Frances Quinn
A common reason many business owners hold off growing their team is cost. Every investment decision a business owner makes revolves around making the highest possible impact with the least resources. Every dollar and hour spent must deliver a positive outcome.
As an entrepreneur looking to scale your business for next-level growth, you may be hesitant to grow your team, whether it’s some part-time admin support or a general manager. While it is true that investing in your team is expensive, not investing in them can be even more costly.
Before making this crucial decision, consider these three signs that indicate it’s time for you to build your dream team.
1. YOU'RE WEARING ALL THE HATS, ALL THE TIME
As a business owner, you can’t be at everyone’s beck and call. You have to take on different roles and oversee multiple tasks while building your dream business. This means your time and attention are divided between everything that needs to be done, and that puts you at risk of underperforming at some, maybe even most of these tasks. If you keep trying to do everything, you will do none of it well.
2. YOU SPEND MOST OF YOUR TIME DOING STUFF YOU HATE
When you start out, you often need to own tasks that aren’t in your genius zone. Then as the business grows, you may get stuck in a pattern of keeping hold of the stuff you don’t like and aren’t good at. As a business owner, your goal should be to constantly fight to let go of the things that don’t bring immense value to the business, and delegating things you don’t need or want to do.
3. YOUR TEAM COSTS YOU MORE THAN THEY SAVE YOU
Building a team is a significant investment of time, so ensuring that you hire the right people, and then training, supporting and managing them effectively is key to building a successful team.
Often, we hold onto tasks we should have delegated, and sometimes we let go of team members who aren’t performing to our expectations, who seem to need support and guidance with every little task, or whose work isn’t up to scratch. We often consider that the problem is the team member, but the hard truth us that their success is your responsibility.
Whether they are the wrong people, we haven’t trained them effectively, or a little of both – having ineffective team members comes at a huge cost of time, money and sometimes customers. If you’ve had repeated unsuccessful hires, then odds are that you need to turn the lens inwards and revisit your hiring, training and management approach.
FINAL THOUGHTS
In most cases, entrepreneurs aren’t aware of what’s truly holding them back from achieving success in their business.
You may think you can’t afford to hire people, and it’s tempting to keep hold of everything yourself. Take a moment to challenge yourself – consider where you’re overburdened and overwhelmed, and where you are spending time doing things that aren’t your highest value.
More often than not, investing in your team will prove to be the best decision you make for both you and your business.
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