219: Optimizing your team

For a service-based business, labor is one of your most expensive line items. Every other cost will pail in comparison to how much you spend on labor.

Yet, most companies spend too much time focused on trying to cut other costs. Saving $10 on SaaS here and there...

Instead, if you want to increase profitability, you should be focusing on maximizing your labor.

Figure out how to get more out of the team you have.
Improve your systems so they can do more in less time.
Find where there is excess and make the necessary cuts.
Educate and invest in your team so they can produce at higher levels.

This is hard for most service-based business owners to realize, but at the end of the day, your people are your biggest assets.

You need to invest in them.
But you also need to optimize them.

Your ability to maximize your teams output is the key to a profitable service based company.