spec and role objectives so you and the candidates are clear on expectations.

  3. Hire people who are different to you; your business will benefit from a fresh perspective.

  4. Cast your net wide; as tempting as it is to employ your best friend because you know their character, you could be ignoring extraordinary talent in the recruitment pool.

  5. Employ people who are smarter than you; don’t be nervous of their capabilities (be grateful to bring them on board!).

  6. Appoint an interview panel (or consider using a headhunter) so you can go beyond your own biases and hire the best person for each role.

  7. Shortlist your candidates then carry out a second or third interview where they present to the interview panel.

  8. Allow a probationary period, and if they pass this period successfully, consider incentivising all of your team through shares or equity (create balance – don’t just share with the top tier of staff).

  9. Sometimes a candidate will turn the tables on you during an interview and ask you lots of questions; often that shows they’re a good candidate who wants to make a strategic career move. They will make an active choice about where and how they utilise their skills.

  10. Be patient; it might take time to hire the right people, but it’s always better to hire slow (get the right person) and fire fast (if your business needs change or they don’t perform as expected).

Once you have a team in place, allow members to demonstrate their expertise. There are two major traps that I see entrepreneurs fall into once they have their optimum team in place:

  • Interference
  • Incompetence

Let’s explore each of these (they’re a lot more common than you think), so you don’t accidentally sabotage your team.

 

Interference

If you’ve been passionate enough to set up a company, it’s easy to want to control how “everything” is done, but this is one of the biggest ways to cause problems and inhibit growth (see my book Freedom to Achieve). 

When you recruit good people, you need to give them the freedom they need in order to excel. Give each person up to five objectives that you expect them to deliver (remember golden rule #2).

When I hired our salesperson, I told them their target was to bring in £10 million in sales. They knew best how to deliver that (not me); that’s why I hired them. If you trust your recruitment process, you can trust that you’ve got the best person for each role; allow them to deliver, and stop thinking that you can do better.

The second issue that hampers the smooth running of your team (and therefore your business) is incompetence.

 

Incompetence

Over a ten-year period, I hired six different directors – we grew so fast, we outgrew the people I had hired. The person who can help you take your business from A to B can’t always take you to C or D; it might require a different skill set or mindset (and sometimes people’s professional priorities change).

Companies looking for fast growth must not tolerate incompetence. Golden rule #10 was to hire slow (so you get the right people) and fire fast. If you know someone is not the right fit for your company, you need to rectify the situation as soon as possible (or be willing to sacrifice time and money recruiting new people or repairing the damage).

Guy Remond and I have built and transformed high-growth eight and nine-figure businesses (and have the battle scars to prove it!). At EHE Capital, we’re growing a community of ambitious tech entrepreneurs who want to rapidly accelerate business growth – come and join us!

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