Scale Up Your Business Podcast
Leadership Building Great Teams
Wednesday, 10 April
When you’re starting a business, you have to build a great team early on. Most, if not all, successful empire businesses, have the best group of people rallying behind their backs.
So, in this episode of the Scale Up Your Business Podcast, Nick unleashes the leader in you so you can start building great teams, free yourself up from day-to-day operations, and finally grow your business. As much as possible, you want a company that runs like a machine that’s efficient and meticulous with your procedures and systems. Discover today why should build a great team, how you can create values with them, and how you can monitor their and your business’ performance. Take note that when you can build and manage them as you scale up your business, you’ll see great results and have more free time for other important stuff.
“If you don’t find money while you sleep, you work until you die.” – Warren Buffett
“An extraordinary quality of life is living life in your terms.” – Victor Hugo
To build a great business, you need other people (e.g. mentor, employees, support group, etc.) Some tasks can be leveraged to other people so you’ll have more time for the more important stuff.
Why do you need to build a great team?
You can’t scale business by yourself.
There are 3 types of business, namely:
A lifestyle business (10-15 employees) where you’re usually the manager
A performance business (15-20 employees) needs an established structure to manage the team
An empire (>20) where you’re the leader, not just the manager
Decide on what type of business are you going to build, then think carefully if you either want to be an owner-investor or an owner-operator.
Have an amazing personal assistant (PA) who could efficiently do the administrative tasks.
Hire someone good in marketing. Most CEOs and founders are in charge of the ‘front-facing’ (i.e. sales), so it’s better to have someone do the other tasks.
How you lead and manage as you scale?
Be objective and decisive in designing the structure of your team.
A manager oversees the business projects and operations while a leader sets the tone, creates the mission, brings the people with aligned values inside the business.
You have to have the right people in the team that believe in your mission.
The most common mistake that leaders make is that they put the right person in the wrong place. And, also, we don’t take the tough decisions to lay off an employee even though we know that the relationship isn’t going to help forward your business.
Make yourself redundant from your business, not from your job.
Nick advises you to work in the business, rather than work on the business. Always ask yourself if what you do is in line with your goal.
Three different roles:
Artist (creative) – Someone who crafts solutions
Chaotic entrepreneur – Someone who’s all about the visions
Manager/Leader – Someone who runs the day-to-day operations
Create your culture early – a culture that’s nurturing and not reliant on the leader’s presence.
How to create values:
Align the business’ visions with customer’s wants, demands, and needs
Create systems and processes, including setting the parameters of the roles
Have clear metrics of their performance that you review weekly and daily.
Measure the impact of your business.
How do you get the most out of the people? Develop them, improve their skills, and create incentives.
“Everyone is a leader in different ways, and you have to have leadership in yourself, in teams, and other people.”
“Having control of your time is the ultimate freedom.”
“Get someone who can get you more time. More time is the most crucial thing you need at the beginning when you’re starting to build a great team and a great business.”
“Think about yourself first as a leader of yourself before you think of yourself as a leader of the people.”
“Don’t ever get tempted to choose the superstar that has a poor attitude.”
“Your words become your actions, become your attitude, and become the heart and soul of the business.”
Institute of Leadership and Management
ABOUT THE HOST
My name is Nick Bradley. I’m an entrepreneur, author, speaker and investor.
My background is in growing and scaling VC, and Private Equity backed businesses.
Having successfully built, bought and sold a number of companies, and removed myself from day-to-day operations, my focus now is on helping entrepreneurs get to where they want to be, in business and in life. As well as investing in growth businesses and backing turnarounds - with the ultimate aim of creating value from significant capital events.
I’m passionate about personal and professional development - showing up and being the best version of myself ... every day.
My bigger vision is to help bring entrepreneurial skills, experience and mindset to people in developing nations - so they can follow their dreams, live life more on their terms - utilising entrepreneurship as a global force for good.
See omnystudio.com/listener for privacy information.