We always need to be mindful of how we spend money in our business, but your team is not a place where you should be skimping…
Would love to hear your thoughts – be sure to post them here, k?
Are you being cheap with your team?
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Excellent episode, and great advice. Also, love the new hair color!!! 🙂
Great message Tina! “If you don’t spend the money to hire the right people, things are going to end up back on your plate”
So true and hits home the reason for investing in the right people at the right time for your business. It can cost you more in the end, by hiring by low fees as the determining factor.
Tina, This is a perfect video with terrific info!! Whether we are newbie or veteran VA’s we need to be able to share this in our presentations to the business community and/or when we consult/coach potential clients w/out it sounding like a rant. Thank you for another great video!
Brilliant post and very timely.
During the recession, many business owners have clicked into cost-cutting mode. They know they need teams to do the work, but instead of thinking how to build high-ROI teams, they think how to build low-cost teams. They believe that way they can both have teams of working bees and keep the costs down.
Sadly, this cost-cutting mentality comes as advice from accountants or financial controllers, many of whom understand only the “I” part of ROI, but not the “R” part. So, they desperately want to minimise or even eliminate the “I” part.
But cost-cutting doesn’t add much to profits. However, every 1% price increase can add as much as 11.7% to profits. So, the key is not to cut costs but to market better (systems, automation, as per your teachings), so fees and prices can be increased quite significantly.
amen to that Tom