Are you hiring?
This week's question from my portal “The Neagle Code: Directions
for Life” comes from Miriam.
How do I know when to invest in hiring a team? Are there key indicators to let me know when it's time to expand and bring more people into my business?
Thanks so much David!
Hi Miriam, great question.
Yes, actually there is.
First of all, it’s very important that you know where you are coming from. The more time you are able to spend creating cash flow and delivering your services, the more profitable your business can become.
When hiring a team, you must come from a desire to expand rather than a desire to be saved.
When you have a desire to expand, you will hire people for the right reasons. If you are someone who has the need to control, you’ll find yourself having a difficult time surrendering these tasks.
So, what are the right reasons to hire a team?
Hire a team to take care of all things that you shouldn’t be doing in your business. These are things that don’t generate cash flow:
• Answering emails
• Admin
• Bookkeeping
• Scheduling travel
• FAQs
• Research
It is important that YOU spend your time doing money generating activities.
The more time you are able to spend creating cash flow and delivering your services, the more profitable your business can become.
PS: The Neagle Code: Directions for Life is a weekly no-cost
program that is open to everyone! Each week, I'll select and personally respond to one question received via the above “The Neagle Code” page that I feel in my heart will help the most people. (You may choose to remain anonymous if you wish, with our full support.) It is my deep, heartfelt intention that ~ in answering your questions ~ I may provide you with the Universal Truths that in committed application, will set you free. Simply submit YOUR burning question at: www.DavidNeagle.com/ask-david to participate.
4 comments
Exellent response – as a online Business Builder I couldn’t agree more. The other thing a business owner needs to have before hiring a team is a the ability (mindset) to let go and know that there is more than one way to handle tasks.
Absolutely Kristen. Letting go of those non-money generating tasks is often the most difficult of things for entrepreneurs to do. Thanks for the reminder.
Hi David,
Great advice! We always look not only at the right reasons to hire, but also to finding the right person for the position. You also alluded to the ROI (return on investment) that business owners and managers need to consider. Ask yourself “what money-generating activities will this allow me to do, or how will THEY generate money in the business?”. These questions are key, since the focus should be on business growth. For example, when we hired an Executive Assistant for a company, this allowed the business owner to have the in-office tasks and customer service to be taken care of by someone other than the business owner. It freed up their time so they could be doing sales calls, networking, and speaking to get in front of more people. These are a few of the activities that generate ROI.
Thanks Tracey. That is great information with regards to hiring for the right reason. When you hire slow you get the right people in the right positions, which goes a long way to maintaining a growing business. It’s essential to have the right people on the bus! I appreciate the post.