Leadership is critical to a company’s success. This is twice as true for high-growth businesses. Without enough leaders, scaling a business is next to impossible. The solution is to develop talent from within.
It’s easy to find people who want to work, but without people to organize, inspire, and manage people, you’re setting yourself up for lots of drama with little productivity.
Many companies try to hire for leadership. This has two big downsides: first, it’s expensive. Direct and indirect recruiting and hiring costs will quickly add up. Second, it’s risky because a cultural ‘miss-hire’ can do real damage to an organization.
Instead, the best way to increase your company’s leadership is to grow it from within.
In this video, I look at some ways to develop talent that won’t break the bank.
You do not need a big budget to develop talent. Give people stretch assignments, make time for regular coaching conversations, and let them learn by leading something real. The people who already know your business and your culture are often your best future leaders. If you want to look at the bigger picture, have a read of how to attract and retain the right staff. For some general background on the cost of hiring, there is a helpful overview on Wikipedia.
