Hire For Growth: How To Hire For Exponential Growth In 2023
If you seek to build a great business, at some point, you'd need to hire smart talents.
You may have made your first $1million working, all by yourself, but for you to get to $10million, you'd need to hire for growth.
I strongly believe that...The most powerful ingredient to building a business to a great height very quickly is, leverage.Leverage allows you to do these two more effectively:
*Earn MORE while working less.
*Get MORE done while working less.Leverage is also you duplicating yourself in people-this time, your staff.
It's weird to me how some entrepreneurs work so hard, and achieve so little because they do not understand the power of leverage.
I've built a few companies, and whenever i want to hire, i often use this process, that i'm sharing.
So, this is not some theory or anything, it is what I do, and I have also coached some of my high-level clients on it too.
Look for me, my first role are ALWAYS "revenue attributable",Let me explain what I mean by "revenue attributable",
- Head of marketing
- Sales manager
- Account executive
- Software developer
- Facebook Ads expert
- Office manager
- Personal assistant
- I.T. manager
- H.R. manager
You want to FIRST hire folks who will help you generate more revenue and profit...
This creates a positive snowball effect, where new hires lead to more profit, which leads to more new hires, etc.
Ok, let me bring it home better.
Personally, I love all my employees to be worth a certain amount of money to me, annually.
And of course, there are some team members who will not be worth that figure too, so it is not linear.
Let us say, you want each employee to be worth $400,000 to you in annual revenue.
What i am actually saying is that, if you take divide your annual revenue by the number of employees you have, each person should give you $400,000 or else, it means you are over staff.
* You make $1.2 million dollars per year.
* You have 3 employees, that is $400,000 each.
* Lets even say one or so employee is in operation and doesn't produce revenue.
*You make $3M in annual revenue.
*12 employees, it means each is worth $250K.
*As you can see, it means each employee has a deficit of $150K,and that is a whole lot, it means you're over staff.
Unfortunately, example #2 is why alot of companies are suffering.
Look, I want you to engrave this in your heart...
While it is great to hire for growth, you've got to also hire for scalability.
When you hire for growth, you're only hiring for weakness, but when you hire for scale, you're hiring for strength.
Does that make sense?Now, what about if you already have a few people on your team.
- PPC manager
- Data analyst
The smart business owners shift from hiring generalists to specialists as soon as:
- They can afford to
- It makes practical sense to do so
*Make more money
*Have more spare time
*Impact more people
*Have more asset and even be more diversified.
I'm curious to know, leave me know now in the comment box, I'll respond.