Why You Should Invest In Your Team

Summary

• I found that lacking accountability in a business can lead to having half the revenue per head count compared to competitors with high accountability.
• When my team has really high accountability, one team member can support $400,000 in revenue.
• Comparatively, companies with lower accountability have team members supporting only $200,000 in revenue. This highlights the importance of accountability in driving higher revenue.
• Your biggest strategic advantage is your team.
• In business, products and marketing strategies can decline over time if left as is.
• In contrast, people generally get better over time. This makes investing in your team essential because they are an appreciating asset.

Video

How To Take Action

I would suggest implementing strategies to increase accountability within your team. Start by setting clear, measurable goals for each team member. This doesn't have to cost money, but it will require some time to define what success looks like for each role. Make sure everyone knows what they are responsible for and how their performance will be measured.

A good way of doing this is by holding regular check-ins. Weekly or bi-weekly meetings can help keep everyone on track. Use these check-ins to discuss progress, address any roadblocks, and provide feedback. This practice costs nothing but your time and can greatly increase accountability.

Another low-cost, high-value strategy is investing in team development. Encourage open communication and provide opportunities for skill development. This could be as simple as sharing relevant articles, podcasts, or even organizing small group discussions on topics that can improve their skills. The key is to make continuous learning a part of your team culture.

Maximize the strengths of your team members. Identify what each person excels at and see how those strengths can be leveraged to achieve your business goals. This not only boosts productivity but also morale because people feel valued for their unique contributions.

Finally, lead by example. Show accountability in your actions and decision-making. When your team sees you taking responsibility seriously, they're more likely to follow suit. Implementing these steps can significantly drive up accountability, making each team member more productive and valuable to your business.

Prioritize these actions to see a noticeable impact on your revenue and team efficiency without much financial investment. Your team is your most valuable asset, so invest the time and attention they deserve.

Full Transcript

what I found in many businesses is that when they lack accountability they might have half the revenue per head count as their competitor who does have high accountability that means that for me when I have really high amounts of accountability on my team it might mean that one team member can support $400,000 in Revenue the other company that one person supports $200,000 in Revenue who's going to win your biggest strategic Advantage is your team and people think about everything you have in business right your product only gets worse over time your marketing only gets worse over time if you just let them be as is whereas most people actually get better over time and so it makes sense that you would invest in the one thing that is an appreciating asset which are the people on your team