Hiring a CEO for your growing business, in 5 steps

You’re running a successful business, and you’ve reached the stage when just keeping up with the status quo is taking more time than you have available.

If you don’t free-up some time to think and execute on the next growth strategy, your business will stall, and maybe even falter. You’re also now failing the ‘hit-by-a-bus’ tests – your business now has an unacceptable key-man risk, and it’s YOU.

The solution is to hire a replacement, but where do you start?

Step 1 – Work out what you’re actually doing

You need to start by clearly defining what you do for your business. What are the key tasks you are doing and the key decisions you are making, on a daily, weekly, monthly and annual basis? You need to track your days and make a list. This list then forms a template for what you need to replace, or supplement.

Step 2 – Advance the careers of your existing team members

The next step is taking a deep and objective look at your existing team members. What tasks and decisions-making can you pass to them immediately, and what tasks might they be able to grow into in the short to medium-term future? This is a critical step, because if you go over their heads, and just appoint a senior person from outside the business without first considering your existing team, your best team members are likely to leave – hollowing-out your organisation.

This step also gets you some immediate relief, because there will be things you can pass to existing team members immediately that you have been holding on to out of habit.

Step 3 – Summarise what can’t already be delegated

Once you have allocated what you can (now and into the future) among your existing team, you will be left with a list of tasks and decisions that will need to be performed by your new recruit. This is a great foundation to write up the Position Description and the Key Performance Indicators (KPIs) for the role, and start the hunt.

Step 4 – Craft your inspiring story

In addition to the bland Position Description, you must also consider the broader ‘Mission, Vision and Values’ of your business, and build a Team Journey Narrative about the future of your organisation and the role this person will play in that future. The Team Journey Narrative needs to capture peoples’ imagination and get potential recruits excited and emotionally engaged in the opportunity. This is a key appointment, and you need to attract the best possible candidates who can add tremendous value to your business.

Step 5 – Put the word out among your network

At this stage, engaging a recruitment organisation to find candidates is worth considering, but only after you have exhausted your own professional and personal networks. You can access your own networks by preparing a two page ‘flyer’ about the opportunity, that starts with the Team Journey Narrative, and then details the specific tasks and decision-making that the person will need to perform in the Position Description. Not only will this find you the best possible candidates, it will also indirectly ‘market’ your business and its mission and vision to your professional network. This can create tangible and lasting value of its own, getting your network to ‘buy-in’ and feel part of your journey, from the inside out.

How we can help

No one builds a great team by accident. You need to carefully plan, and carefully execute. Part of this is getting the legal framework right. This includes:

  • A comprehensive Employment Contract, with appropriate IP and restraint clauses;
  • An accurate and detailed Position Description against which the candidate can be properly appraised;
  • Objective Key Performance Indicators, against which the candidate’s performance can be monitored; and
  • Policies and Procedures to govern your workplace and promote and preserve your culture.

Let us help you build your high-performance workplace and culture.

Finding your own replacement is not an easy task for many practical and personal reasons. It is something that is likely to take months, rather than weeks. But if your business is going to go to the next level, then you need to start planning now. For assistance in making this all happen, call us today on 1300 654 590 and speak with one of our experienced employment lawyers.

Our Great Lawyer Guarantee

We want to be part of your team over the long term. We'll achieve this by sticking closely to the following principles:

  • We'll listen carefully to understand what you want to achieve. Then we'll thoroughly explain our advice and step you through the documents. You can be sure you'll know the full consequences.
  • Our lawyers work as a team, so someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.
  • One of our key goals is to pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.
  • We only do what we're good at. You can be confident that we know what we're doing and won't pass on the cost of our learning.
  • For advice and documents, we provide a fixed or capped quote so you don’t take price risk. If you're in a dispute, we'll map out the process and costs so you know what to expect.
  • We're not in this game for our egos. We're in it for a front row seat to witness your success.

We measure our success on how efficiently we have facilitated your objectives, enhanced your relationships, and reduced the level of stress for all involved.

If we sound like people you can work with, call us now on 1300 654 590 and speak directly with a great lawyer.

Call 1300 654 590 and speak with a lawyer today

You'll be put straight through to a great lawyer who will guide you to the right solution.

Estate planning for sole directors of private companies

Estate planning for sole directors of private companies

If you are the sole shareholder and director of a private company, have you thought about what will happen to your business if you lose capacity or die? Failure to plan for this eventuality can affect the financial viability of your assets and leave your family vulnerable – so it is something you need to turn your mind to. Fortunately, there are several solutions that are easy to implement and lots of advice about these issues is available.

read more