If you are a business “going places” then the chances are that potential employees will seek out and find you. This is normally a good problem to have, but for some business owners this can present quite a dilemma.
On one hand you want to grow your business but on the other hand you may not be ready to recruit. You might not have any provision in your financial budget to recruit or your business plan might consider taking that person on in another year’s time.
My advice is not to rigidly stick with your business plan, but to consider each situation on its merit.
Some of the things you will need to consider are:
- The nature of the role – is it a senior position that is difficult to recruit for?
- Your financial reserves – do you have the financial “safety net” to cover the additional cost?
- What is the business case – will the benefits outweigh the costs? How long will it take to payback the costs or will that person give you an acceptable return on investment?
- What is the cost of delay – can you afford not to recruit this person?
I’m not saying you tear up the script completely but remember that budgets and business plans are not designed to put you in a commercial straitjacket!!
You might need to re-work the numbers to see if the opportunity is feasible but this is no different than if you were given the opportunity to “forward purchase” stock at a huge discount or the chance to buy the freehold of your premises instead of leasing. Just because your budget says “no” doesn’t mean you blindly follow it. You crunch the numbers and weigh up the situation (or you get your accountant to do the “crunching”!). As a growing business you need to roll with the punches and be flexible and mobile with your strategy.
A clever way to put the pressure back on the person that has approached you is to get them to prepare a business case. This should include the value proposition, the cost/benefit analysis of the role, the proposed remuneration and the timing. Not only will this force them to think about what they can offer the organisation but it will also allow them to own and be accountable for the role.
Sometimes opportunities arise in the business world where you have to seize the moment and change tack. So be open to the opportunity that presents itself…it might just be the turbo boost your business needs to lift off!