When my team steps in to begin implementing the 7 Figure Freedom Method, the business we’re working with is struggling financially with a profit margin that is often slim to none. This happens because their payroll has ballooned entirely out of control.
At this point, many CEOs are paying themselves the same salary they were when their company was making far less money. They’re having issues paying people overall because they took on more employees and are overspending on their team. Let’s talk more about this issue and how my team helps solve it.
How this Issue Occurs
These issues generally happen because when you first start in business, you’re hiring high-quality people to step in and help you because you don’t want to slow down and take time to build out your systems. Thus, you need high-quality thinking people who can step in and start getting to work and do the heavy lifting for you to continue forward. But, this only works for so long.
While this helps in the short term, over time, you spend more and more on payroll and don’t have the systems built out around your team. In this case, if someone leaves, it becomes a stressful situation.
When this is the case, your business’s intellectual property is owned by employees, and you may feel held hostage by people on your team. That’s because knowledge exists in your employees’ brains. It’s not written down, and it can’t be reproduced.
What Your Company Really Needs
But the truth is that as your company grows, you need more people that can execute rather than strategic thinkers. Then you end up paying strategic thinkers to manage small, repetitive, ongoing daily tasks that anyone can do if there are proper processes. That means you are paying a high-end team a high-end salary, which becomes difficult to manage over time. It puts you in a position where you can’t afford to hire the support you need. This is an issue.
To fix this problem, we focus on building a self-managing team. We start by assessing your current unit and figuring out its natural strengths and unique geniuses. We create job positions around who they are so that they are not constantly bumping up against their weaknesses. This will drive growth for your company and allow team members to deliver high-quality work, be more highly motivated, and be more effective.
As your business grows, new tasks arise. You’ve likely been divvying up random functions because you don’t have the cash to hire more employees. That means that people are doing things across different departments, which means they’re operating under very broad and cluttered job descriptions.
Allowing People to Focus on Their Zone of Genius: The Bottom Line
My team, though, will help you create deep and narrow job descriptions to eliminate people jumping from one task to the next, which results in lost time due to constant transitioning. This will also help you build a resilient team and cut payroll costs. Your team will drive growth in your business, helping you scale. Everything they do will be reproducible, so you will have fewer worries about someone leaving.
This will be a much more streamlined way to run your business, AND your team will be happier. It’s a win-win! Learn more about this on episode 7 of the Flip the Freedom Switch podcast, and get ready to spur growth and effectiveness throughout your business.
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