October 12, 2015

Growing Internally to Expand Externally: When to take on your first hire


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Going off on your own is an empowering and rewarding challenge. Starting your own business gives you the opportunity to determine how you want things to be run, on your own terms and on your own time. Time, though, is a valuable thing. And work days that trickle into late nights may make you think twice about your decision.

But Rome wasn’t built in a day. Working overtime to get your business off the ground is normal. Like I said above, owning a business is a challenge. And creating a successful company takes time, energy, and hard work.

You want to keep overhead down in the early days and take on the brunt of the work yourself; and when your company is still in its infancy, this is great advice. Outsource whatever you absolutely need to, but keep your costs variable. (In fact, wanting to help facilitate that for new entrepreneurs was one of the reasons decided to offer part time CFO services.)

Yet, when projects begin piling up, new clients are knocking on your door, and you only have time to think about the task at hand (rather than the larger picture), it may be time for your first hire.

Having the capability to grow internally is just as important as expanding your client base externally.

Check your physical, mental, and emotional health to decide if you are overloading yourself with too many responsibilities that could be delegated to someone else.

Take a good, hard look in the mirror. Recognizing your strengths and weaknesses will help determine where and how a new hire can complement your existing ecosystem.

It’s difficult to trust a new person with your business. It’s your baby, after all. Understanding the value in hiring the right supporting player—one that is passionate about your company’s vision—will not only take some of the burden off of your shoulders, but will also give you more time for the fun stuff: expanding the business and enjoying the ride.

Are you prepared to handle the biggest challenges faced by business owners?

Don’t get blindsided by problems that other talented leaders have already solved.

We’ve teamed up with Dr. Hector Lozada, Professor of Economics at Seton Hall to survey business owners ranging from start-up founders to seasoned CEOs. What came out of it is a cheat sheet for sidestepping the roadblocks, bottlenecks, and challenges that plague your colleagues and competitors.

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