Hiring the wrong staff is a surefire way to put your business in financial peril. In fact, the average hiring mistake costs 15x a person's base salary! Recently, the Entrepreneurs' Organization talked to more than 20 billionaires and 60 CEOs/investors in order to assemble a list of dos and don'ts to help small business owners make the right hires and avoid costly mistakes. Here's the advice they had to share:

1.) Calculate how much hiring mistakes are really costing you.

2.) Make hiring decisions with data, not with gut feelings.

3.) Hire the specialist, not the generalist.

4.) Build a hiring scorecard before you start.

5.) Source great candidates from your network.

6.) Interview across the person's lifetime.

7.) Sell candidates by remembering the 5Fs (Fit, Family, Freedom, Fortune and Fun.)

Remember that hiring the wrong candidate means that the time, resources and money spent to hire that candidate have essentially gone to waste and then you will need to repeat the process again to find the right candidate. It also has a cost on your organization for the time that it took to train that candidate and the time that it took to realize that the person hired wasn't the best or a fit at all for the position that they were hired into.

For a more in-depth explanation of these helpful hiring tips, click here.