How to Build a Rock Solid Team without the BIG Budget
Any successful business owner knows that to grow an incredible business, you have to learn to delegate successfully. When a business transitions from a start up to an emerging small business, the founder of the company has a lot to do. Building a talented team allows the CEO to focus on growing the business.
Business podcaster Natalie Eckdahl gives “boots on the ground” business advice to her Biz Chix community and she continually reminds her listeners that “just because you can do something doesn’t mean that you should.” In other words you should hire as much help as you can afford. This frees you up to do the things in your business that will help it grow.
This leads to a very good question. How much help can you afford? When is the magic moment when your cash flow has room for a new team member and what is the most efficient way to spend your money?
Hiring help requires money. Business owners don’t always understand where the money in the business is going, and they need to look to business advisors to help them make these critical decisions. Gusto’s On The Margins blog explains the problem this way. “ I think many small business owners should pay someone to help them find the money from their current operations to finance a couple of hires. And who better than an accountant to help them do that?”
Do small business owners have to compete with big business and their big budgets for salaries and benefits when they need to grow their team? The good news is that small businesses have an advantage. They can get scrappy and nimble. Because they can adjust quickly, they can use new technology to build efficiency into their processes. However, most business owners need coaching on how to put that edge into play.
Small companies should outsource the bookkeeping tasks to someone who can also coach them in how to implement efficiencies using cloud based accounting software such as Gusto, Xero and QuickBooks online. The cost of this advisory service is a fraction of hiring a full time bookkeeper or administrative person. Additionally, as the company grows, the may need more help and find that a fractional CFO, like our advisors at Breakaway, is exactly the option that gives them the high quality direction they need at a relatively lower price.
The small business owner’s struggle to find workers could be solved by thinking outside the box and looking to outsource the tasks rather than hire in house. The advantage of outsourcing is that you can streamline bookkeeping and administrative tasks without a lot of overhead cost. Taking it to a new level, these remote team members are uniquely positioned to solve and advise on business decisions.
Find a good business advisor who has experience in your industry. If you run a restaurant, find an advisor who knows the specific challenges of running a restaurant, e.g. paying tips and managing food orders. If you are in construction, find an advisor who knows how to manage insurance reporting, job costing, creating progress invoices or applying for a construction loan. If you run a chiropractic office, they should know how to bill insurance, manage patient records securely, and build systems for patient care.
This important relationship could be the most important one to help you ROCK your business and out smart the big guys. You can free up your time as CEO to focus on the important things, and have someone on your team to advise you on the cash flow decisions that are so critical to your business success.