Executive search firms can play a key role in your company’s success. Yet sometimes a company may find itself in an adversarial relationship with executive search firms, focusing on negotiating price and terms rather than the value the executive search firm brings to building the best team of executives for the company. Though you want to make sure you are paying competitively for the service of an executive search firm, this can be a shortsighted way to do business.
Instead of getting stuck on price, focus on value, quality of service and methodology. An executive search firm might have the lowest price, but also produce the lowest quality of work. Your goal is to recognize the value-added services that an executive search firm provides to your company and what is important to your business.
Make sure you have a system in place for evaluating, selecting, and continuously reevaluating the executive search firms with whom you work. Have a formalized process in place. It is essential to the operation and profitability of your company. Set your executive search firms up to succeed. It is in your best interests as a small business owner to make sure that the executive search firm is receiving what it needs to do the best job for you, like paying your invoices on time, making sure your executive search firm agreements are set up to benefit not just your business but also theirs. If a contract is too one-sided, a potential new business partner will be receiving the signal that you don’t care about their business; not the best way to set up a relationship with someone you are entrusting to help you grow your business.
There are a number of reasons why executive search firms are a valuable resource for your small business. Here a just a few:
Executive Search Firms are experts in a particular discipline
As a small business owner you are an expert in your chosen field as are your business partners. If you have decided that you need to outsource some key areas to a small business partner then do so. Often a small business owner will state specifically that they are not good at hiring and retain an Executive Search Firm to find key executives for their team, only to decide midway through the search they are indeed an expert on hiring, which can greatly influence a search in the wrong direction. If you hire an accountant to do your taxes, do you suddenly stop them midway through filing and decide to “correct” their work? Probably not. Hire the right business partner and then trust their counsel. A good business partner wants the same thing as you do, a successful outcome that grows your small business in a positive way.
Executive Search Firms provide solutions and not just candidates
Collaborating with executive search firms often leads to better results. They present solutions to your problems and they want to help you succeed. Usually, they can offer solutions that you may not have even considered, looking at your business objectively, understanding and defining what makes you successful, and then tailoring an executive search to find you a leader who can get you where you want to go. By coming at your issues from a different angle, your executive search firm can provide better service.
Executive Search Firms educate
Good business partners will provide “the why behind the what” and educate their clients on how to do things better to achieve a better result. An Executive Search Firm’s focus will not be limited to just helping you find a particular talent for your team, but rather on identifying areas of improvement to your overall hiring process; improvements that can be utilized with other hiring initiatives long after the initial executive search has been completed. For this to work well, you need to be open to learning and collaborating to improve your hiring process.
The relationship with your executive search firm should be a business partnership, with both parties working toward a common goal and enhancing the relationship. In the long run, a solid relationship with your executive search firm creates a competitive advantage for your business.