Sunday 23 October 2016

Let go of your ego and look for people who know more than you

Rani Daly, Founder and MD, Miss Moneypenny

Published 13/09/2015 | 02:30

Rani Daly prioritises the efficient use of time
Rani Daly prioritises the efficient use of time

Never be the smartest person in the room. Your business is only ever going to be as good as the people who work for you. Hire the best people you can find, and not just the first people who come to you or the people who cost the least. Let go of your ego and look for people who know more than you do, build a team who will disagree with you, challenge you to be better and keep growing.

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Freebies only diminish your bottom line. At the start-up phase of any business, where bills need to be paid and you're just desperate to get sales through the door, it's tempting and easy to enter a race to the bottom with your prices just to get the sale. Anything is better than nothing, right?

Wrong. If you start discounting or giving away your product now, it's much harder to come up from there. Remember, people rarely value or respect what they get given for free.

Do what you love, love what you do - forget the rest. You will make the most money and be the most productive at the things you are best at and love to do. Focus your time and energy on doing more of what you love and delegate the superfluous, low-value tasks that don't generate cash and simply waste your time.

It doesn't make economical sense to spend your time doing €12-per-hour work when your time is worth €100 per hour to your business. Your time is your most precious, irretrievable asset. If there was only one golden rule, this is it. From the outset, assign a value to your time and then only spend it doing the things that are worth that amount of money to your business.

You need to get good at quickly assessing the opportunity cost of any meeting, call, potential sale, product, or person. Get ruthless about saying no more often than you say yes.

If someone wants to meet you to pick your brain, get an agenda first and a clear idea of what they need. If someone is trying to sell you something, only entertain it if you are in the market. You don't get paid to be polite - you get paid to sell and grow your bottom line. You won't get your time back again.

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