Human capital (i.e., the knowledge, skills, and abilities of employees) is one of the primary factors a business can rely on to differentiate their products or services and build a competitive advantage; however, few studies directly guide managers of small and growing firms through the people management issues that they will face through the lifecycle(s) of their business. This manuscript is designed to contribute to the body of research focusing on strategic human resource management within small and growing businesses in two meaningful ways. First, the authors present the results of two studies designed to examine the selection, training, and compensation practices currently utilized by a national sample of small business managers (N = 1503) across a wide range of industries. Second, the authors present an evidence based framework to guide owner/operators of small and growing firms through the important decision points to be considered when developing their human resource strategy to ensure that it aligns with, builds upon, and supports their business strategy.