ON BUSINESS || Before You Plan For The Unexpected, Plan For The Expected
Plan for the expected. Whereas conventional wisdom would tell you to plan for the unexpected, it’s often that expected changes in a business that catches you unprepared.
This is one lesson I learned from several years of building my business. When you first out as an entrepreneur, many people either start solo or have a partner or two, and then after that maybe they raise money or save enough money to bring on their first hire. For me, it was the latter.
I was fortunate that after my first hire, I was able to then save enough to bring on the second hire. Side note: I would say that I am more conservative and I don’t operate on credit, so I only felt comfortable bringing on someone new when I could securely and responsibly pay their wages for at least half a year with cash in the bank.
With these initial hires, I felt like we were a budding sports team, the underdog, and we had the fresh, intoxicating energy of wanting to change the world. You see them day in and day out, and it’s hard to imagine that one day they would leave for greener pastures or to chase their own dreams. As a much less experienced business operator back in the day, I took these life changes personally. Now, after having gone through ups and downs with my team and witnessing their growth, my attitude has evolved. I am proud of their growth, I am appreciative of what they brought to the company during their years of service, and I am happy when they move on to the next phase of their lives.
The toughest job as an entrepreneur? Finding the right people, putting them in the right seats, making sure they’re all aligned on the same goal, and THEN synchronizing their efforts to optimal results. Photo by Josh Calabrese on Unsplash
Some of our team members have started their own families and decided to become stay-at-home parents, others have left to pursue a cause close to their heart, and others switched industries to further sharpen their skills.
Yes, it’s easier said than done to not feel the initial shock and sting of someone leaving the company, but this is expected and is what you should plan for. Natural attrition of team members are bound to occur; again, if we reference sports teams (the only sports I used to play was basketball but for some reason, I draw many sports analogies as to how a business team should be run — just ask my team) even the star players have to retire or move to other teams and are succeeded by newcomers or players from other teams.
It’s not a bad thing. A business is an ever-evolving organism, and you, as the entrepreneur, are the coach and operator making everything stick. It’s like the open-ended creativity of building something out of Lego when there’s no picture guide. When you have a new piece, you need to figure out where to put it to enhance whatever it is that you are building. I build lego castles with my niece on the weekend, so it’s the first comparison that comes to mind.
What are the spots you need to fill? Picture where you want to take your business in the next 1 to 2 years and map out your hiring needs. Photo by Steven Lelham on Unsplash
How do you plan for attrition in your company? Here are a few ways I am putting into practice:
Keep an eye out for talent in every interaction you have with people. This could even be the barista at your local cafe. Do they embody the traits of great customer service? Who knows? They could be your next receptionist. Or, if you are looking for great writers, follow local online blogs and media, to see which articles you enjoy reading.
Start a conversation even when you aren’t ready to hire yet. Hiring is a gruelling process. It’s a sea of rejection on both sides; offers being rejected and candidates that don’t check key boxes on the hiring requirements. If you see suitable candidates, make a list of them and make it a point to stay in touch with them to see how their careers are evolving. Great people are very hard to find, and as a business owner, you need to find out if there’s common ground between your business and your desired recruits. Why? Because you want them to be excited to work with your team and also excited about the work itself. We’ve had hires before that saw the role as a 9 to 5 and they checked out way before then. The lower level of enthusiasm was also evident. A smart, brilliant individual may not always make the best hire if they don’t align with your team's culture and vision.
Make a list of your business needs so you know what spots you need to fill. Get specific for the business need you are hiring for. For example, if you need a new Content Creator, what will they be doing on the job? Creating a work plan to list out the actual tasks they would be covering is a good start. This is the first thing we do when looking for new hire and while writing the job description. It helps to answer the question of “do we really need an additional person for this?” For a small business where cash flow is usually tighter, taking on additional staff is a big decision and you want to make sure there is a true need. Owners also need to think about how the role can evolve. For example, if the new team member starts out creating photo content, do they also have the capability to learn how to create engaging short videos? This requires that the new team member be curious and on-trend with what’s happening in the social media space. Remember that while you are hiring for the current need for hard skills, the soft skills of being a fast learner, curious, and adaptable is what will actually satisfy the business need in the longer term.
Map out your business needs as far as you can. You want to hire for your business needs 12 to 24 months out. Of course, it’s hard to plan ahead, but what’s your intention with your business? Do you want to stay the same size? Do you want to add more layers to your company? Do you want to take a step back from the operations of your company? While you can’t plan for outside factors like the economy going boom or bust, you can map out where you want to take the business. From my experience, external factors may delay or accelerate what you want to do, but having a destination keeps you on track.
Be proactive about hiring. Another entrepreneur taught me that she hired before she became thirsty because then it would already be too late and you are more likely to rush the hiring process and end up with someone who doesn’t really fit the bill. Don’t count on luck bringing you the right hire. Make hiring a year-round, ongoing process so you can scout for the best candidates.
I hope this helps you plan for the expected attrition in your business. It’s been a trial and error process for me as well, and if you have any comments on this topic, leave us a note in the comments of this article!
