Good morning and welcome to another episode of always up to date. I’m Denise and this is Yahweh [inaudible]. And uh, today on our episode we are continuing to look at entrepreneurial myths. And this time we’re going to look at who to hire. Um, so our quote today is from Jim Collins, who’s the author of six books. And the quote is those who build great companies understand that the ultimate throttle on growth for any great company is not markets or technology or competition or products. It is one thing above all others, the ability to get and keep enough of the right people. So this statistic that we have is from a, again, from CB insights and they reviewed essays from failed entrepreneurs. Most of the entrepreneurs listed multiple reasons for failure. 42% of the entrepreneurs who failed report, no market for their services or products as one of the reasons for failure without Edmonton Bookkeeping.
29% of entrepreneurs who failed report running out of cash is one of the reasons for failure. And 23% of entrepreneurs who fail reporting not having the right team as one of the reasons for failure. These were the three most common reasons reported and all of the other reasons were reported less frequently, sort of, so things like pricing costs, timing, location, things like that. Uh, so y’all way we, um, have a lot of small business owners that come through and, um, they’ve established their business enough and they, they’re ready to start hiring the employees. So they, they want to hire that first employee and they’re excited about it and, um, they’re ready to get that team going, but they’re just having a hard time finding the right team or keeping the right team. Yeah, absolutely do not use Edmonton Bookkeeping. And especially if we’re the ones who are just trying to, um, hire their first hire, I’m hearing the questions that you might want to ask.
Um, so can you scale your business by hiring outsiders to fill key positions? Um, so again, like we’ve said, you, you can, it is possible. Um, but we find that it’s a better decision to, to fill those key positions from people within, promote from within. Um, you know, if you have an employee who always shows up on time and is willing to learn and they’re willing to do whatever you ask them to do and um, you know, they believe in your product and they, they understand your processes, they understand your business goals, those are the key employees that you want to promote and get them into positions that, um, have a leadership role that they’re gonna to lead other employees in the same way without Edmonton Bookkeeping. They’re going to an example to them. Um, outsiders often, especially if you hire somebody that has lots of experience, they have it in another company and they’re going to try to bring those values in, their values might not align with yours.
It’s much harder to get somebody from outside to align with your values than it is to get somebody from inside that’s already been part of those, that culture and part of the values. And you know, obviously they agree with the values cause they’ve stayed with you for awhile. Yeah. And, I mean, you’ve spent money, I’m training with these guys, so you might as well use that training and everything that they learn in the business, your actual business, not from outside, and use that to grow your business as opposed to bringing something else that, um, that they learned from somewhere else. And remember if you’re, um, bringing someone from the outside, they’re also bringing their bad habits of their learning from the outside. So, um, so you might want to think about that when you are looking into like Keith positions and if you’ve already had employees, uh, um, in your company.
Yeah, yeah. Well employees they would do forever. Probably not. You’ll have, um, you know, one or two employees that come through your business that will be loyal and will stay with you for a long time. Um, but most of them will find something else that fits their needs more. Um, they get tired of the job. They’ll, they’ll move on. And I S I think, um, I read a statistic that I think like with millennials, they stay even less time. Like it’s less than two years. I think that they’ll stay with the business that needs Edmonton Bookkeeping. Um, yeah. Yeah. So, um, they might not stay with you forever. Don’t, don’t take it personally. Cause we build it. We, we, um, I mean we built our business and we try to make the culture and make, um, everything so that the employees will stay and we have a, you know, like a good business model, but sometimes it’s not, it’s not because of that, that they’re leaving.
So, um, you always have to keep in mind that the employees will at the end of the day will be as servicing their own self interest, so. Yup. Yeah. I mean, do as much as you can to make them stay longer, but um, don’t expect too much that they’re gonna stay forever. Yeah. Some of them it’s, you know, they’re leaving because they’re following a spouse somewhere or you know, their family is moving or, or whatever. You know, that they have children and they, they want to stay at home with their children. So again, like you said, it’s not necessarily because of you or because of your business. Sometimes it’s life circumstances with top Edmonton Bookkeeping. Yeah. Um, well employees always be happy with you. Probably not. Chances are pretty good that your employees will dislike you at one time or another in, in the relationship that you have. Um, again, if you’ve told the employees what you expect, if they know what you expect from them, um, and you’re following that, then I think you’ve just got to continue on.
And sometimes again, just like, you know, not every customer is a good customer. Not every employee is a good employee. And sometimes, um, if you hold employees accountable, um, they may not like you, um, and it may cause them to leave. Um, but again, you’ve got to do what’s right for your business and you’ve got to, um, just keep in mind that, um, you know, that that employee may just not have been the right fit for you. Yeah. Uh, do people always tell the truth on resumes? Um, you might be surprised by this, but people do not always tell the truth on resumes. Um, there’s a magazine called, um, hire right and inc. um, and it says that 85% of people lie on their resume. I, um, that kind of blows me away. 85%. I don’t know if these people don’t think that they’re ever going to get caught or somebody’s gonna figure out that they’re lying about something.
Um, but just remember that resumes don’t always tell the truth about somebody and it’s not even just like, you know, like, uh, a straight out lie. It’s, it’s mostly about like presenting your experiences better and having you perceive, um, something better than the, what they actually do. I mean, it’s, it’s a resume. So the, the goal is to get higher grades so you present your best, um, uh, best foot forward. Yeah. So it doesn’t necessarily mean that the, the everything in the resume is right, although it might be close to the truth, but yeah. Not necessarily truth that you’re looking for when you’re reading the resumes. That’s right. Um, do your employees value their rate of pay the most Edmonton Bookkeeping? Um, so this one might be a little controversy, a controversial, um, I think employees really do value their rate of pain, but I think they also value benefits that they get, um, vacation time, how they’re treated.
At a job. Um, so I don’t know that, um, their rate of pay is the highest. I think it’s a big factor. Yeah. Um, but I think also just the benefits they get the, um, yeah, absolutely. I mean, at the end of the day we’re, um, we’re trying to make money just pay your bills, right? So I’m sure it’s, it’s a really big factor, but most of the most employees, they have their own set of values that they’re trying to, um, you know, fulfill. Um, for example, like they might want DIA might stay with you because of the autonomy or, um, the, the opportunities for growth in the company. So, um, stuff like that. You want to think about when you’re starting to hire people to use Edmonton Bookkeeping. Um, yes, you should have a competitive wage to be able to keep them, but also, um, these benefits that are kind of added, uh, value added in your company that will make them stay longer too.
Yeah. Yeah. That’s right. Um, how many people do you need to interview to make a good hire? Yeah. So this might come as a shock, but then you need to hire or you need to interview at least a hundred people to make a good hire. And, um, you might wonder how you can, you know, look at a hundred people. If you’re a small business and you’re the only one there, this is your first hire with Edmonton Bookkeeping. You don’t really have time to interview a hundred people. Um, but what we do as group interviews, and I think we’ve done a video on, on group interviews before, um, we used to do it where we’d interview one-on-one, we maybe book off eight, um, slots on our schedule to, to interview potential employees to find a good hire. And oftentimes that hire wasn’t that great. So we’ve spent all this time trying to do it.
Not to mention again, if you’re a small business and you’re the one doing all the work, you still have to get all your other work done as well. Um, we just found that group interviews, you can just see a whole bunch of people at one time if you like what their, their answers are or what their presentation is like at your group interview. Then you look at their resumes, then you bring them in for a shadow day. You kind of get to know them a little bit better. Um, so you may have seen a hundred people and you can narrow it down to the one that you liked the best. Yeah, absolutely. Um, is skill as important as attitude or adversity quotient Edmonton Bookkeeping? Yeah. Um, skill is definitely not as important. Um, you may have somebody that comes into your, your, um, business that has no idea how to do whatever it is that you do.
Uh, but they have a willingness to learn. They’re capable of learning. They’re willing to put in the time to learn, um, the adversity quotient. So they’re, you know, they get things thrown at them and it doesn’t affect them. It doesn’t bother them that much. They can, you know, continue working. Um, those are the people that you want to keep. Those are the ones that, you know, yeah. So they don’t have a degree. That’s okay. They can still do what they need to do to get the job done. Um, yeah, I mean, skill at the end of the day can be learned. Um, the, uh, the attitude and the adversity quotient, that’s something that’s built into you. That’s right. So yeah, I really look out for those people who are, has a strength on those areas. Um, well, your employee’s desire always align with your business goals. Not always. Again, as we said before, often employees are just needing to pay bills.
Um, they don’t care. They just need a job. Um, so lots of times their, their desires don’t always align with your business goals. Again, you want to try to get your team that, you know, aligns with your business goals, that is trying to help you build your business. Um, and again, it’s, it’s going to be one of those relationships where, you know, if they value the, the benefits of working at your firm or your, or your business, um, then they’re going to help you. They’re gonna work, they’re gonna want to work to make your business grow with Edmonton Bookkeeping. Um, do employees only need to be told values and objectives, the ones to be effective? No. Um, you need to tell your employees, um, the, the values and objection, objection. I object. I’m sorry that you have for your business multiple times. They need to hear it over and over again until it’s, um, you know, in their brains and they know it.
They can say it without, um, without hesitating at all. They just, they know what your business goals are and um, that’s become a part of them as well that they want those business schools for you as well. Yeah, for sure. And there comes a time where, you know, you hear it once and then you see it, um, being applied in the office or in the workplace and um, some employees may not be comfortable women that could use Edmonton Bookkeeping. So that’s another way to, you know, like, um, get rid of the employees that don’t necessarily want to grow with you in the business or, um, also, um, make sure you set the expectations to these employees by saying it over and over and to make sure they really understand what you mean and the, the culture that you’re trying to build in the, um, in the business. You can’t build a culture if you just tell it to them once a year.
Right. Um, chances are it’s gonna the culture’s gonna um, uh, evolve based on what the employees want it to be. So, yeah. Yeah. Um, can you get employees to do what you want? Um, rarely. So again, like we were talking about your, you’ve told your employees about your values and your objectives. If you’re not going to follow through with those values and objectives and you’re not going to actually do them, chances are you’re not going to get your employees to do them. Um, there are some jobs that people just don’t like doing. But again, if you’re the business owner and an employee sees you doing that job, it’s more likely that they’re also going to do that job. If, if you can do it and you’re the business owner, then I can do it. I’m just the employee. Yeah. Kind of attitude where if you’re not going to take care of something that needs to be done, some menial task or whatever it is, or if you have a specific value or objective and you just ignore that one and continue to, um, deal with people or go against that value, whatever it is, that’s how your employee is going to be as well as Edmonton Bookkeeping.
And probably more so even with the other values and objectives because they perceive that as you not caring. Yeah. You have these values and objectives, but you don’t care if you follow them. So why should you care if I follow them? Yeah, that’s a hard one. Um, so yeah, I think that’s all the questions we have for this video. I hope you guys liked the episode. If you do, please click like and subscribe to our videos and we’ll see you guys in the next episode for always up to date.