Michelle writes for NatWest Content Live

6th December, 2017

How to hire your first management team

As your business expands, you may need additional help to ensure your company remains profitable.

Owner-managers are notorious for failing to recognise the limitation of their own skills and being able to step back from their business's daily operations.

However, well-chosen management can help a business owner gain the specific skills they currently lack. It can also expand an area of the business that the current leader hasn’t had time to focus on by allowing them to step back from the day-to-day operations to focus on long-term strategy.

Bringing in new talent at the top will also mean an injection of fresh ideas, including potential for new markets and other routes for expansion. As a business grows, it’s vital for owners to realise the point at which they can’t run their business profitably with just them at the helm. The entrepreneurial skill and drive that brought them to this point now needs to be augmented with additional insights and skills that a manager or management team can deliver.

The right hire

Michelle Wright, founder and CEO of Cause4, says: “It’s important to hire someone who understands small business. Potential employees who are familiar with big business culture are often used to following a set of rules and might find it hard to adapt to the changing nature of a fast-growing start-up. I’ve found a great employee can often be the son or daughter of an entrepreneur. Having grown up in an entrepreneurial culture, they have their eyes fully open to the roller coaster that is start-up life.”

You can read the original article here.

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Sir Nicholas Serota, Chair of ACE