The most important piece of your personal financial portfolio is your income. It’s the best way to build wealth.
Building wealth isn’t an easy process for everyone. Many struggle to find ways to grow their income, especially small business owners. There seems to be a ceiling or limit to the total amount of income one can make as an entrepreneur.
The solution? Build a team.
Hiring awesome people has been the best decision I have ever made as a business owner. I have been able to scale my income, become a two-time Inc 5000 fastest growing company in America, and experience a lot more joy as an entrepreneur.
I believe in building a team so much that I have written a best selling book on the topic: The Problem Isn’t Their Paycheck – How to Attract Top Talent and Build a Thriving Company Culture. However, the focus of this blog is less about how to build a team and more about how building a team can grow your income.
Ever wish you had an army of clones to help multiply your work and effectiveness? This would not only allow you to get more done, it would be a sure-fire way to grow your income! But, hiring people is a lot less creepy than implementing an “army of clones.”
There was a time in my life when I was completely overwhelmed as a business owner. I was frustrated and down. During that time I talked with my uncle about how I was feeling. During our conversation he asked me what I was capable of. He wanted to know the max amount of work I could do as an individual. He then asked what impact could be made if I lead a team of trusted people as an extension of myself. This team would be doing their own work in their own way, but with the same heart and desire that I have to love people through finances. This perspective was a game changer!
The truth? The impact I can make and the income I can obtain is limited as an individual. But with a team? The impact and therefore my income is multiplied. Hiring helps you scale your income.
I am not at my best 100% of the time. I get sick. I get tired. I have ups and downs. I also need rest. I need time off to unplug. My performance is not consistent. If my income is solely on my shoulders, this leads to inconsistent income. A team brings consistency.
Sure it is a team of people. All of these people will be inconsistent as well. But in most cases, their down times are not going to be at the same time as your down times. If you have people who are able to produce when you are unable to, this makes your income more consistent.
The more efficient you are in your work, the more you get done. It is why one of Stewardship’s core character traits is innovation. We must constantly innovate and change to become more efficient. Through the use of technology, automations, and personal development, you can become more efficient and grow your income.
What about areas of your work that you aren’t good at?
You know what I am talking about. All of us have things in our job that we do, but we don’t like doing them. As a result, they take us longer to execute. Or worse, there are aspects of our job that we just aren’t skilled enough to execute. Sure, we do well in most areas of our occupation, but if we are honest with ourselves, we don’t have what it takes to be amazing in every area.
This is where hiring can increase efficiency and therefore increase income.
You may have heard it said, “hire your weakness.” This is an extremely valuable mindset when hiring. Having a variety of people on a team creates efficiency.
I believe everyone’s first hire should be a part time Executive Assistant. This position will allow you to learn how to manage people if you have never done it before. But more importantly, an EA will do work behind the scenes so you can be more efficient with your time. Their primary job is to help you focus where you need to focus most. It is VERY valuable. I absolutely love my EA and know that I would not be as productive without her.
For more on what it looks like to have an Executive Assistant, I strongly recommend this book by Michael Hyatt, “Your World Class Assistant.”
It is hard to argue with these three points. It’s easy to see that you can grow your income through hiring as your income will be more efficient, consistent, and scalable.
For more information on how to hire and build a team of trusted self-directed people, check out my book!