Not Business Savvy? Hire Others Who Are
Not everyone has a head for business. That doesn’t mean they have to forego starting a business. They just have to find the right people that have a business mindset.
It’s okay to admit that you may not be a guru in business. In fact, it’s better to come to terms with that than try to pretend that you know what you are doing. The results of pretending could prove disastrous. There are plenty of qualified people that can get you where you want to go. They can even help determine a course of action for you.
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Of course, talented people are not going to come cheap, nor should they. You should expect to pay a premium for quality people. If you try to skimp out on this, you will get what you pay for and end up having to spend more time managing poor-performing employees. And you will have to deal with firing them if they really turn out bad.
When you find the right people and you give them the necessary authority, they will more than pay for themselves. They will bring to the table the skills needed to lift your business to new heights. They will know what to do because they have the experience.
One way to save on salaries is to put your sales force on commission. Give them a base pay but offer them a higher-than-average commission rate. If your products are high margin enough, you can also offer bonus incentives.
Another way to save on salaries is to start people at a lower salary but offer them ownership in the company based on profitability. This gives them the ability to share in the profits and they will be more committed to performing because it affects their compensation. Bonuses can also be offered based on performance.
The downside to this is you will give up some of the ownership in your business. The key is to never give up controlling ownership unless you eventually plan on giving most of the business up and becoming a silent partner. You also will need to have a concept for your business that your employees believe in. They can help you with coming up with a vision.
Having quality people help you run your business can do great things towards making your business a success. As long as you empower them with the necessary tools and funding, there is no stopping where you can go with your business.