One of my COO Alliance members asked me this question:
“This feels like a chicken and egg situation?”
“Do you grow first and then hire employees?”
“-or do you hire great employees and then grow?“
In fact, this is a very common question in the COO training we conduct.
If you have the resources to hire a great team, then do it at all costs.
But if you only have the resources for growth but not for a new team – I get it.
It is actually a very weird sticky phase to be stuck in.
You know you need to grow.
You also know you need to hire a team to grow.
What do you do first?
Here is what you need to do:
Focus on Growth First:
Get new clients.
Roll out new product lines.
Close more deals.
Sell more stuff.
Network with sharks and set up strategic alliances.
Invest in a good leadership development program – so that your team is more competent than your competitors.
Join communities like the COO Alliance or the Young Presidents Organization.
Expand your resources.
Do what it takes to grow your business first.
If you have to think twice about the financial obligations of a new hire then you definitely need to grow first
If you can’t hire two people at the same cost then you shouldn’t be hiring one.
It’s a very strong sign that your business is stagnant.
So drink that coffee, roll up your sleeves, and make it rain.
How do I deliver on the new clients, products & growth if I don’t have a team backing it up?
This takes me to the second part of this blog.
Hire Fractional Experts:
One important principle that I teach in my COO training is how to leverage fractional experts during the growth phase.
Fractional experts are professionals in a specific field of work- but they work with you on a part-time/contract basis.
Fractional experts work on a remote setup most of the time.
If you need them, they come to your office as well.
They focus on 1-2 key activities you need them to do.
These people are a true boon to businesses like yours at this stage.
Need help with some finances?
But can’t hire a full-time CFO?
You can hire a fractional CFO at a fraction of the cost!
This goes for every aspect of your business.
Marketing. Operations. Customer Support. Logistics. Etc.
You can work with fractional experts until you have grown enough to hire a full-time employee.
Who knows, one of your fractional experts may become a full-time member.
If you need help with hiring fractional CFOs or fractional CMOs shoot me an email.
I only share recommendations with my COO Alliance members – but since you have read the blog this far, I can bend my rules a little.
A word of caution – working with fractional experts can be addictive.