The Most Expensive Part!

The Most Expensive Part!

There are many models when it comes to building a business; solopreneur, entrepreneur and company. The defining difference is team and team is the most expensive piece of the puzzle.

• How do you decide what team to have and when and how much to invest in them?
• How do you set up systems so they are empowered to win in their position, accountable and know they are making a difference?
• How do you know if your investment is paying off with the expected ROI?

ROI comes financially as well as in the personal development of your team. Having been in business for over 30 years I know for myself this is my biggest challenge area and a big piece of why I do what I do the way I do it.

It is important to me to provide meaningful work for those interested in accounting. As a result, it calls on me as the leader of my company to step up in ways that will lead not only the vision of my company, but also ensure we have the right people in our company doing the right things for them as well as the company.

The numbers are what let us all know where we are on track and where we are off.

There are metrics for everything, we just need to take the time with our team to ensure they are the right metrics to track and then actually use that information to help us determine how to best invest our time, energy and money.

If you are a service based company then efficiencies are a key metric. How much time does it take to deliver the service and are you billing effectively?

Sales metrics are key for every kind of company. First knowing what it takes to actually make a sale – how many leads, how many conversations and secondly knowing based on sales when do you need to have more team to ensure quality fulfillment.

Profitability is another metric to be closely watched. I am a firm believer of knowing where the profitability lies for every person on the team. Then understand what is necessary for the financial
health of the company, the baseline profitability and what can be shared with the team so they can be rewarded for their efforts.

If you would like some support in determining profitability you can find it in here; 10 Tips for Increased Profitability.

In Abundance,

Sue