Knowing When to Hire and Scale Your Business
Are you tactical enough when its time for hiring jobs or scaling your business?
When do you begin hiring?
As a business owner, we often face the ambitious feelings of wanting our business to grow quickly.
There are measures you should gauge before taking this step.
But, what are the gauges and when do you begin hiring talent?
Well, there are several aspects of business that should be in alignment before you are responsible for the success of others. Ultimately, as a leader, anyone you hire is falling into YOUR program and how YOUR business runs.
- Are you setting them up for success?
- Are you prepared to train, coach, pay, develop and discipline as needed long term?
These are vital questions to answer before you even think about hiring anyone.
There are several aspects of business to consider before you add people to your team.
First and foremost, you must have profits before you bring on new people. Next, you must have intellect on your overall business and your responsibilities as a leader.
Intellect does not mean, you know what you are doing personally. It means you are able to support, teach and coach others on how (and why) they are expected to perform.
Are you ready?
If you are in real estate, there are several aspects of your business that will need to be taught. Be mindful that as you scale your business, if your people are not trained for peak performance, your bottom line will feel the pain.
This pain could cause you to become unprofitable if not careful. Understand, the foundation you set, is only sustainable based upon your business structures’ strength.
– Gage your level of intellect before hiring by reviewing your capabilities on each below-
- KPI’s – Knowing your key performance indicators (KPI) are vital. These KPI’s align goals for your people to target so that they perform at or above a level of expectation. Without metrics, people will perform to their own comfort levels. All task level responsibilities should have performance goals, evaluation and coaching.
- Bookkeeping – How is your process of collecting, sustaining and reviewing all your books. Bookkeeping is a vital aspect of your business and as a leader you cannot gauge your performance without it.
- Projections – Knowing your goals and how you will meet them is vital. Your projections should directly support you plan to hire.
- Business Acumen – Knowing how each task function, relationship and strategy relates to a larger goal is vital. Within any task level expectations, customer engagement should be aligned. Best practices should align with high performance goals.
- Finding Talent – Knowing where you will find talent is vital. The platforms, people, and partners that you will engage with should be reviewed for best results before they are chosen. When its time to hire, these are essential tools.
- Screening Talent – Knowing the questions, tests, or eligibility requirements for your interview process is vital. Follow-ups, and feedback here are also vital. Be sure these formats are role-specific as needed.
- Training Talent – Knowing your planned training process is vital. Being prepared for employee feedback within the training system is also necessary. Be flexible and understand that processes may need alteration. Also, new processes may need to be implemented. Keep high engagement with your people on how training, and if, training is effective. This is the foundation of your team development. Lack of intellect and involvement here, can cause your foundation to crumble. Support your people.
- Coaching Talent – Addressing conflict, giving feedback, setting goals, celebrating wins, sharing targeted improvements, and creating a comfortable work environment is your responsibility. You are the coach. How your players play is a reflection of your ability to lead.
- Success Planning – Knowing your team and developing them is not simple. Strengths and weaknesses of each player, including you, need evaluation. Know how your team operates best with key players in their best roles. Know your teams’ aspirations and help them get there. Plan the success of everyone and explain what success looks like. Individual plans support the entire teams’ plan.
- Culture – Know and exemplify the culture you want to reinforce, support, and align your team to. Knowing how you will sustain that culture is equally as important. Know when you see dysfunction, teach your team to see it, and promote healthy actions.
- Lead Pool – Knowing how you maintain leads is the lifeline to your business. You should be able to teach your team how the team will sustain and grow. This should align with your projections.
- Customer Follow-Through/Engagement – Knowing the how, when, and why, behind follow-through with customers is vital. This engagement should support business directly and as a growth mechanism.
- Appointments – Knowing what appointments should look like when your team is face-to-face with the customer is vital. As you get to the appointment stage, this is the stage most important because the level of partnership will be determined at this step. Train and convey the key characteristics your team should posses in order to earn business.
- Renovation Projects – Managing operations extend outside the office. Any projects that are being managed, must meet the level of teamwork, workmanship, follow-through, and needs to execute daily. Supporting your team to see things through to completion without negatively effecting relationships is vital.
- Partnerships & Follow Through – Professional relationship development is also a lifeline to your business. Referral based business is the best business you will receive. Be sure your team has the professionalism, trust, kindness, and business acumen to support as needed. Professional representatives that either work with you directly or indirectly, are a reflection of your business.
- Communication – Throughout your team, communication is vital. Be the example of how your team should perform. Communication covers, coaching, developing, praising, giving feedback, goal setting, reviewing results, interacting with customers, and having fun! Communication happens day-in and day-out. Support healthy communication.
- Teamwork – A team shares, celebrates, acknowledges, supports and improves on all aspects of business together. Be sure you are prepared to support healthy traits that grow your team. Aim to be #1 and not falter due to dysfunctional habits. The creation of leaders will bring you more talent and appreciation from those you’ve developed.
As you see there are several aspects of business that you are responsible for before you begin hiring.
Although some of your positions may allow freelance roles, developing people is still your responsibility. Giving feedback and coaching is in your best interest.
This will support longevity and high level performances. This applies to cold callers, data analysts, virtual assistants, other industry partners, etc.
Also, if you are hiring, be sure you are not hiring to quickly. Possibly not all listed above, but the several of attributes from the readiness checklist, will apply to some degree. Consider each and apply accordingly.
Labor expenses can add up quickly and you wouldn’t want to cause your business to face unrecoverable deficits too soon. If you have the time to learn a craft, I recommend you devote yourself to that role.
As you begin to facing being overwhelmed, and you are profitable, this is when you should begin hiring. Otherwise, you should be developing your business and coining your skills to be a better leader.
As a rule of thumb, as you are building your business acumen, be sure you can teach, train, align expectations, give praise, give feedback, express the company goals, and give the who/what/where/why and how, for any practice you own.
This is where leadership happens. If you cannot answer a question, you may be in a role where your credibility can begin to slip away.
It is okay to learn together, but understand you have competition, and people will compare your support level to others.
We hope this has been effective time spent for you on today’s topic. We thank you for joining us today and wish you great success.
Thanks for following or sharing faithful readers-future leaders.
Love ya and keep striving for growth!
Please leave a comment below if any of this has been helpful.
Get our FREE Deal Analysis for Rental Property Calculator!
Plenty of great tools for your investing journey!
Our mission is to help others develop using our knowledge. We love helping people!
We cater to those looking to grow professionally and educate themselves in real estate and stock market investing.
Need Investing Tools?
For your real estate and budgeting needs.
Make the Best of Your Home Buying Experience Now!
Best preparation tool available for home buyers!