As your lending business grows, it will soon get to a point where you have to hire professional managers, to help you run it. Take, for instance, a case where your lending business expands geographically, with the opening of new branches. That would necessitate the hiring of branch managers, to help you run the new outlets. We may also be looking at a case where you have to hire line managers for your lending business. Like, for instance, if the number of staff grows beyond a certain number, you have to hire a HR manager. Or if the financial resources grow to a certain point, and you find yourself having to hire a finance manager (or financial controller).
Now the success of your lending business will be greatly influenced by the caliber of people you hire to help you manage it. You may have an excellent business concept, backed by a ready market – but if you hire poor managers, they will drag the otherwise promising enterprise down. All said and done, while hiring managers for your lending business, you need to look at:
- The managers’ professional and educational qualifications: you need to be sure that the people you hire to work as managers in your lending business have unquestionably solid educational and professional backgrounds.
- The managers’ track records: so this is a question of looking at the previous work records, to ensure that the people you are hiring as managers in your lending business have a good track record. You need to be thorough, and even consider their work records before they got into management. You may, for instance, be looking at a person who was previously working at a company like PepsiCo – only to realize that while working there, he had troubles adhering to the Mypepsico schedule. And so you would be left with the question as to whether this person would really be an ideal manager for your lending business – if he had trouble adhering to the simple PepsiCo staff schedule (accessible at www.mypepsico.com). So the point we are making here is that you need to undertake proper background checks. It is not enough to rely on a few companies where the candidates (for the managerial jobs) claim to have achieved superb success at. You need to review their entire records.
- The managers’ personalities: you need to be sure that the people you hire to work as managers in your lending business have positive personalities. See, someone may have solid qualifications and an excellent track record, but if he has an obnoxious personality, which makes it hard for him to work with other people, then that would be a major challenge. Sometimes, it may be better to overlook qualifications and track records, in favor positive personality. Yet if you search hard and long enough, you can soon enough get folks with solid qualifications and excellent track records, who also have decent personalities.