A Simple Formula to Guarantee an Instant “Virtual Team” Return on Investment
A Simple Formula to Guarantee an Instant “Virtual Team” Return on Investment
Over 64% answered, “Knowing how to pay for a team.”
The funny thing is I never questioned whether or not I could afford to hire someone. That feels like a limiting question. A more powerful question is, “What do I need to do to cover this cost in my business?”
When I conducted the five interviews for the Virtual Team Building Secrets, Alexandria Brown shares how scary it was to hire her first assistant, Liz Murphy. But somewhere deep inside, Ali new that the ONLY way to achieve her bigger dream was to surround herself with people who could help her. When she hired Liz, in her mind she knew all she had to do was take on one extra client to cover her monthly bill. Within a short period of time, Ali had doubled her return on investment and she’s never looked back. (I believe she has over 10 contractors on her team now!)
So what is the formula to know how to pay for your team? It’s very simple. Let’s start with a basic premise that one client is worth $350 per month to you and that you will outsource your bookkeeping at a rate of $35/hour for 10 hours a month.
• One coaching client = $350/month
• 10 hours freed up on bookkeeping for $350/month
• With those 10 hours, how many new clients could you handle?
• One client = break even
• Two clients = double your Return on Investment
The trick is to know what you will do with your time. For some, you will need to focus on generating new business. For others, you will want to use your new found freedom for fun things like spending time with your family or traveling. But if cash flow is critical, you must focus on filling it with revenue generating opportunities!
If you already have a team and you want to determine if you should grow it, the question becomes, what will my return on investment be?
Will my new team member be directly generating sales, creating new revenue generating opportunities (marketing), or support freeing up more of my time so I can focus on high payoff opportunities.
It literally boils down to 6th grade math! Figure out what it will take to make sense to your bottom line. My guess is…the cost of doing it yourself is much greater than the cost to outsource and delegate.
A Simple Formula to Guarantee an Instant Virtual Team Return on Investment - To learn more about this author, visit Melanie Benson Strick's Website.
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Recently I conducted a survey of entrepreneurs who expressed interest in virtual teams and asked, “What is your single greatest challenge with building a virtual team?
Over 64% answered, “Knowing how to pay for a team.”
The funny thing is I never questioned whether or not I could afford to hire someone. That feels like a limiting question. A more powerful question is, “What do I need to do to cover this cost in my business?”
When I conducted the five interviews for the Virtual Team Building Secrets, Alexandria Brown shares how scary it was to hire her first assistant, Liz Murphy. But somewhere deep inside, Ali new that the ONLY way to achieve her bigger dream was to surround herself with people who could help her. When she hired Liz, in her mind she knew all she had to do was take on one extra client to cover her monthly bill. Within a short period of time, Ali had doubled her return on investment and she’s never looked back. (I believe she has over 10 contractors on her team now!)
So what is the formula to know how to pay for your team? It’s very simple. Let’s start with a basic premise that one client is worth $350 per month to you and that you will outsource your bookkeeping at a rate of $35/hour for 10 hours a month.
• One coaching client = $350/month
• 10 hours freed up on bookkeeping for $350/month
• With those 10 hours, how many new clients could you handle?
• One client = break even
• Two clients = double your Return on Investment
The trick is to know what you will do with your time. For some, you will need to focus on generating new business. For others, you will want to use your new found freedom for fun things like spending time with your family or traveling. But if cash flow is critical, you must focus on filling it with revenue generating opportunities!
If you already have a team and you want to determine if you should grow it, the question becomes, what will my return on investment be?
Will my new team member be directly generating sales, creating new revenue generating opportunities (marketing), or support freeing up more of my time so I can focus on high payoff opportunities.
It literally boils down to 6th grade math! Figure out what it will take to make sense to your bottom line. My guess is…the cost of doing it yourself is much greater than the cost to outsource and delegate.
A Simple Formula to Guarantee an Instant Virtual Team Return on Investment - To learn more about this author, visit Melanie Benson Strick's Website.
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. - Visit Dianne Crampton's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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