You Are Less Profitable Because…

Summary

• When considering hiring, think of it as trading time for opportunity. It's about betting on future gains rather than just saving money.
• Hiring helps you become more profitable since it frees up your time to focus on activities that generate more money for the company.
• The biggest risk is buying back your time but not using it effectively to enhance the company's revenue.
• Ensure you have a plan to utilize the time gained from hiring additional help to generate more leads and boost sales.

Video

How To Take Action

How to Implement Key Insights for Personal and Business Growth

Hiring as a Strategic Investment
I would suggest thinking of hiring as a smart trade, not an expense. When you hire someone, you're buying back your time. Use this freed-up time to focus on high-value tasks that can make the business more money, such as generating leads or improving sales strategies.

Budgeting for New Hires
A good way to start is by setting aside a small fund regularly, even if you're not ready to hire immediately. This ensures you have the money when the right opportunity comes. Remember, it's about investing in future gains.

Effective Time Management
Once you hire and gain extra time, have a clear plan on how to use it. For example, spend that time on marketing activities like improving your online presence, creating content, or networking to bring in more clients. The biggest risk is hiring someone and then not using the time you gain effectively.

Implementing Low-Cost, High-Value Strategies
Begin with tasks that don't require a lot of money but can have a big impact. For instance, updating your social media profiles, writing blog posts, or engaging with customers online. These activities can increase your visibility and attract more leads without significant financial investment.

Measuring Success
Track how the new hire’s role is impacting your business. Regularly review metrics like lead generation, sales conversions, and customer feedback. This helps ensure you’re using your hired time effectively and making profitable decisions.

By focusing on these key implementation steps, you can make the most of your hires and drive growth in a cost-effective way.

Full Transcript

how do you start setting aside funds for like that next hire so you're basically making a bet it's not about saving up the money it's about trading your time so that you it's opportunity cost which is like right now you are less profitable because you don't hire this person and so what would make it I would say like what would be the biggest risk is that if you buy back your time and then you do nothing with your time to make the company more money but if the plan is that you're going to use that time You' just bought back to go generate more leads for the company so they can make more sales that seems like a great trade to me