December 26, 2022   / Uncategorized

Which Is The Right Time For Small Businesses To Hire An Executive Team? – Part 2

2 minutes Read

In Part 1 of this blog, we saw when you find the need for an executive team. Now, let’s move on to the next order of business. There are many potential challenges a small business could face. For example, one of them is, what if you can’t afford to expand, how to actually hire the team, and so on? Let us find out how to go about these situations. 

What if the hiring is going to be too expensive? 

  • C-suite positions can be expensive, as is obvious. Executive leadership positions typically pay six figures annually. 
  • If money is short for your company, you can decide to fill these roles gradually, giving priority to the positions that are in the greatest need. 
  • Start by considering what your company needs to grow.
  • You can think about hiring capable consultants to handle important duties instead of hiring them on a full-time basis. For instance, you might decide to engage with a freelance accountant to handle important financial obligations if your business has dependable bookkeeping software. That can make your temporary requirement for a CFO unnecessary.
  • There may be standard senior leadership roles that aren’t appropriate for your company, depending on your organization. 
  • You can also be a business owner who takes pleasure in some manual labor. Organizationally, handling some executive-level responsibilities oneself might make sense (and save you money).

In a nutshell, there is no one right or incorrect method for assembling your executive team. It’s crucial that you assess your company’s needs and determine when to start adding new expenses.

How to hire the executive team? 

Experience and aptitude are always priorities when hiring new workers. When filling executive leadership jobs, this is much more true. Here are some basic criteria you could look for:

  • 8-10 years of experience
  • Entrepreneurial mindset
  • Been in leadership positions before and handled it successfully
  • Possesses the ability to strategize
  • Excellent at communicating vision and expectations. 

You can use your internal recruitment procedures to identify qualified individuals after you know what you’re searching for. As an alternative, you can decide to collaborate with a staffing firm that focuses on executive leadership positions. Just make sure that your pay and perks are competitive enough to draw in top-notch applicants.

Retention and recruitment go hand in hand. How will you continue to motivate your executive leadership team once these positions have been filled? For instance, incorporating a bonus structure can offer internal drive.

In conclusion…

Putting all of your resources into your executive team has many advantages. The goal is to assemble a group of functional experts committed to the same objectives. Just remember to take care of the rest of your company.

A disproportionate amount of resources may be going toward executives if your organization is too top-heavy. Investing in your regular employees is just as crucial. Employees feel more encouraged to work when they feel like the company’s purpose is aligned with their goals as well. Therefore, just as you are working on building a strong executive team, keep checking up on your team as well and see if you can assist with their goals as well. 

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