Do you get busy and find yourself not having enough time in the day, but you still keep doing everything yourself?
I was speaking at the Great River Symposium on Friday and was asked “when is the best time to hire someone?”
The best time to hire someone is when you don’t need to. Hire when you are forseeing being able to do something better with your time that can be generating more revenue.
Hire before you have to and have a plan to generate the revenue to cover what it would be to pay them. You don’t have to have the funds laying around to hire.
Many practitioners make the mistake of waiting too long before hiring. This can happen whether you are a solo practitioner or even if you already have staff.
When this happens, it can lead to sacrificing the quality of patient care/experience, getting burnt out, or having unrealistic expectations when training someone when you eventually hire and it doesn’t end up working out (because you don’t have time to train them properly or answer their questions).
I’ve made this mistake myself too. I’ve gotten busy and then found myself justifying doing things myself because 1. I was good at it, 2. I didn’t want to go through the hassle of training someone, 3. I could keep more money in my pocket by not hiring someone. But then I reached breaking point and started to feel burned out.
Sometimes it helps to be reminded about how silly it is to ride the hamster wheel.
I gave the attendees of my talk a sheet I usually give to my year-long Introverted Visionaries 6-Figures Plus Mastermind members. It is a way to calculate how much per hour you are actually getting paid now. When I did this exercise years ago for the first time with my first business, I was sorely disappointed when I worked out the numbers because I realized I was making a lot less than I thought I was making.
How much are you really getting paid hourly now? When you work in all the $15/hr tasks you are doing (ie, admin, on the phone with insurance companies, billing, etc), are you actually making ie, $40/hr instead of $100-150/hr?
You might as well be working for someone else and not have to deal with the hassles of running another business.
Working out the numbers on that sheet is the best first step. It can also help you decide who to hire first or next. When I work with my clients on this, we strategically determine the best hire and this is one of the four criteria. The right hiring decision can make a huge difference.
A client of mine was making multi-6 figures just 4 months ago. He doubled it and is on track to 7-figures right now because of one important piece of advice I gave him about the role to hire for. That hire helped him make that money; the role he was thinking about hiring originally would have cost him money and kept him stuck.
But what to do if you really need to hire someone but you don’t have the funds for it? How do you come up with the money?
If this something you want to know the answer to, comment below and I will write about it coming up soon.
****When it comes to your business, you always have the choice of building your practice around your personality and your own skills only, but that comes at a price…What would happen to your business if something unexpected happened to you?
Will your systems or team take care of your patients?
Will money still keep coming in?
Why not have a 6 or 7-figure business model that makes you money, so you have the freedom of taking off when you want to…..and the security of money coming in even when you’re not there?
Taking home a lot more of what you make (and even tripling it) is totally possible when you have the right 6 or 7-figure practice model in place. HINT: It’s not a traditional practice model.
A painful 6-figure business is not necessary. Are you ready for YOUR 6 or 7-figure leap this year?
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