Losing a significant amount of revenue in a single month is difficult for most businesses, and it can be disastrous for small businesses. In one month, my big hiring mistake cost our agency to lose $8k in monthly recurring revenue, and it was a completely avoidable issue.
If you’re worried about growing your team and hiring the right people, listen in as I share exactly where I went wrong, what I realized needed to change, and the magic that happened next.
Spoiler: our company culture is rocking nowadays!
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What We Talked About
When you’re faced with a giant loss of revenue, you’re obviously sad and stressed in your business financially, but it’s even harder knowing that your mistake affected your clients. Serving them is why you went into business in the first place.
And when you don’t hire well (as I talked about during this episode) disasters can and do happen.
Your team can make or break your business, and we’ve all seen coaches and businesses reamed in online reviews or testimonials for their mistakes. I consider myself lucky to have just lost the revenue, and I’m grateful for clients who understood that I’m human and know that I will continue to try and do better.
In this episode, I shared that this entire mistake was a top-down problem. It started with me, and small issues like:
- Scaling very quickly!
- Not hiring according to the reality of where we were in business.
- Growing without a strong infrastructure in place.
… issues that snowballed into gigantic client-losing problems.
I didn’t mention this in the episode, but this also all happened at the same time that we were transitioning to a brand new project management system (Trello to Clickup) that we’d never used before.
My first order of business was to organize our hiring processes and slow it way, way down. We added a proper interview structure, held multiple interviews with candidates, and gave our most qualified candidates a paid project before making an offer.
We also made sure there was plenty of time for onboarding and training with ongoing feedback happening regularly once we did hire, and we’re now consistently evaluating job responsibilities as new projects fall onto our laps.
Overall, our team is much happier now, and our company culture is stronger! Monthly surveys even report that 100% of our employees would recommend our agency as a great place to work, which helps our clients, too.
When you take care of your people, they take care of your clients.
And since we talked about losing revenue because of hiring mistakes, I’m happy to report that we’re consistently meeting or exceeding the goals and targets that our clients set with us.
Engagement for our marketing clients is up across the board, our clients are booked up with sales calls, and their audience/networks are growing.
Because we spend less time in constant scramble reaction mode, we’re able to use that time to build relationships internally, share ideas about our clients’ projects, and focus more on marketing strategy and what’s going on in the marketing world.