by Mike Baer
There is no more important decision you will make in your BAM startup than the formation of your team. Actually, it’s several decisions rolled into one: Who? What? When? How?
Who? By this I mean simply hire the best and never settle. Many BAMers hire those most in need, buddies, fellow missionaries, etc. only to find out that they’ve loaded up their ship with deadwood. In such cases, failure is almost certain. Hire the most qualified people (technically and spiritually) as you can.
What? Over time there will be standard, key functions you will need. You will need a solid financial manager/CFO type. You will need a solid operations manager/COO type. You will need a solid sales/CSO type. And, of course you will need the people to actually do the work of the work—the store clerks, the factory employees, the computer programmers, etc.
When? My rule of thumb is to hire as few as possible while still getting the work done. Over-staffing is a path to disaster. In your business plan you will have at least three phases of staffing:
Phase 1: the absolute minimum necessary to open your doors. Who and how many will it take to make your first widget or serve your first cup of coffee? Read more