For me, the answer is very simple. It’s all about PEOPLE, choosing the right people … human capital, HR, intellectual property, manpower, teamwork, workforce.
In 1624, the Priest and Poet John Donne penned his famous Meditation XVII. While in the throes of typhus (unconfirmed) he wrote “No man is an island, entire of itself; every man is a piece of the continent, a part of the main”. This statement rings truer today than ever before, and clearly describes the situation which every small business owner finds them self in.
I find that most hard working, successful entrepreneurs and small business owners go into business because they have a passion for something they do. They may want to manufacturer the world’s best widget, or sell more what-do-you-call-its than anyone else.
Unfortunately, few of us possess all of the knowledge and skills required to operate a growing business. Now, more than ever, running a profitable business involves expertise in many so diverse and wide ranging fields. From accounting to advertising, sales to web design, entrepreneurs and busy executives must rely on the talents and services of other people, to elevate their company to the next level.
In order to accomplish the goal of growing your small business it’s going to take PEOPLE. The successful entrepreneur quickly becomes overwhelmed, and soon determines that they need help. Enter the employee … and all of the rewards and responsibilities that come with being an employer. It is vital that you find the right person. Someone that is honest, motivated, and qualified, who has all of the skills and qualifications you need. It’s important to identify people you can rely on, and perhaps even more importantly, those you cannot.
All too often, I’ve seen the effects a “bad hire” can have on a small business. Webster’s Team Sports was a successful sporting goods company. For three generations this local family business thrived. Suddenly, one December, they received notice of non-renewal from their workers compensation carrier. They had a series of serious insurance claims in the past, and couldn’t find any insurance company to write their workers compensation coverage.
Without a policy, Webster’s would be forced to close their doors on New Years Day. All because they hired what can only be described as “professional” workers compensation claimants. They were employees who thought they could “game” the system to an early retirement, by faking injuries and claiming disabilities, which prevented a return to work. Employees are not the only hiring decisions that can have dramatic results. Be aware of the people you invite to play a role in your “dream”. Remember, that growing your business requires you to assemble a team of individuals who will advise, nurture, and help you get all of the various jobs done. This is especially true for a young company with limited resources, where the selection of the wrong advisor, partner, vendor, even a misguided mentor, can be the “kiss of death” for a budding enterprise.
I’m not ashamed to admit that I’ve chosen a few bad business partners, been sold by seductive sales pros (who were going to make me millions), and trained grateful associates, who would never, ever, leave me. Yes, I too, have hired energetic employees for all the wrong reasons, and more than once. I’m also smart enough to realize that I may do it again, but I’ve also learned how important and costly my decisions can be. Your success or failure will depend on your ability to evaluate people, in business, and in life.
Rules of the RoadPerform a Thorough Examination
Trust But Verify
Cut Your Losses
Document Everything
Bruce Silver is the founder and managing member of
Employers Rx LLC. An employee management consulting firm based in Palm Beach County, Florida. The focus of the firm is to help entrepreneurs and executives of growing companies with 5 to 500 employees to compare, select and form successful employee leasing, payroll and HR Outsourcing or Professional Employer partnerships.
Success!
Related Topics
