Updated: Nov 3, 2019
I hear the same thing all of the time from my clients. They say, "I can't afford to hire an employee." The truth is, you must!
For any company to succeed, it must grow. A team of one is not a team. You must duplicate yourself and hand some of your responsibilities to someone else. Hire someone, train them to do some of the things you do, and free yourself up to make the company more money. Give yourself more time to be creative.
You probably tell yourself, you can never afford to pay someone the money you need to survive. You have bills to pay. In that very statement lies the problem. It is complete B.S. made up in your mind out of fear of losing. Or, you are listening to an outsider giving you bad advice. In actuality, if you don't duplicate yourself, you will be the loser.
Let me ask you a straightforward question. What happens if you are the only employee in the company and you become sick? I'm not talking about a common cold. I mean seriously ill. Will your company survive? Will you be able to pay you or your family's bills? Answer that question honestly, and I bet that you know long-term, you can't do it alone.
So how do you get beyond cutting your pay to bring in that much-needed helper? It's easy, give yourself a little credit. With the extra set of hands, you will increase sales and service. The spare time you now have will allow you to be creative, which turns into cash flow.
If you find that it is entirely impossible, consider taking a small business loan or using the credit available to you through merchant advances or other sources. Sometimes, paying a little interest to grow pays off in the long run. There is no shame in using credit to further your goals.
A few years ago, my company needed a new sales director. The position costs $100,000 a year plus insurance and bonuses, travel expenses, and more. It was likely going to be $150-$200k a year that we did not have at that time. The question in front of us was, will that person bring in additional revenue of at least $20,000 a month to cover their own expense? We needed that person so bad, so we took a leap of faith.
Within six months of hiring the sales director, we saw an increase in sales five-times what we were paying out. We were bringing in enough to hire an assistant for him, as well as several other new employees. He was worth his weight in gold. That faith paid off and continues to do so to this day. That same man now has a department full of workers. If we failed to make that move, we would have lost out on millions of dollars in revenue and a lot of happy employees. Our brand would not be what it is today.
Of all of the benefits that I have received over the years, watching my duplicates blossom has to be the best. To see each of them learn and go on to duplicate themselves brings a massive smile to my face.
Thanks for reading. If you like this or any of my other articles, please make sure and share them on social media.
Founder and President
Green Payment Processing
About the Author:
Lonnie Passoff started the first-ever internet-only electronic check processing firm in 2008. It has grown to be the largest e-check processor on the planet. A veteran of the United States Army, he has become a multi-millionaire through honest, smart business practices. He frequently speaks at business conventions and is a paid advisor to multiple corporations. He also holds a seat on the board of breast cancer non-profit, as well as a clean ocean initiative in the Caribbean.