Now with taxes increasing on businesses and the so called “rich”, business owners have to watch the bottom line. One of the ways to cut expense is too cut Dead Weight. First, what criteria do we use to find our dead weight? Who can we do without? Who is actually dragging their feet and keeping our business from where we want to go? Who can do more? Let’s take a look.
The first criteria should be The 80/20 Rule. This is a great tool in sorting the “vital few from the trivial many”. We learn from this rule that 80% of our production comes from 20% of our team and vice versa. Most business owners spend their time helping the “trivial many” get better. When in fact we should spend our time with the “vital few” helping them get better. Just focusing on this one change will increase production.
Once we identify which people are in the 20% and which people are in the 80%, let’s start evaluating our 80 percenters. The key here is to “inspect what you expect”. Look at each individual and ask these questions about each one.
1) Can our business produce the same or better without this person?
2) Is this person a team player?
3) Does this person bring in problems or solutions?
4) Does this person share our vision for our business in our future?
5) If I had a do over, would I hire this person again?
It is just 5 simple questions, but it will define if your expectations are being met. Maybe it points out training opportunities for this person. Maybe it clearly defines your Dead Weight. Either way, this exercise will help bring your team to the next level of productivity. With the challenges American businesses face with economic uncertainty, higher taxes and regulatory uncertainty, doing the small things well will make the difference in profitability. Here’s to a successful New Year!
“Change is inevitable. Growth is optional.”—-John C. Maxwell
Tim Wilhoit is owner/principal of Your Friend 4 Life Insurance Agency in Nashville, TN. He is a family man, father of 3, entrepreneur, insurance agent, life insurance broker, salesman, sales trainer, recruiter, public speaker, blogger and team leader with over 25 years of experience in sales and marketing in the insurance and beverage industries.
Great piece. I like the insight that you put in your blog. I am doing that process right now. I am going through this process right now. I am looking at both companies and agents.
I looked at the dental link that you mention in a blog response, and it looks like they are only in Tenn.
Wishing you and your team a great year!
Jason
Jason, thank you for your kind words . Contact me some time, you are definitely the kind of agent we are looking for. On the dental/vision plan it is in 28 states and growing. each agent has their own personal link to sell. I just sell it in TN. I let the other agents sell in their states. I’m not greedy.
Nice catchy headline Tim! Hope you get lots of business in Nashville.
Thank you Stuart for your well wishes. I appreciate it.