Sometimes you just can’t afford the person you need. If you need a level of expertise or a niche skill that costs more than your hiring budget then you have a problem.
Recruiting someone with less experience than you need and training them up isn’t your only solution, if you can be flexible.
There are many very talented people who are no longer in the mainstream workforce who might be able to help. For example, if you need a qualified accountant due to complexity, but can only pay 50% of the going rate for a qualified accountant, then have you considered getting a part time qualified accountant in for 1-2 days to do the “heavy lifting” and then a more junior accountant in to do the more administrative tasks?
There are many qualified accountants who have retired but would still love to earn a little extra, be it for extra trips abroad, to help support their families or for whatever reason. This is a vast source of experience that may well be open to working a couple of afternoons per week.
If you can bring in someone very experienced, to work alongside someone bright who is at the start of their career to train up, then maybe you can have the best of both worlds.
This is just one example of where a bit of flexibility can open up previously untapped talent pools.