Is your Business 'dependent' on a person?

Is your Business person-dependant ?

(And that person might be YOU) 

(And 5 strategies you can use to identify innovative candidates when making hiring decisions) 

Just a few days ago, Colin Lindsay , our Global Managing Director at THE ALPHA GROUP INTERNATIONAL shared an article over email that got me thinking again on the point of people versus process versus system ... and also how AI will disrupt that too at some point. Lets leave the AI implications aside for today's conversation. 

the article is shared below, followed by my quick comments and thoughts. 

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// Is your Business person-dependant ? //

In 2012, Jaclyn Johnson founded Create & Cultivate, a media company that educates and inspires women to succeed in business.

By 2018, Johnson had grown Create & Cultivate to eight employees when an acquirer offered her a staggering $40 million. Unfortunately, the deal was too good to be true. When the acquirer discovered how dependent the business was on Johnson to succeed, they pulled out.

A few years later, Johnson signed an acquisition offer from Corridor Capital for $22 million. While still a lucrative deal, it was a significant decrease from the original offer.

Like Johnson, if your company becomes dependent on you, it may end up costing you down the road. The most valuable companies don’t rely on the owner’s involvement to succeed. However, finding extraordinary talent to replace yourself can be challenging.

// The Biggest Mistake Most Founders Make When Trying to Replace Themselves // 

Finding a general manager, second-in-command, or Chief Operating Officer to replace themselves is one of the hardest projects founders may ever tackle.

Whether you rely on a recruiter, paid advertising, or your personal network to find candidates, one of the first steps to shortlisting talent is a comprehensive review of their background. That’s when many founders make the common error of being bamboozled by a Fortune 500 name on a resume or LinkedIn profile. While a stint at a big company may be impressive, the skills held in high regard at a Fortune 500 company tend to differ from what most young companies need.

Big companies often have well-established processes, systems, and hierarchies that have contributed to their success. People that thrive in big companies tend to excel at winning within a predetermined framework. However, in a younger, scrappier start-up, there is no framework to follow, which is why big company veterans often struggle in a more entrepreneurial environment.

Instead of basing your hires off an impressive name on a resume, look for someone innovative, comfortable with chaos, action oriented, and creative—someone with an entrepreneurial mindset.

// Here are five strategies you can use to identify innovative candidates when making hiring decisions: // 

1.      Look for problem-solvers: Innovation often involves finding creative solutions to problems. Look for candidates that have demonstrated the ability to think strategically and come up with innovative solutions to challenges they have faced in the past.

2.      Ask about their approach to problem-solving: During the interview, ask candidates to describe their approach to problem-solving and how they have produced innovative solutions in the past. This will give you insight into their thought processes and willingness to take risks and think creatively.

3.      Evaluate their learning agility: Innovative employees are often those that are open to learning and adaptable. Look for candidates with a history of taking on new challenges and learning new skills.

4.      Assess their ability to work in teams: Innovation often involves collaboration, so look for candidates that have demonstrated the ability to work effectively in teams. Ask about their past experiences working in teams and how they have contributed to the success of those teams.

5.      Consider their creativity: Look for candidates that have a creative portfolio or have pursued creative hobbies or projects outside of work. This can be a good indicator of their potential to bring new and innovative ideas to your organization.

Right now, your company probably relies on you for a healthy dose of creativity and innovation. But if your goal is to replace yourself, following these five strategies can increase your chances of identifying innovative candidates that will bring fresh thinking and creativity to your organization.

Have you ever wondered how much your business is worth? 

And how much of it is based on YOU? 

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My 2 cents :) 

To the above 5 strategies, I will add a starting point - "Evaluate Yourself in the context of your Business" 

Primarily, it is asking oneself 'what do You bring to the table'?

This will help you identify the qualities that you need to look for in your ideal candidate. 

You should also ask what you bring to the table that is not good. Some qualities of yours that are not desirable. You should identify those too. 

As a Business Growth Coach, I encourage Business Owners and CXOs to gradually make their businesses, "independent of themselves". 

You need to bring in the right people and put in the right systems and processes that will efficiently run the business without your intervention. 

This will free up your time to focus on growth and as your team grows intellectually to focus on growth, You can move on to other strategic projects and businesses. 

As you uplift your team, you get a chance to rise higher ... else, you will always be trapped in the operational rigmarole of running the business. 

You will continue to remain an employee of your business rather than a Leader !! 

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I am Hemant Jain, Regional Director Dubai of The Alpha Group which brings the concept of exclusive peer to peer Executive Boards and GOLD Business Coaching to help Business Owners double their business value predictably in 2-3 years. Lets talk if you are an ambitious Buisness Owner !!