Stretched Too Thin? It's Time to Invest in Key People to Fuel Your Business Growth.
Business growth isn’t a straight, upward climb; it’s a series of plateaus and surges. This cycle often leads to a classic question: should you grow your revenue with your current team and then hire, or hire a key person to help you grow? While it seems logical to grow first, my experience shows that waiting too long can be costly. Stretching your team too thin can hinder expansion, reduce quality, and ultimately stall growth. Investing in fresh, talented people, even before you feel “ready,” is often the best way to reach that next level.
The Hiring Dilemma: Why Investing in People is Essential
Holding off on hiring until your business has “outgrown” your team may seem financially prudent, but this approach can overextend your current staff. Overextended teams may struggle to maintain the quality and service that initially drove your success, leading to burnout and turnover. To truly scale, bring in the right people early. Remember, a new hire doesn’t have to be 100% funded from day one; think of this as an investment that drives returns as you grow.
Take Goodwill, for example. Though we’re a mid-sized organization, we face universal challenges: attracting, developing, and retaining talent while balancing business finances. No matter your company size, a skilled, well-supported team is foundational to success.
Building an Outstanding Team: Attract > Develop > Retain
Attracting Talent: Finding People Who Fit
Recruiting isn’t just about filling roles; it’s about aligning with people who resonate with your mission and see growth potential in your organization. Key steps include:
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Developing Talent: Growing Together
Developing your team is an ongoing commitment and a critical investment. When people see opportunities to grow, they’re more likely to stay and contribute meaningfully. Consider:
Retaining Talent: Building Loyalty and Longevity
Retention is about creating an environment where people want to stay, grow, and contribute. To retain your top talent:
Conclusion: Investing in People is Investing in Growth
Attracting, developing, and retaining talent isn’t just a strategy to fill roles—it’s a blueprint for sustainable growth. A supportive workplace that values growth and teamwork doesn’t only reach goals; it becomes a place where everyone celebrates success together. So, if you’re asking, “Is it time to add a key team member?”—the answer is probably yes.
As for me, I’m continually working on this process. There are areas I still need to improve, like celebrating wins and modeling healthy work-life balance. Building a team that can soar takes time, but the journey is worth it. Let’s continue the conversation—share your thoughts, and let’s grow together.
Soar, Don’t Settle!
President & CEO at Goodwill Industries of Kansas | Championing Community Empowerment | Leading the 'Donate. Shop. Change Lives.' Initiative.
3 周This was so helpful to read! Thank you.
Corporate Exec Turned Entrepreneur, Multi-Unit Franchise Owner | Franchise Consultant, Helping Others Do the Same | Own Six Prosperous Franchises | Leveraging Decades of Experience, Guiding People to Franchise Ownership
3 周Great perspective! What common mistakes do leaders make when expanding their teams Thomas Ulbrich?
Helping organizations improve productivity by leveraging strengths of leaders and their teams, resolving operational inefficiencies, and cultivating a culture of pride
3 周Great piece Thomas Ulbrich! Unfortunately most organisations stop with ‘attracting talent’, miss out on the very important developmental piece and then wonder why they are not retaining talent!