Strategy Considerations – Educate Yourself
Business Owners have a big, diverse and responsible job. Having a core technical skill is far from sufficient to be a successful business owner in today’s global, regulated and competitive business environment that is undergoing massive change from disruptive forces such as technology. The rate of change and the critical nature of the changes are unprecedented.
It is unfortunate that many business owners become insular and stop exploring externally to challenge their perceptions and to seek new ideas. Maybe it is the daily grind of being a business owner that extinguishes the inquisitive flame of the owner. Maybe it is the change of risk profile that occurs when a business owner starts protecting the job they have built.
To thrive in today’s ambitious market, one needs to have thirst of knowledge for wide variety of sources that can work upon your business and drive forward of the current state.
HHMC has developed a list of recommendations for business owners in the recruitment industry to hopefully get them out of their current bubble and investigate their industry and their business capability.
Related: Seek External Input to your Business
Don’t be Insular
Today’s recruitment business is global, competitive, and under threat from the new and disruptive models. Most of the good questions and answers you seek are not going to be found within your current knowledge base, within your current business, or even within your current network.
We are not suggesting you drop your friends; you just need to keep adding to your peer network
The Jim Rohn quote “You are the average of the five people you spend the most time with” applies here.Make sure you are talking to people that can add to your knowledge.
Encourage Your Staff
Your staff were hard to find and are hard to keep, let alone keep them motivated, engaged and productive.
Good leaders do more than provide a vision for the business and a strategy to achieve that vision, they inspire the staff by providing roles that have meaning and a clear personal pathway. This cannot be achieved if you, as the leader, are not investigating and testing what is possible in the industry.
Think of your Legal and Financial Responsibilities
As a business owner or business manager you have a lot of responsibilities that are beyond the core selling and delivering aspects of recruitment.
In Australia there are serious legal responsibilities for being a company director. Yet we estimate that less than 5% of recruitment industry company directors belong to the Australian Institute of Company Directors or have ever undertaken any education on the responsibilities of being a company director.
The number (of non-accountants) who have undertaken any education on financial accounts for managers and directors is as poor.
Update with Market Tends
Today we can curate a relevant, current, world class reading platform with little effort. There is no excuse to not follow a combination of global economic, business strategy and industry trends.
And we can have it delivered to our daily handheld device. In past years business owners have not been able to do that. In addition to news update emails (for example SIA) and products like LinkedIn there are tools such Flipboard that, once set up, make the sifting, sorting and expansion of our reading palate a pleasure.
Conferences have so many benefits to business owners and managers. Firstly, they take you out of your office. You are forced to network with new people, listen to new ideas, and dream a little about how your business can change and evolve.
When planning your conference attendances, try to attend conferences that are not just attended by your current peers. You don’t want to be subject to group think; it takes away the benefit of the conference.
HHMC’s Events page highlights industry events that are relevant to business owners and managers. It’s a wise investment.
Formalise Your Education
The rigour associated with formal certification of your learning and the need to maintain currency is a powerful motivator and proven pathway to higher quality leaning.
Many memberships, such as the Australian Institute of Company Directors, require continuing professional development to maintain membership. Within the recruitment industry there are technology and systems training that follow similar paths. SIA runs its Certified Contingent Workforce Professional programs globally.
For the development of broader business knowledge, travelling can be the best source. Getting out of your comfort zone, experiencing different business cultures and understanding different rules and regulations is very important for your development as a business leader.
HHMC Global provides advisory services to the recruitment and staffing industry and is best known for its work on M&A transactions. HHMC is based in Australia and works with clients globally. To discuss your business future contact Rod Hore or Richard Hayward.