According to most “serial business builders,” bad hiring and firing decisions are among the most serious mistakes entrepreneurs make. These include:
1. Not spending the time and energy to recruit the very best employees
2. Not paying close enough attention to an executive’s performance
3. Waiting too long to fire someone
Think about the people who report to you. How would you rate them? Good? Very good? Excellent? Are they better than you at what they do? Can you think of anyone who could do the job better?
You can effectively manage only six or seven people. So when you think about it, your primary job is very doable. You have to find, train, monitor, and inspire no more than six or seven people.
Take a look at how you spend your time. How much of it is by yourself, working at your desk? If the answer is “most,” you are probably not doing your primary job very well. If you spend 10 hours a day at work, at least half of that should be spent:
- Looking for better people
- Paying attention to what your key people are doing
- Educating them
- Rewarding them
- Firing them, if necessary
Every great person you hire will make your life immensely easier and your business more profitable. Invest in finding and grooming great people and you will never regret it.