Start Month: Sep 2017 (2 years, 10 months)
Revenue Impact: +£202,408
Net Profit Impact: +£65,771
Cash Impact: +£114,047
Having the right people in your business can make it. Having the wrong people in your business can break it. This client has successfully hired high-performers into each of the main functions in their business – which we think largely explains the excellent financial performance. They have made hiring mistakes – but these have been dealt with quickly and damage has been limited.
Hiring people into a small business can be a big challenge. It can feel daunting – and with good reason. The financial commitment and the ever-present risk of things going wrong, for example. However, when it’s done well, a high-performing team can really kick your financials forwards, as this case study demonstrates.
We can’t stress enough how important good people are to the financial performance of a small business. We’re looking for people that share your values and your vision for the future. People that deliver work on time, on budget and to specification – and ultimately allow you to make a margin on whatever they’re doing. We help small business owners to define what they’re looking for in a new hire. The way we do this is to look at the values that are important in a small business, for example passionate about delighting customers. Using your values to evaluate candidates is a great way of deciding whether someone is the right fit for your business.
Even in high-performing businesses like this one, hiring does go wrong from time-to-time. When this happens, the key thing is that management act quickly and decisively, and that damage is minimised. This particular client needed to remove a member of staff. Thanks to their strong financial position, they were able to hire a new person before dismissing the poor performer. This ensured continuity for customers and protected revenue.
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