Who to hire when you're growing your business
You may recall last year we published a series of helpful posts to position your company for the future called the Workplace Series. After a lot of positive feedback, we decided to pick up the series again, this time focusing on the core of every business: people.Over the next few weeks we'll be posting about best practices for hiring new employees, developing your staff, and retaining the people you've invested in. This week we will focus on who to hire to help you grow your business. One of the most challenging things about being an entrepreneur is knowing how to grow your business - when to pull the trigger on adding people to your team and how to go about doing that.There is the risk that comes with adding payroll costs when you don’t know if the individual will pay for themselves, along with the fear of having to let someone go if things don’t work out.When building out a Distributor business, there are some natural points in time when adding staff makes sense:
- You have more opportunities than you can handle
- You need to free yourself up from administration to build sales
- An Account Coordinator who can help with sourcing, quoting and liaising with existing clients so you can focus on building relationships and bringing in new business
- A Production Coordinator who can manage all general administration needs as well as all supplier touch points after purchase orders are created to make sure production goes smoothly
- Book Keeping/Accounting who can handle all customer invoicing and accounts receivable as well as receiving vendor bills and accounts payable
- Farmer model- take the Account Coordinator role you hired and when they've had a year or two experience, promote them to an Account Manager role where they can manage a portfolio of clients. This allows you to hive off from your portfolio some of the smaller accounts that have room to grow that you don’t have time for. This frees you up to bring in more opportunities and results in solid organic growth from the existing client base.
- Hunter Model - if what you need is more sales fast and you don’t have the patience to grow in a more organic fashion, you can bring in a Hunter who’s responsibility it is to bring in new business. This is a very different skillset from a Farmer, so be sure you are looking for the right thing.