When Should I Hire?: The Chicken or The Egg Problem

Contractor Cuts

Is it better to hire when you're swamped with work or to bring someone on board proactively? This question haunts many contractors, and today on Contractor Cuts, we promise to help you find the answer. Join us as we weigh the pros and cons of both hiring strategies, backed by our extensive coaching experiences and real-life examples. You'll walk away with a handy checklist to help you decide the best time to expand your team without sacrificing your business's financial health.
Rushing to hand over significant responsibilities to new hires can be tempting, especially under client pressure. But are you setting them up for failure? We'll share personal stories that emphasize the need for structured training plans, even if it means short-term sacrifices. Learn the strategies that ensure new employees are well-prepared, ultimately contributing to your long-term success without putting your business at risk.
Due diligence in hiring is non-negotiable, and skipping it can lead to costly mistakes. We recount a sobering tale of bypassing thorough background checks and the resulting challenges. This episode underscores the importance of a financial runway and a structured hiring process. From crafting comprehensive job descriptions to setting clear accountability standards, we'll provide practical tips for evaluating candidates effectively. Don't miss this essential guide to growing your contracting business sustainably.

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1. When Should I Hire?: The Chicken or The Egg Problem (00:00:00)

2. Growing a Successful Contracting Company (00:00:01)

3. Balancing Growth and Training Employees (00:08:20)

4. Key Considerations Before Hiring Employees (00:20:47)

5. Effective Employee Training and Accountability (00:31:56)