UWR 012 Maximum impact = Maximum wealth

As the CEO, we don’t make the maximum impact in our business by doing the operations. We make the impact by being the CEO, by moving really into that leadership role in our business. If you are heavily involved in the day-to-day operations of your business still and you are trying to scale at the same time, then you are leaving a lot of money on the table. It is time to get support in the operations side properly so you can scale.

In terms of having the money to take on team, remember that each team member you have in your business should be generating you four times their salary, at least, in revenue. Therefore, if you have team on board just now that are not doing that and they are just a cost to your business, then you need to reevaluate their positions and see how they can move to a 4X impact.

Once you do that, then you can afford to hire that operations person that will support you and will, in themselves, deliver 4X. Because even if someone is not in a sales role, they can deliver a 4X impact. For example, an operations person can generate referrals from existing clients to hit their 4X.

Now, if you don’t have any team yet, the same still applies. You still need to get someone into operations and you need to get them up to 4X fast. That means you need to map out what their first 90 days with your business looks like to ensure this happens. This should be something that you have in place with all new hires. One of your major roles as the CEO is to coach, mentor, and support your team to reach the 4X level. In doing that, in being a true CEO, you support the wealth maximisation of your business. In you having the maximum impact on your team, it delivers the maximum wealth.

So what does coaching, mentoring, supporting your team look like on a practical level? What does it really actually mean? Well, for us here at Annette & Co., it means daily huddle meetings, making sure everyone is clear on the targets and what their day looks like. It means weekly one-to-ones with direct reports, monthly all-hands vision and goal meetings, biweekly sales meetings, weekly marketing meetings. It means shadowing, it means formal training sessions.

I know for a lot of people, when you left corporate you never wanted to see another meeting again and I have just listed off a whole host of meetings. Because when we were in corporate it felt like there was so many meetings just for the sake of having a meeting, but meetings run well are incredibly important to make sure that everyone is moving in the same direction towards the vision and the goals and everybody is contributing to the business wealth. And yes, my week does have a lot of meetings in there, but that is what is driving my business forward. By me ensuring my team are hitting their goals, ensuring I have maximum impact with them so the business can have maximum wealth. Of course, that relates to maximum profits as well.

I hope that this episode has been useful in understanding maximum impact equaling maximum wealth. I also want to invite you to step into the Uncover Wealth Community. This is my private community on Facebook. You can search Uncover Wealth Community or go to annetteandco.co.uk/fbgroup. I do a live teach in there every single Tuesday for Training Tuesday and I would love to have you there.

Thank you so much for listening. Until next time, let’s find the clarity in your numbers, increase your wealth, and get more money in your pocket.

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 Hello! 

I'm Annette Ferguson

Owner of Annette & Co. - Chartered Accountants & Certified Profit First Professionals. Helping online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.

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