By Kristine Wakeen, Lucid Business Strategies

In a bad economy, the big companies are laying off their talent and what follows is a high unemployment rate. This would suggest a “hot opportunity” for small businesses to pursue the vast pool of qualified candidates. However, their business climate as such, may be affected by the economic uncertainties and hiring considerations may be halted. The challenge for the small business then becomes, waiting too long to hire or else face the certainty that the pool of quality candidates will dry up. Subsequently, this again leaves the large company with the talent advantage.

So when is the right time to hire? And how does a small business sell the advantages of working in a small company versus a large corporation? These questions will be answered in the information that follows.

When to Hire

First, there are three key factors that may be appropriate measures in determining a good time for a small business to hire (Zahorsky, 2002).

• A small business should only hire during times when the cash flow is moving in a positive direction. Only then will the business be able to support bringing on a new hire.
• Find out what the competitors are doing by viewing their web site and job bank. This may supply the small business owner with data that could indicate their hiring plans. Subsequently, this could be a strong indication that now is the time to recruit!
• Talk with local business associations or networking resources to get a heads up on what’s happening in the local market. They may be able to give you the inside scoop to local trends.

As an alternative to hiring a permanent employee, small business may want to also consider temporary labor agencies and/or interns. This approach is a useful hiring alternative for businesses experiencing fluctuating labor needs. Thus, they may need additional assistance, but are not in a financial position to hire a permanent employee at that time.

What to Offer

So once you determine the right time to hire, how then do you sell the small business advantage to a prospective candidate? This is where your selling skills will come into play. You may win the candidate over to your side by emphasizing three main small business advantages.

• Small businesses are slower to layoff in times of uncertainty vs. large corporations.
• In larger corporations, the culture is more distant and departmentalized, while the small company is more cohesive and/or bonded.
• A small business allows for more opportunities to learn. There is exposure to the whole business, not just the job.

So knowing the right time to hire and demonstrating how to sell the small business advantage, will help you obtain the talent that will enhance the success of your business.

References

Zahorsky, D.,( 2002). Time to Hire Talent for Small Business, Small Business Information Web site: http://sbinformation.about.com

Lucid Business Strategies is a consulting firm that specializes in assisting small business owners with building revenues, planning and managing growth, and solving performance problems of all kinds. You may reach us at 586.254.0095 or by email at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

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