Why your team is everything
At an event this week, I was told: “If you want something done properly, do it yourself”. It’s the biggest lie if you want to build a business that can grow and one day be sold. You need people – it’s an absolute fact.
Listen to Pavlo discuss this on this podcast from The Money Show:
Some truths to start:
- You cannot grow a business without people.
- You cannot grow a business with people who are not part of a team
- You cannot grow a business with a team that has no responsibility.
If you are, beware, since you don’t have a business but rather, you have created a job in the shape of a business. It will never be able to grow beyond a certain level and will never be able to be sold for a significant capital gain.
Your team’s impact on growth
We ran a survey across 308 mid-tier businesses (none were Aurik clients) doing between $1m and $10million per year. On average about 88% of these businesses want to grow. Of those, 95.2% had staff that were completely unaware of the growth strategy.
If your people don’t understand your strategy, how can they be aligned to it, to you! A huge part of leadership is communication and getting your team on board and excited about the growth journey.
Your team’s impact on value
There are 5 levers of valuation in a business. The 3rd is all about team – if you can’t delegate and train your team on the system they need to operate, you get caught in the engine room of the business and it gets very hard to see the wood from the trees and to see where your growth opportunities are.
Just hiring more people doesn’t solve your team issues:
It’s not enough to just employ staff, you need to capacitate them, and you need to make them accountable by delegating clearly. If you don’t have their buy in and haven’t given them the training for them to succeed, you’ll still be stuck believing that if you want something done properly, you have to do it yourself!