Why You Need a High Performance Team (Even If You Don't Feel Ready)
As I write this, I’m wrapped in a blanket burrito on the couch in our den. We’ve just returned from Vegas and I’m a victim of illness which reminded me of a problem I know you would relate to as an entrepreneur.
See, back in the day, being this sick would have meant my business was shut down for the day. And, after a 7-day vacation, it would have caused a serious cash flow concern.
But imagine if you could take the day off (guilt free!) because you have dream team at work ensuring every aspect of your business is tended to…
Imagine what it would feel like knowing someone else was taking care of your clients at a high level and dealing with fires…
Imagine having a right-hand person who takes care of things before you even notice they need taking care of…
It’s likely you want to build a team, but you feel you can’t until you have more clients. And you can’t take more clients until you have a team to help you support them…
It’s quite a catch 22, isn’t it? But…
What gets kicked to the side when you get busy?
Certainly not client deliverables…
Or scheduled appointments…
Or the fire which just came through via email…
What usually gets pushed to the “later list” is your biz development. You know…
The stuff that actually grows your business!
Like marketing, outreach, partnerships, and developing systems. Sound familiar?
Whenever we speak to an entrepreneur, we ask the question “What is your current biggest struggle when it comes to scaling your business?”
72% of the time the answer is “I’m not consistent with [some crucial growth activity]”…
The funny thing is, until we ask the biggest struggle question, most founders never stop to realize this is a monumental problem for them…
So let’s dive into why building a dream team early on is so crucial, shall we?
The first reason building a staff is mission critical is because every human being has moods (including you!). When we wake up feeling sluggish, our performance is subpar. When we show up to our desks feeling sad, it shows up in our work.
Emotions are a part of the human experience. We can’t help but to feel. But the human emotions rollercoaster is not great for business, and could put your cash flow into a similar up-and-down state…
So, how do we balance performance?
Well, we could try to remove the human experience and “leave our drama at the door”.
But this tough approach doesn’t work so well when you’re victim of a tragedy or illness. There's a simpler and more compassionate solution…
If you bring together a group of people at any given time some of them will be happy, sad, mad, glad, and everything in between, right?
This means if you average out the emotional performance of a GROUP of people, over any given period of time it’ll be far more stable.
You can apply the same group theory to skillset. Yours is limited. So is mine. But we together will have more skills than any one of us alone. More skills = better competitive advantage = more money with less effort!!!!
Another reason building a team is meaningful is because it forces you to simplify your business processes and create more leverage (which is, the ability to grow without having YOUR hand in everything the business does).
And leverage is the key to scale.
And scale is the key to the impact, freedom, and the wealth you desire.
Now that you understand why you need to build a team pronto…
Let’s break down the reasons you may not feel ready just yet to assemble one. Then I’ll get into the miracle method for making team building a breeze!
DREAM TEAM CHALLENGE #1: CASH FLOW CONSISTENCY
The first reason you don’t feel ready to build a high performance team is you don’t have enough consistency in your cash flow. So, you’re afraid you won’t be able to make payroll. One word for you:
Without a team, your growth is limited by your time. And your time is your most valuable resource. This is nothing new, but…
As long as your remain stuck in the fear of paying others, you’re capping the income you can make by the limited time you have. Which means,
You’ll never have enough cash to feel comfortable paying someone, until you hire them and ramp them up!
The simplest thing to do here is to begin using contractors for just a few hours a month and build up from there.
DREAM TEAM CHALLENGE #2: PERFECTIONISM
The second reason you’re held back from hiring is you’re afraid of someone making mistakes with your clients. Training takes too long so you’re trying to find a unicorn expert who can step in and do the work flawlessly without much direction. Yet, there’s a glaring issue with this strategy…
Your business will become as dependent on the unicorn as it currently is on you!
This is the lazy owner's way of outsourcing. Hand it all over to someone else and then turn a blind eye while you sit back and relax!
Sounds amazing, until the unicorn leaves, gets ill, or demands a substantial pay raise when they realize you can’t run without them.
High performance teams aren’t built around unicorns…
They’re built around the owner breaking down their complex business into the simplest of tasks.
This allows you to hire lower skilled workers with incredible levels of excitement for your vision. It’s more cost effective, AND it’ll reduce mistakes, training time, and dependency.
DREAM TEAM CHALLENGE #3: REVENUE ALLOCATION
The third reason you don’t feel ready to build your squad is because you’re pulling too much revenue from the business to pay yourself! Now don’t get me wrong, I’m in full support for paying yourself first. But…
The larger you want to grow, the less you should be pulling as salary (even in the beginning!) As little as 20% of your revenues, depending on your industry and growth goals, should go to founder salary. Which means…
In order to pay yourself $10K/month…
Your business needs to be earning $50K/month!
This may be triggering because you have bills to pay and families to feed. And I’m certainly not saying you HAVE to structure your business this way…
If you want to be a freelancer or solo-preneur that’s admirable.
But the vast majority of founders I encounter want to grow to seven figures and beyond…
And we can’t get there alone (even if it’s easier, faster, and cheaper to do it all yourself!) We already know you’ll hit a ceiling of skillset, revenue, and time without help.
It’s easy to decide to DIY your business when the choice comes down to paying someone else or paying yourself, isn’t it?
But, my friend, this short-term thinking will lead to long-term insufferable pain.
Now that you understand why it’s so important to build a team (and why your team building objections just aren’t working for you…) let’s discuss the powerful, yet simple
4-STEP METHOD FOR BUILDING A LOW DRAMA HIGH PERFORMANCE TEAM
STEP 1: SIMPLIFY THE COMPLEX
Before you hire anyone, you’ll need to get clear on what your employee’s role will be and develop the training for the role. Many founders hire first then try to figure this out later, but this is often a costly mistake!
Clarity and training development means unpacking your processes into clear Standard Operating Procedures (SOP’s). These are step-by-step instructions anyone can pick up, follow, and understand with little direction. But more importantly, we need to simplify the complex…
You need a way of breaking the complex things you do inside your business down to simple tasks and models, otherwise YOU become a bottleneck inside your organization and your efforts to break through the time ceiling will go up in smoke.
Simplifying the complex areas of your business means creating models around the things you’re genius at so others can do it as well as you can. Building these models is a piece of cake once you understand how it’s done!
STEP 2: FINDING THE FIT
The first thing you need to understand about hiring is interviews alone are simply not effective in finding the best people for your team. In order to hire effectively, you first need to understand the attributes of the person you’re looking for. Then, build a process to test for those specific traits.
Keep in mind, you aren’t looking for a unicorn who can step into the job and start doing it flawlessly. Instead, you’re looking for someone enthusiastic who has the traits to become successful in the role. This is an important distinction which will save your business from being hostage to someone else’s talents and moods.
STEP 3: EFFORTLESS ON-BOARDING
Training your new dream team member doesn’t have to be tedious…
If you “simplified the complex” like we talked about earlier, on-boarding and training will be rather simple and your new employee or contractor will get up to speed quickly.
STEP 4: LEAD WITHOUT EGO
There are two common missteps entrepreneurs make when it comes to leadership.
The first mistake is that owners will get their team members on board. Then they get excited that they no longer have to “deal with” this area of their business and they begin leading blindly. It’s one thing to trust your team. Ignoring them, however, is quite dangerous.
When you ignore an employee who is a rockstar, they’ll eventually feel unappreciated and eventually the enthusiasm you hired them for will wane off.
The second blunder made by team leaders is thinking your job is to hand out tasks or manage deadlines…
Or to inspire and motivate others…
You can’t motivate others. But you CAN use persuasion to help them motivate themselves!
This 4-step dream team method is helping business owners create strong teams who add an extra digit to the business revenues.
Are you willing to create your high-performance team?
Go get it!
And whenever you're ready, here are a few ways we can work together further…
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