They say it takes 10,000 hours practice to get really good at something.
If we are looking at 40 hours a week, and let’s take into account 6 weeks of holiday a year…that’s 5.4 years.
Now, when we started your business it is often the case that we would have done those 5.4 years on the operational side already…so for me, I’d done more than 5.4 years as an accountant (the operations).
But running a successful business is not just about operations – there are a whole host of other areas….sales, marketing, branding, finance, customer service, legal…etc…etc…
Usually we haven’t put in anywhere close to 10,000 hours in the other areas…
We expect our businesses to be successful…with very little understanding and studying of some major key business success areas…certainly nowhere near those 10,000 hours.
It’s not that we have to be expert level at them all…but we do need to put in some time learning (and implementing!) each.
I see it all the time.
I hear people who say they want consistent income – yet do not REALLY study, learn and implement the things needed to achieve that.
I hear people who say they want more money out their business – yet do not REALLY study, learn and implement the things needed to achieve that.
I hear people say that they want to retire their partner – yet do not REALLY study, learn and implement the things needed to achieve that.
And I get it – we are time poor – it’s really hard to learn everything, it’s not like the to do list only has a couple of things in it (!)
But that is why it is EXTRA important to understand the numbers in your business, to understand when you are able to start finding those people to add to your team who DO have those 10,000 hours under their belt…or find a way to be able to work with them (say via a course or group program).
We want to work with those people who are amazing at the things we might not be so strong with – I know I do – I want every member of my team to be better than me.
That, I believe, is how you start growing an incredible team and business.
By finding those 10,000 hours people.
The people that have put in the time in the areas you have not.
And those 10,000 hours people – they might be employees or freelancers or outsourced service providers or coaches or mentors.
Whatever capacity they are coming into your business…have they done their 10,000 hours? Are they experts at their thing?
And I am not saying that you should only hire/work with experts who have been around for years…after all, some things didn’t exist as we know now, 5.4 years ago (like the ever changing world of social media)…and it might be that you want to give a beginner a chance…it might be you want to help your team reach those 10,000 hours working with you – and that is all ok…whatever works for your business…
…but unless you are REALLY CLEAR on the numbers, you won’t know – you won’t know how much you can afford to spend on people, what level you can bring in people and how much you can spend on training…
So – Step 1 – find your 10,000 hours numbers person (if you are not someone that has put 10,000 hours into finance and numbers)…
Step 2 – use your 10,000 numbers person to get really clear on the numbers as they stand…without that clarity, then growing your business successful and profitably is completely impossible…
Step 3 – use the numbers person to work on a Profit Plan to ensure profitable growth and work our how and when you can add to your team
Step 4 – implement the Profit Plan!
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!