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S2 E87: The hidden cost of doing everything yourself
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In this episode we do a deep dive on this question:
What does it cost to do everything yourself?
The bottom line is that as the leader of your organization, doing something you don't like or are not good at is the largest expense to your company, bar none.
This is because there's 10 times more energy and time wasted trying to master a new skill, or procrastinating on the action due to lack of interest or time.
Therefore, when you start to create a team, you're already getting a 10x return on your investment. The talent that you bring in is going to free you up for the tasks only you can do.
So how do you start? There are four simple steps for hiring that first person:
1) Define success: We use a tool within our business we call Multiplier Max.
- What is the desired result?
- Why will this make a difference?
- What are the consequences for NOT taking action?
- What are the benefits OF taking action?
- What does success look like? (Observable)
2) Value of the role: What time will this free up for you and how will you grow the business with this newfound time? Put a dollar value on this per month.
3) Develop a single page overview of the role. Using the work you’ve done to this point. Add your company mission/vision/values (if known). Share this role with friends, team members, colleagues and ask for recommendations and referrals.
4) Pay them for a small, time bound project. Give them a real world, tangible project to do that you would like help with. Compensate them fairly for that project. See how they interact with you and how they deliver on the project. The project should take 1-2 weeks, max.
Hiring is a decision that every business goes through and I think it's better to take these steps early so you have the space and time to excel where you are needed most.
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If you'd like to get started on your own for love of team journey, reach out via email, at winston@winsightz.com with the subject line Multiplier Max, and we'll be glad to send you out a sample of our fillable PDF.
Connect with Winston
LinkedIn https://www.linkedin.com/in/winstonfaircloth/
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