1 – What Do You Want Your Schedule To Look Like?
There is a stigma attached to being a business owner that says you have to work harder than the rest. Whether it be long nights, or early mornings – you work to the schedule your business demands, and there’s always something to be done.
But is this helpful when considering growing your team?
Getting a realistic view of what you want your own work schedule to be is paramount when answering this question.
One inevitable way of answering the question of ‘Should I Grow My Team’ begins with asking yourself this: “If I were to delegate some of my tasks – would that free me up to take time out, or would I easily fill up my time within a week.”
If the answer is ever the latter – then seriously look at bringing someone in.
2 – Which Tasks Could I Delegate?
Get into the nitty gritty of how you’re spending your time – whether it’s driving, admin, phone calls or specialist tasks – spend some time after each day to document what you’re actually doing so you can get an understanding of the days, hours and minutes that make up your workload.
Do this for about a week – then add up all of the time spent on each task and cost up your hourly rates for each of these:
Which of these tasks are minimum wage? Which of these are specialist tasks that you’d charge more for? They’ll inevitably be some tasks that don’t fit into either of those groups (which is fine!).
This will give you an understanding of how many hours you’re spending on each task and what they are worth to your business. Then it’s simply a case of passing off the jobs that take up most of your time, but pay less. This will free your time up to do more of the higher paid specialist jobs – generating more revenue.
3 – Do The Finances Allow It?
It’s important you do your research on this step by looking back over previous months and seeing how your business has been performing.
It can be easy to think that because you’ve had a good couple of months, that everything is on the up! But often this isn’t the case – and you can be in real danger of being stung by this spike in data.
If you’re using Xero’s accounting software you can get a real time view of your cashflow and easily produce reports that allow you to check back over the past months to see how you’ve been performing.
You’re looking for consistent figures across a series of months, and if you’ve got that – then you’ll have your answer!
Work out the percentage that your month end figures are increasing by across a period of time and use this to roughly project where you’ll be in the next few months.
This will help you to see what type of contract you could offer someone, either full time or an apprentice (see our blog post about why we love apprentices here).
They key point is this: always think long term!
It’s much harder to spend time retraining a new person in one role every few months, but the goal is always to bring someone in who you can patiently allow them to own the role themselves and over time be a brilliant asset to your business for years to come.