A business that can’t grow is a business that won’t survive. Some company owners put off hiring new employees as long as possible to maintain operating costs, while others pounce on the first opportunity at hiring top talent. It’s crucial to strike a balance between these two methods; you don’t want to jump the gun and hire someone who will not work out in the long run, but you also don’t want to be too conservative in your hiring and miss out on a potentially amazing new team member.
Think about these five signs it’s time to grow your business and consider whether you’ve noticed these issues in your own organization.
Slipping Customer Service Standards
A business is only as viable as the trust its customers place in it. If you notice an increase in customer issues, slipping sales numbers, or repeat customers suddenly disappearing, take these signs seriously. They could be an indication that your existing team is overworked or doesn’t have the necessary manpower to handle your growing customer base. Putting off hiring for too long can damage your company’s image in the eyes of your customers if they start thinking you don’t have the manpower to handle their needs. Make sure your team can handle your business load, and consider hiring if they’re stretching to their limits.
Stressed and overworked employees will inevitably lead to tension and flaring tempers. You can avoid these issues by ensuring everyone in the company has an acceptable workload, and a new hire can help balance things for everyone. When new hires don’t work out or seem to cause more friction than they resolve, it may be an indication that outsourcing is a more viable option for your needs.
New hires can provide new insight into existing problems. Established employees may fall into complacency and fail to recognize new solutions to their problems. A new addition to your team can sometimes be the breath of fresh air your other employees need to see problems in a new light. New team members may also help bridge the gaps between other employees with competing workflows or who have different ideas about which tasks should take priority.
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Increased Complexity of Business Problems
Every company has growing pains. Over time, companies need to hire more employees, update their operating workflows, invest in new software and applications, purchase new equipment and workspace, and much more. As business problems evolve, you need to have the talent and human resources to handle it. If you start encountering new issues or are facing a pressing need to expand, consider it prime hiring time.
Some new hires may already have experience with the new problems you’re facing, or perhaps their training could help your organization handle these issues more fluently. A new hire with a rich work history and a willingness to learn can be a terrific asset for any team, especially one that is facing market disruption or increasingly complex business concerns. Some of the new talent you hire may already know how to solve problems that have the rest of your team stumped. As your company grows, fresh talent can help your whole team stay agile and ready to tackle evolving tech problems.
Many startup founders start their companies by wearing many hats. A business owner will likely also handle customer service, purchasing, payroll, marketing, and various other aspects of the company until it gets off the ground. Once a startup or new company gains momentum, the leaders of the organization need to be able to recognize when it’s time to step back and delegate instead of handling everything on their own. As a business leader of a growing company, you must be able to recognize when it’s time to divide the labor of leading your organization. Micromanagement will frustrate your employees and eventually wear on you.
How do you imagine your company in five or ten years? Every market experiences disruptions, and innovations can throw the entire tech industry off-kilter until everyone adjusts to the new reality. If you want your company to remain competitive in the long run, consider what a new technology hire or a consultancy could do to help you meet your long-term goals. New employees may have experience and insight from their past work that can help you manage disruptions in your market. Additionally, welcoming a new hire as a permanent member of your team builds a sense of community, and encouraging the new hire to stick with you for the long haul can strengthen your whole company for the future.
Try our Hiring Priority Assessment tool to see what kind of new hires would make the most sense for your company’s current situation, and let us know how we can help you meet your goals.