Building the right team for your business is critical to your business’s success. In this episode of Forever Cash Podcast, Michelle Bosch shares the three essential steps you need to take to build a team that is as invested in the success of your business as you are.
When do you need to start building a team?
When you start your own business, be it in real estate investing or any other field, you will be responsible for every aspect of your business operations. While this can seem a little overwhelming, it is a crucial stage in your development. Having to do everything yourself allows you to gain competence in all of the tasks that need to be done to make your business work.
Using the Land Profit Generator method, this first stage is all about building competency in the deal-making process. If you are working with a coach or mentor, you will quickly find that the number of deals you are doing will quickly increase, and your competency will grow quickly. However, at this point, you will start to experience a crisis of capacity.
When you reach this point in your business, you will need to build the right team for your business to grow.
Recruiting for alignment
When you start your business, the first and most crucial step is identifying your core values. You then want to build your business to achieve goals that align with these values.
When you start recruiting to build the right team for your business, you want to find candidates with similar values. This will create an alignment of meaning between you, your business, and your team.
When your team members’ core values and personal goals align with those of the business, they will find meaning in their work. A staff member who is internally motivated to see your business’s success will not need to be micromanaged and will want to contribute meaningfully to the growth of your business.
Three steps to building the right team for your business
Once you have found the right person to hire, you have to set them on the right path to ensure they have what they need to succeed.
1. Provide clarity
When you onboard a new team member, you need to show them what a successful day looks like as a member of your team. Set up a day planner with tasks and allotted hours to complete those tasks. Your team member will then have the clarity they need to jump right in and get things done.
2. Set Metrics
Success is a subjective experience unless clear, quantifiable standards are set to measure success. If you set realistic goals and share these with your team member, they will know exactly what you expect of them. When your metrics are quantifiable and performance is incentivized, both you as a manager and your team member will be able to evaluate performance objectively. This will avoid a lot of frustration down the line as you build the right team for your business.
3. Return on involvement
In the first 90 days of the onboarding process, you want to connect with your team member every day. This may seem like a lot, but it will allow you to build a relationship with your team member to build a relationship and foster trust. You will also be able to address knowledge gaps, identify pain points, and re-enforce positive progress on a daily basis as your team member finds their feet in your organization.
As business owners, we often focus exclusively on getting a return on investment from our team. Your staff will always be one of your highest overhead costs, and it is easy to forget that your team member’s productivity is linked directly to your involvement.
Building the right team for your business requires the right skills
When you start bringing on either part-time or full-time staff to support your growing business, your role in your business will change.
When you start out, you are a sole entrepreneur. You will spend all of your time learning, practicing, and mastering your business processes. As you start to do more deals, you will need to delegate some tasks so that you can do more deals to turn more profit.
Once you start to build a team, your role in your business will change, which requires that you learn, practice, and master a new skill set.
Mastering management skills will have a direct impact on the success of your business. The best way to learn leadership skills is, in my experience, learning from other leaders. It’s a good idea to join a mentorship program that teaches these skills. The faster you learn how to build the right team for your business, the faster you will be able to scale your business to create those 6 and 7-figure profits that will change your life.