As a new business owner it’s likely that you are operating on a small budget. Small budgets are tricky and often overwhelming because as a small business owner you’re looking to make the most for every penny you invest in your new business.
Perhaps the biggest investment you might make as a Canadian entrepreneur is how you spend part of that budget on employing the right people. Canadian small businesses are the backbone of the Canadian economy with nearly 1 in every 4 Canadians working for a small business.
With efficient interviewing practices and keeping some things in mind will help you with hiring the best people for your budget.
Efficient Interview Practices
First off, before any interviewing begins, you must plan. Do a SWOT analysis and figure out exactly what kind of work you will be delegating to new hires. Make a list of attributes you would like your employees to possess and then design your interview questions accordingly. If you need some help figuring this part out, all you need to do, is look back at people you have worked with who have displayed qualities you think will lead your new business to success, use that as a base to build on.
Interviews can be stressful and nerve-wracking for interviewees, and it’s your job to make them feel comfortable so you can draw the best out of them. This also helps set the tone for your relationship going forward. Some people become anxious when they know they have to make an important impression, this is totally natural and it isn’t a reflection of what they would be like as an employee. To make them comfortable, you can let them know what topics you intend to discuss, let them know of your organizations dress code and be willing to adjust interview dates and times so that they can be prepared. This gives them as much of an advantage as possible to show you they can be a valuable addition to your team.
Design your questions without employing clichés like “what are your biggest strengths and weaknesses”. Instead consider questions where you present them with a common problem they might expect to face and have them explain how they might solve it. This lets you know how their mind works. You can also turn the interview into a conversation about certain processes the potential employee may have to handle, ask them if they spot any inefficiencies or what their approach would be. Ask them for examples of how they handled certain situations in previous experiences. These are all ways to help determine if they are the right fit.
Finding the right fit isn’t enough if you don’t have the budget to accommodate them. So let’s take a look at how to hire on a budget.
Hiring on a Small Budget.
Small businesses often have small budgets, especially when they are a new business and as a Canadian entrepreneur, it can be tricky to find the right people within your budget. After all, you want top talent for low costs.
Thankfully, there are some solutions and ways you can go about doing this. For lower level positions, consider fresh graduates or students who are looking for internships. With the right interviewing practices, you should be able to find enthusiastic young people who are willing to prove themselves. This means you might be able to find employees that grow into more senior positions over time.
Another thing to consider is probation periods, many people will enthusiastically apply for positions and get the job, but might not prove to be the best fit, but the daunting aspect of starting the interview process all over again often leads Canadian entrepreneurs to be “stuck” with employees that don’t work best. This method also provides a small business with workers that you can examine over the course a month or two to see how they fit. It’s a weeding out process and does need a bit of time.
Finally, remember that people enjoy working for small businesses where while they might give up higher pay, they receive more satisfaction from work and they play a big role in shaping the business which can be an investment toward their own future. Don’t be afraid to use this to your advantage. You may be a new and small Canadian entrepreneur but, you are offering employees a chance to grow with you. Many employees leave bigger companies for this reason. Create a good environment, a healthy relationship and be fair to your employees and you can expect wonderful results on a small budget!