#75 – The Biggest Investment in Your Business

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.  But
 That’s something I’ve learned from being involved with ClickFunnels as well.  One of the things that they never hesitate to do is bring on staff members where they need them.  If there’s a growing pain in some section of the business, ClickFunnels is a fantastic company and they do a great job of actually investing in people and making sure the people are top quality high performers.

[00:04:01] Another thing that Russell mentioned when I was there last time is how do we get the right people in the right seat? 
Do you have that right person in the right spot?  What that means is do you have a developer doing the development?  Do you have a designer doing the designing?  It’s funny.  So just to give you an example of where this is going to work for me lately is I was hiring a Filipino and we brought him onboard to the team, was fantastic and it was funny because I was advertising an outreach position.  So he was doing some outreach for one of my businesses, trying to get featured, some links and this and that.  So we had about 30 applicants, cut it down to about three or four, interviewed those three or four, ended up going with this guy.  Then just on Skype, this was during the interview process, he’s like, oh you know, I also do some design as well.  Oh my God, do it, show me some of your designs, just out of pure curiosity.  By this time I already knew I was going to hire him and he’s like, yeah, yeah and I looked at him and I’m like, man, these are amazing.  These designs, webpage designs, these are full-on, like I could sell these for a couple thousand dollars and they won’t know the difference.

[00:05:19] Over here I just hired someone who’s full-time position just under — I think about $500, $600 a month full-time, crazy.  So the leverage on that, and then I’m like oh, hang on a minute, you’re good at link building, you’re okay.  He’s good, he’s not probably the best in the world, but he was just good at it, oh my God.  So how about you try do some design for me, play around, this is what I need done on my website.  I need a few infographics.  I need a few designs, I need flyers, I need whatever.  Try them out.  I gave this task to him and he just excelled, like the quality was awesome.  He turned them around instantly and he made the changes on it straight away.

[00:05:56] So I knew instantly I had the right guy, but he was in the wrong seat.  If I had left him doing that SEO, that link building, that outreach, whatever it was, then I 100 percent would have had the right guy in the wrong spot.  That’s just not utilizing the potential of the employee, the part of the team that you need.  It’s just not something that you should be spending time on is when you bring on the person, make sure you got the right person, someone who’s driven and is passionate for the company and they’re in the right seat, so they’re excelling in what they should be doing.  Those two things are just key.

[00:06:27] So that’s my little piece of advice for today, guys.  If you are looking to grow your business, if you are looking to really invest in your business, start with people.  People are going to be the lifeblood of your business.  Not only do they affect the results that come out, but your corporate culture too, your values, everything along those lines.  It’s the people who make up a business.  So make sure, don’t be hesitant when you’re going to be investing in people.  That’s  the number one place you should be investing in.  That’s my number one tip for today, I’m saying it over and over again, people start growing, they spend money.  I mean obviously you’ve got to spend money on traffic and in content marketing and all this, but start building a team.  It’s absolutely vital to build a team if you want to grow your business because that’s the longevity.  You’re looking for the longevity, you’re not looking to play short.  You’re not looking just for the quick win.  Don’t invest in the shiny objects, the things that are working right now that aren’t going to work in five years’ time.  People will work and people will last.  If you build a relationship with the right people, then those people are going to be invaluable to you because overtime, they’re going to love working with you, you’re going to get results which are better and better and you just build relationships.

[00:07:36] So that’s my tip for today, guys.  Make sure you start investing in people. 
  Have an awesome day, guys and I’ll speak to you soon.

 

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