| ng and keeping the right team is one of the toughest | | | | you and why? |
| and most important tasks you take on as a business | | | | * Describe your last failure. |
| owner or entrepreneur. Yet it doesn’t always | | | | Don’t bother with clichés like |
| get all the attention it warrants. Business owners | | | | “Tell me about your weaknesses.” |
| focus on the work. In contrast, when investors | | | | Everyone has canned answers to them. |
| (Venture Capital groups or Angels) look at a business | | | | 6. WHAT CANDIDATES SHOULD KNOW ABOUT |
| they are likely to focus more on the team than the | | | | YOU - They need to be able to trust and respect |
| business. Why? As Jim Collins substantiated with his | | | | you quickly, so it’s important to be clear |
| Fortune 500 research for his bestseller From Good to | | | | about your values, workstyle, strengths too. Be sure |
| Great, it’s the team that creates and sustains | | | | they know: |
| success. | | | | * What you do well. |
| So when you’re thinking about the team you | | | | * What you do poorly. |
| want with you, as you build or grow your vision of | | | | * What you don’t get around to doing |
| the business, here are some constructive tips to do it | | | | * When you will interfere and why. |
| right from the start: | | | | * When you get mad and why. |
| 1. THINK FIRST - It’s tough for small | | | | * What you really want from them. |
| businesses to think past the next electric bill. But | | | | 7. WHEN TO STOP THE BLEEDING - The moment |
| before you hire, think through: | | | | you feel the need to tightly manage someone, |
| What skills and experience do I need now in that | | | | you’ve made a hiring mistake. The best |
| position, to accomplish what, by when? | | | | people don’t need to be managed. They |
| When we’re successful (3, 6, 9 months) | | | | want to be taught and led. If you wait before acting, |
| what skills and experience will I need in that position? | | | | it is unfair to the strong performers and you risk |
| What don’t I do well and need somebody | | | | losing them. It is also unfair to the person who must |
| else to do better? | | | | get off the bus. You’re stealing a portion of |
| What are the characteristics of people | | | | his life, time that he could spend finding a better |
| who’ve done well working for me? Done | | | | place where he could flourish. If you have someone |
| poorly? | | | | on your team who is just not quite working out, and |
| This is not about titles, organization charts or job | | | | you’ve explained why and what you expect, |
| descriptions. It’s about the right people. | | | | but it’s been a month and it’s not |
| 2. WHAT CAN I OFFER - Once you know what you | | | | happening, what do you do? He/she goes. Now. |
| need short term and medium term, think through | | | | Summer Small Business Re-evaluation |
| what you can offer: | | | | Whether at the beach or on a mountain, I find the |
| * Salary | | | | summer is a great time to lift my sights to the |
| * Equity/Bonus/Promises | | | | broader horizon. It’s a great time to regroup |
| * Perks | | | | solo, or with your team, on what’s working |
| * Location | | | | not working, what the opportunities are and what it |
| * Work environment | | | | will take to get there in the next 12 – 18 |
| * Schedule | | | | months. |
| Add it all up, not just for one person, but for | | | | Summers can offer small business owners |
| everyone on the team. Too often entrepreneurs and | | | | opportunities not usually available in busier times. With |
| sole proprietors look at each hire separately, in | | | | either a slower pace or more time off, it might be an |
| isolation, rather than visualizing the overall impact on | | | | occasion to re-evaluate plans made earlier in the year. |
| the business. | | | | Richard Magid, CEO of SoundBoard, a New Jersey |
| 3. LOOK BEYOND THE RESUME AND THE JOB | | | | company that holds support groups for small business |
| DESCRIPTION - Now that you think you know what | | | | owners said in a statement to Yahoo! News: |
| skills and experience you need, be prepared to | | | | “You can make changes to your business |
| discard your requirements for the right person. Good | | | | model, re-evaluate clients, really plan out your budget |
| to Great companies learn it’s more important | | | | and some of the investments you want to |
| to get the right people on the bus and then figure | | | | make.” |
| out where to place them. When you have the right | | | | “You can get a sense of the good, the bad, |
| people, they will do everything in their power to build | | | | and the ugly–what have we planned for that |
| a great company. Not because of what they will get | | | | wasn’t done, what have we done that |
| out of it, but because they simply cannot imagine | | | | didn’t work,” said Magid. |
| settling for anything less. | | | | It can be a good opportunity to discuss and plan out |
| 4. FRIENDS ARE GOOD, STARS ARE BETTER - | | | | your business objectives and strategy for the rest of |
| Entrepreneurs instinctively – and correctly | | | | the year or longer. It may be a good chance to |
| – want to be in the foxhole with people they | | | | make decisions on capital investment or resource |
| absolutely trust. So we first turn to friends to hire | | | | planning. As advocated by AccountingWEB.com, |
| and work with because we know, like, and trust | | | | “Scheduling an appointment with your |
| them. But is that enough to build your business on? | | | | accountant may be one of your most important |
| Not always. Be careful to distinguish between how | | | | to-do items.” |
| much you like – or even trust – | | | | Implementing new hardware or adding software or |
| potential and current employees, and whether they | | | | systems can be done easier in the summer than in a |
| will be standout contributors. You need stars in every | | | | busy time. Repairs to other equipment or performing |
| position, not just someone who can fill a slot. Also, | | | | a necessary renovation may be done easier during |
| you need the straight truth, with no sugar-coating. | | | | this time. Planning for holiday sales or bigger year-end |
| Sometimes friends and family can’t do that | | | | shipments may also be a timely consideration if you |
| – they are friends and family first. Then there | | | | sell or ship a majority of products at the end of the |
| are some jobs where you never want a friend. For | | | | year. |
| instance, I want my accountant to provide stellar, | | | | The summer is also a good time to take advantage |
| ahead of the pack, intelligence to grow the business | | | | of seminars or tradeshows to check out new |
| or protect our interests. I don’t need him/her | | | | products and services as well. |
| to be the office glue. | | | | Taking advantage of the seasonal weather is a good |
| 5. QUESTIONS NOBODY ASKS BUT YOU SHOULD | | | | opportunity to nurture relationships with employees |
| – Ask the tough questions before they join | | | | and customers by finding different ways to show |
| the team, for example: | | | | your appreciation outside the office. |
| * What should I watch out for if I hire you? | | | | Planning time to plan is no small matter. With your |
| * Name a couple of people who don’t like | | | | vision and a plan, everything else falls into place. |