The ROI of Having a Team
It is easy to get into a routine and adopt the belief that it is more profitable to do everything yourself rather than hire someone to work along beside you to build your business. But let me share with you a few of the reasons why I disagree with this philosophy.
An average advisor in our industry brings in around 300k a year in revenue to their business. If they are working 40 hours per week on average and take 4 weeks of vacation or time out of the office during the year, this means that their time is worth around $156 an hour.
So that begs the question. Why would you pay $156 an hour doing tasks that you could pay someone 20 dollars an hour to do?
Consider this. If you spend 1 hour per day doing something that you are not uniquely qualified to do, you are wasting approximately $37,400 annually to do that! This amount is equivalent to an employee salary and they would be working 8 hours a day instead of 1. Just consider the impact that hiring one person, even if they were part time, would have on your business!
Let’s address my comment about what you are uniquely qualified to do. I heard this phrase from Robert and Tom Fross during one of FIG’s Elevate U forums, and I thought that it was a great way to delegate tasks for your business.
Basically, if you are an advisor and are serious about your business, the only thing you should really be doing is meeting with clients, conducting workshops, hosting client events, and working on your business. Any other needs should be delegated. You should not exhaust time filling out apps, following up on business or transfers. You certainly don’t need to be answering your own phone and setting your appointments.
What the top advisors in our business have discovered is, if they spend more time doing what they are uniquely qualified to do and stop over-paying for burdensome work related tasks, their business grew by leaps and bounds.
Don’t let your practice suffer the consequences of trying to wear too many unfamiliar hats. Download our 5 Ways to Gain More Time in Your Practice Ebook to learn more about how to appropriately invest in your enterprise and bring in people that are uniquely qualified to help you grow your business!