I often get asked questions about team development, it seems like a daunting task and without a strategy in place for it, it really can be. Building a team makes good financial sense on paper. The opportunity in theory can provide all the good stuff we're looking for as business owners, but it also has several possible consequences in practical terms...
I'd really like to share some of the benefits of building a team and the consequences associated with them, and then provide you with a complete (and relatively simple) strategy for handling this process.
BENEFIT: A way to sell billable hours to clients, where you're generating a profit by outsourcing the tasks to a team member, with a mark up to cover costs and ensure a reasonable profit margin.
CONSEQUENCE: You may find your time consumption shifts from billable hours to managing your clients' expectations of your new team. If you don't factor in this additional time, it can easily consume any profit potential.
BENEFIT: If you've been building your business doing billable hours, you can disconnect yourself from those hours and connect them to a team member.
CONSEQUENCE: As you disconnect yourself from the billable time, you connect yourself to managing the people who do the billable time, but if you aren't careful, you could be doing that for free.
Use Of Time
BENEFIT: By outsourcing tasks for clients, you'll have a choice of how you use your new found time, either through business development or leisure time.
CONSEQUENCE: You will be able to successfully hand over tasks and billable time to other people, but by doing this you also add more tasks to your list, so if you're not careful it could simply be replacing the task with a different task.
BENEFIT: With billable time often comes deadlines. By getting additional support you can share the load and the deadlines all of a sudden become much more achievable, and less stressful.
CONSEQUENCE: It's still your responsibility to ensure those deadlines are met, and if at any time, for any reason, your team aren't able to meet those deadlines themselves, you will inevitably need to step up to the plate and find a way to get the job done.
BENEFIT: From my experience, the more skill sets I have on board to help me in the business, the higher the rate I'm able to command, because people want to pay for the option of a one-stop shop.
CONSEQUENCE: You then have the job of managing a team and co-ordinating tasks yourself, which is a job over and above the simplicity of processing tasks and this will need to be factored into your rates. With a higher rate will likely come a higher calibre of client, who'll have raised expectations of the service, which you'll need to strive to exceed at all times.
Solution with a Strategy
I've got an effective solution along with a complete strategy for growing a team, with both freedom and profitability in mind.
So if you've built a team of virtual assistants to support you to free up your time, but that time has simply shifted from 'doing' the work to 'managing' the team doing the work, you'll need this solution.
You could be stuck in the micro-managing trap or that 'limbo' stage of the business where you're ready to move to the next stage, but not quite sure how to go about it without losing the quality you get from overseeing the team and the expectations you have from the clients who rely on you to service them. In this class we'll be looking at a solution that will not only resolve the transition issues, but also create more time for you, while maintaining happy clients, and increasing profitability!
Sounds good, right?So let's take a look at the specifics:
- The consequences of growing a team. (We'll delve into these points above a little further.)
- How to effectively stop micro-managing.
- The team leader solution.
- Maintaining quality without the associated stress.
- Gaining a more profitable business.
- Keeping clients happy during the growth phase.
I'd love for you to join me, this is a personal invitation :-) It's completely free to attend the webinar 'live' with me on Friday the 19th at 8.30pm EET (Eastern Europe Time).
The registration page on the button below will help you with timezone conversions.
See you there!