Living in an entrepreneurial age is kind of a double-edged sword – on one hand, there are countless possibilities for growth and long-term success in the business world, and on the other, this seemingly straightforward road to success is laden with obstacles and challenges that stop many a small business dead in its tracks. Unfortunately, where many businesses tend to fail is not scaling properly to accommodate the requirements of an ever-expanding marketplace.
Oftentimes, a business will go under for the opposite reason as well: expanding your work collective too early. While there is no doubt that a professional management team can be a grand asset in any 21st century company’s arsenal, you also need to know when the time is right to hire. So, let’s dig in.
Having a professional team by your side to guide your every decision is never a bad thing. Moreover, having a big team can feel empowering, as if you are but a couple of steps away from reaching your goals. In this feeling of security and power, in fact, may lie the pitfall of many a modern business.
You see, hiring new team members can feel exhilarating as it signifies growth and progress, yet hiring too many people right off the bat can damage your business in the long run. Unless everyone in your company brings immense value to the table, constantly breaking plateaus and propelling your brand forward, there is no way you will be able to justify the expenses associated with the position.
In essence, a small business that’s still trying to get the brand off the ground is usually unable to afford managers and specialized teams. The key is in milking the proverbial cow for all it’s worth, i.e. your core team, until you have solidified your position in the market and are in real need of professional backup. So, set up a concrete mid-term goal (taking up to a year to accomplish), and refrain from hiring before you reach the mark.
When you start feeling the pressure of the daily workload, it’s time to start thinking about expanding your employee collective and maybe bringing in a couple of fresh faces. Still, you might not be ready for a full-blown team, but are rather in need of a single, experienced person to fill in the gaps.
This gray area you’re in usually demands only the most relevant positions to be filled, and it’s always a good idea to gather detailed reports from your core team members on the most pressing issues and what type of talent would be able to help resolve them efficiently. However, more often than not, thriving businesses will actually need a team of professionals to manage their growth accordingly.
Some industries simply demand whole teams of people, even from the very beginning. For instance, if you’re running a restaurant or a boutique hotel, professional hospitality accounting is a must as the industry is on a constant upward trajectory around the world. Bringing in accounting and management teams to ensure your small business is growing optimally and safely is imperative, but not all management teams were created equal, meaning that you need to do your research beforehand.
Hiring experienced industry professionals is the name of the game. No matter how skilled or talented, the team must have a deep understanding of your niche with a proven track record to back up their success stories. Moreover, these professionals should offer value across the board, offering a myriad of services rather than focusing on a single aspect within a single department.
Rapid growth is what every entrepreneur and business leader wants. The desire to overcome the initial challenges quickly and effectively and devote time to innovation and key processes can, however, hinder your ability to grow steadily and with purpose. This is where management teams can make a true difference for the future of your company.
Bringing in an experienced team will infuse some much-needed rationality and calm into your business, letting objective and fact-based decision-making permeate its core, and ensure a steady rise to prominence in the industry. Backing your every decision, a management team will be able to tell you exactly when to invest, what objectives to pursue, and when to ease off the throttle in order to seize an even better opportunity down the road.
Letting someone go is never an easy task, from an emotional standpoint, and oftentimes from a legal one as well. Nevertheless, small businesses need to stay true to their key goals, letting rational thinking and objectivity weigh the pros and cons of keeping employees on the payroll.
Don’t be afraid to scale back if you need to. More importantly, don’t be afraid to let a manager go if the person hasn’t achieved the prescribed goals within the defined timeframe. You’re running a business, and every employee will either add value, or subtract it – let that simple notion guide you.
In the end, a myriad of unique factors will determine whether or not you’re ready to hire a professional management team and grow your small business internally. Nevertheless, one fact still stands, and that is that management teams are a terrific asset to every modern company focusing on making it big in the ever-expanding marketplace of the future.
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