By my Trusted friend Frank Feiler:
If you are a business owner or manager and you make hiring decisions, it is vital that you choose the best person for the job. Realizing your own strengths and weaknesses — and those of others on the team — is important to creating an effective workforce.
Frank Feiler’s fifth tip in his “Ten Steps to a Litigation Free 2013″ (available below) is: If you are the boss, hire smarter people than you … they will grow your business.
In order to take a business’s objectives to the next level quickly, you have to seek, recruit and hire employees with the right education and plenty of applicable experience. Otherwise, progress is slowed significantly. A smart hire can accomplish so much more in less time, which is what is meant in the saying, “Time is money.”
Of course, hiring a seasoned professional will cost you more in compensation. In the end, the cost-benefit analysis would likely show that the additional cost would be well worth it. And, in order to get such a gem of an employee, you may have to woo him or her away from competitors who know their worth. Over-compensating them may even be advisable to get them on YOUR team, building YOUR business. Another advantage: good people know other good people and having a super team attracts other star players who want to join.
For example, you may be considering hiring an attorney. You’ll have to weigh the difference in hiring a junior attorney at a lower hourly rate versus a seasoned attorney whose fees can range widely. It is often the case that the highest price attorney could accomplish more in a fraction of the time, making his or her fee ultimately more favorable. Plus, the peace of mind that comes from being in the hands of a consummate professional is priceless.
Business Advisor & Expert Witness:
Frank Feiler has nearly four decades of professional experience in the realms of business brokerage, corporate management and business development. Call on Frank Feiler for advice from a seasoned business professional or expert witness services in buyer/seller or broker/agent disputes.
F.D. Feiler Consultants
“Our business is…
helping your business.”