Are you the CEO of your company or an intern? Not sure? Think about how you spent your working hours over the past week.
Did you create a vision for your business? Brainstorm with your team? Orchestrate your strategy? Review your key success metrics?
Or did you spend your time on all the wrong things? Did you lose hours going through your overflowing inbox? Force yourself to write a sales page even though you despise copywriting and don’t know what converts? Struggle in vain while attempting to update your website?
If you’re taking on too much, or wasting your genius on the wrong tasks, the time has come to hire a team for your Legacy Business.
What’s Unique About A Legacy Business?
What’s the path to Freedom with a Legacy Business? Creating a sellable asset. Your constant goal is to form a business that you can eventually sell to partially or completely fund your personal Freedom Generator.
In a Legacy Business specifically, the value must lie outside of you. It’s critical that you set up and maintain your business in such a way that its income and assets are ultimately independent of your role in the business. So, as you hire your team, consciously move yourself further and further away from the critical roles in your organization.
Assess Your Business Roles
Right now, you may be taking on many, many roles in your business. Before you can create a team, however, you need to list out each position your business currently requires. That could be billing, content management, customer care, website maintenance and more.
Once you have a comprehensive listing, score each role according to the following categories:
Inspiration: Do you love working in the role? Does it bring you joy, fulfillment and satisfaction? Or do you dread every moment you spend on those tasks?
Impact: How much value does the role provide to your business? Is it critical to the smooth functioning of your processes? Or does it barely effect your success metrics?
Income: Are you increasing the Cash Flow to your business by remaining in the role? Is your skill in this area adding to your company’s profits? Or are you losing money by performing the role poorly or by not focusing your time on more important tasks?
Pick One To Start
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Once you complete this exercise, you’ll have a qualitative scoring of every role in your business. And you can rank them based on your scoring approach.
Got a position that you love, that’s perfect for your skill set, that brings in the big bucks and that dramatically impacts your business goals in a positive way? Keep on cranking away at that!
But what about those roles that are totally unsuitable to your talents and personality type? The ones you hate, that need to be done but don’t have a huge effect on your business success? These roles are perfect candidates for positions to hire out one at a time.
Choose The Perfect People
When you’re building a Legacy Business, you’re creating an organization that’s sellable and can run smoothly without you. So it’s absolutely essential that, in hiring, you seek out people who are better than you.
When you find the right person for the job, his or her area of genius will align perfectly with the role you’re trying to fill. That person will take ownership of the job’s responsibilities, will actively seek to innovate and devise solutions that benefit the business and will demonstrate a consistent level of success in the role.
Before you attempt to outsource a position, an incredible way to wrap your arms around its day-to-day responsibilities, challenges and measures of success is actually to take ownership of it temporarily. Living in the role yourself for a period of time allows you to define your ideal candidate with precision, hire with confidence and expertly evaluate your new team member’s performance.
By being the customer liaison or the social media manager yourself–even for just a little while–you’ll know for sure you’re building a team infused with just the right set of people in just the right roles. And that makes all the difference in creating an organization that will thrive beyond your time, sell at a premium and fund your path to Freedom.
Community Question: Complete an assessment of your own roles in your Legacy Business. What tasks jump to the top of your list to outsource? Share with us in the Business Owner’s Only community!
image credit: Bigstock/Rawpixel.com
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Makaylah Rogers is the co-founder of MindShift.money. She is a Thought Leader for her generation, teaching people how to rewrite their “money rules.” With an extensive background in wealth building and personal development, Makaylah’s path has taken her into executive roles in various fields including launching startups, real estate sales and motivational keynote speaking.