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When should you recruit a new team member?
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Posted in Employers on Feb 29, 2012 by Richard Hayden
Guest Blogger Russell Smith of Russell Smith Chartered Accountants discusses, when you know its the right time to recruit.
“If you want a job done properly, you have to do it yourself”
Great piece of ‘wisdom’ that is utterly useless if you want to grow a business and earn more profits. The truth is, if you want to increase your income and grow your business you have to recruit a team. If you already have a team, to grow further you will need a bigger team.
Sure, I’ve read the ’4 hour work week’, but look at all the top business successes that you know – they all have a team and are a master at managing that team.
Personally, I think the team management part of business is by far the hardest, but it is also the most fun and enjoyable part. As an employer I also feel a certain moral obligation to create employment given the current unemployment figures. However, if you want to look at it in purely business terms – if you want to be bigger, you’ll need a team.
Finding a team is one thing, that’s the easy part. Finding a great team – well, that’s an art form. I've been obsessed with recruitment for the last 3 years because it is those decisions that will have such an impact on business success. Your team should be leading YOU to greatness, not the other way round. You've got to hire people who are better than YOU, not the other way around. If you honestly think you are the best person to do the work, then good luck to you, but you won’t grow your business.
Anyway, let’s assume you want to employ that next person. How do you know when the time is right? Here’s a quick tip – if you believe you can afford 50% of their salary (you’ll know this by checking out your profit forecast) then hire them. They will make up the missing 50% in their contribution to the business and in freeing you up to do the important stuff.
For further information about Russell Smith Chartered Accountants and the services they offer please visit www.rsaccountancy.co.uk
