Determining the Right Time to Hire

Small business people are often self taught. This can be an effective way to find your footing in the business world. On the other hand, there are a few more delicate topics that you need some guidance on. For example, determining the right time to hire employees. When do you know that you should take on additional employees especially when the market is turbulent? You want to take advantage of any opportunity to make long term growth plans, but you don't want the burden of unneeded help when the business does not require it.

There are a couple of factors you can look at to guide you. Psychics may sound like a good idea but we are talking more about professionally trained market experts. Reading and listening to professional market watchers is a good first step. You need to become as familiar as possible with the people who make good predictions and pundits that are only interested in turmoil. Find some experts you trust, and read their material religiously. You will learn the language of business and how to crunch the numbers for your own purposes.

Hire or Fire

Growing your company is really only possible when you have the right employees to move you forward, but too many employees can really cut into the bottom line and contribute to dysfunction among staff. You have to find the right balance between the needs of the business and your employees. We know you want to be in the running for Boss of the Year and not for the Scrooge award, but your business requires sound decision making that meets the needs of the business while balancing the needs of the workers.

Evaluating the market can be difficult. As we look back over the last decades lessons abound. There are companies that panic and fire good people and then lose the chance to recoup their position when growth returns. There are companies that have learned the lessons of the last 50 years and have developed strategies to survive the lean times but remain in fighting shape for the inevitable return to prosperity.

You can either learn those lessons the hard way, or you can follow the lead of industry giants. The advice you are about to get may not sound like the most noble you will ever hear but it is honest, true, and it can help your company grow. You have to watch how the most successful companies in your industry handle their hiring. If you notice that the biggest company in your industry is adopting pro-growth strategies like hiring, you should probably evaluate whether you should do the same thing.

Strategic Listening

Also, staying in touch with associations within your industry will also provide clues. You will begin to hear some buzzwords about expected growth and expansion. For instance, if you are a home builder and you are hearing that there is a glut of existing homes, it is not time to hire. If you are expanding your business to include remodels or repairs on existing homes then that glut of homes is potential business, and you might need more hands on deck to handle it.

You might have been expecting a more sexy solution but this is good stuff. Determining the right time to hire is not exactly easy. The great news is that if you started a small business and it is still going strong you probably knew all along what you need to do to contract and expand with the market in order to capitalize on opportunities for your company.

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