#75 – The Biggest Investment in Your Business
20 Jun 2016
The right people with the right attitude and mindset will help you grow your business and move it forward to any direction you wish to go to.
Transcript:
[00:00:14] Stephen: Hey guys, Stephen Esketzis here from Marketing on the Move and today I want to talk to you about the biggest investment that you make in your business or if you’re not making that you should be making in your business. Now, there’s one thing that I’ve noticed with a lot of business owners, a lot of different business owners and that is, they go through the wrong logical progression in their business. When they grow their business, they’re not doing the right things at the right time. They start spending money on the wrong things once they start making a bit of money. [00:00:43] So for an example, if you start making a bit of money, what are the things you need to start investing in to actually grow that business, to bring investors in the business? Where are the growth areas? So. Now, people are the key to growing the business, because number one, you leverage your time. That’s one of the biggest things you can do when you’re growing a business is absolutely leveraging your time. You’ve only got so many hours in a day, but the more people you hire, the more people that you bring on board to build a fantastic incredible team, the more hours you’re going to get in your day. Not only are you going to get more hours in your day, you’re going to get people that are better in specific tasks than you are. [00:01:23] So as an example, we brought on a graphics designer recently for one of my businesses. Number one, I can’t do graphics at all, but now that we’ve got a graphics designer onboard, anytime we need anything, bang, straight to someone who is an expert in graphics. Now, he’s got a specific job to do specific tasks and keep doing them and doing them and doing them, so he’s got a long list of things he’s got to design, it’s not just a one-off job here and there. But the point of the matter is, you actually got to invest in people who have specific skill sets to further your business, to move the dollar forward. [00:01:57] One thing I see people spending money on is tools and just shiny objects, a lot of different little things here and there. They go through programs and they go through tools and they go through this and that. You got to keep with the fundamentals. What are the biggest investments you can make has the biggest reward. Where’s that 80-20 rule? Where do you spend the most money to get the most reward? It’s not about spending the least money to get the most reward, it’s spending the most money to get the most reward. If you want to 10x the business, you’ve got to be willing to put money into your business and spend on it and invest on it. So don’t look at it as, oh, I don’t want to spend money in my business, but I want to get a big reward, think of it as I want to spend as much as I can to yield as much as I can of a reward. [00:02:40] So as I’ve grown my own business, there’s been people, the biggest thing that I’ve started investing in lately has been people, bringing on virtual assistants in the Philippines, so spending not a lot of money, but finding the actual absolute top quality assistants, top quality admin staff, top quality designer, top quality whoever that I can afford and grow my team, people that are reliable, people that are actually going to show up and work. This takes time, so this hiring and firing and onboarding all takes a bit of time. I’m not going to lie, it does take a while. If you’ve been there if you run a business, then you’re going to be familiar with the fact that hiring, firing and managing a team does take time, but it is critical to growing your business. That’s where you’ve got to start. You got to start with managing a team. [00:03:25] Now, there are going to be some things where you’re going to have to spend money on the growing team, so whether that’s server cost, staff or tools, your growing pain. Butif you actually want to grow the company from a strategic level, you really got to invest in people.
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