So, you’ve closed on an M&A deal and you’re going to make this new asset part of your existing organization. Diligence revealed that this addition to your business will support your strategic...Read more »
Challenges of Growth: Knowing When to Hire Managers
Are you a small business owner who wants to grow their business? Have more customers, enjoy more sales and offer more services or products? Growth often demands something else – more employees – and managing those employees well can be one of the most challenging aspects any growing business can face.
We’re often asked, “When is the right time to hire for various management positions (human resource managers, operations managers, accounting manager, etc.)?” and the answer is always, invariably, “It depends.”
There are a lot of factors that can affect your decision – like what type of employees your company has, how much direction different teams need, and how effective your people are at accomplishing what they were hired to do.
Highly skilled, independent, self-motivated employees, for example, require minimal oversight, and therefore your management-to-employee ratio can be fairly low. On the other end of the spectrum, your company may require multiple layers of management to produce highly effective teams.
As a company becomes larger, there’s a greater need for general and administration-level roles to ensure you’re obtaining and retaining the best employees possible and staying in compliance with applicable laws and regulations. Don’t forget: A satisfied workforce is one of the greatest assets your company can have, and having the right talent to manage that workforce is crucial to your company’s growth and success.
If you’d like to discuss how and when to add employees to your growing business, please reach out to us and we can set up a consult with one of our many professionals who’ve helped companies manage both small and large growth phases. Our expertise and experience can help you develop an optimal strategy for hiring the right levels of management at the right time so your organization doesn’t struggle under the weight of its own growth.
About Mike Duncan, Director, The Fahrenheit Group
Mike Duncan is an experienced CFO, Controller and Senior Consultant who brings nearly 18 years of expertise as an Accounting and Financial Executive to Fahrenheit’s clients. With a broad range of experience in accounting, auditing, processes and controls, and finance across multiple industries, Mike helps companies assess and improve their finance and accounting functions, focusing on people, processes and systems. He also serves as the CFO for several high-growth companies and provides litigation support and accounting-related consulting services. Contact Mike.