Finding the Benefit of Resources

Anything you need!

 

Anything?

 

Yep, anything...

 

Well, assuming we can provide a reasonable benefit associated with the cost required.

 

Oh - now we are having a very different conversation.

 

As business leaders, when it comes to what we want, we often throw around the phrase “Anything You Need” a little too casually.

 

Really what we mean is...

 

I’ll support getting you whatever help you need to get the outcomes that I want, as long as I can justify a reasonable return on the investment I am going to have to make.

 

The problem?

 

We don’t say that very clearly - or at all.

 

“But, it’s what I mean. Surely my team understands that, right?”

 

...Maybe, but probably not.

 

More than likely your team is taking you quite literally and they are relying on you to have done the cost benefit analysis.

 

That is after all, what you already did while you were coming up with your strategy, correct?

 

Well, probably not.

 

Which is where the gap in expectations starts. 

 

But it doesn’t have to be that way. Before you give the green light on any strategic resources, make sure you’ve done the following to ensure you get your expected return on your investment.

 

  1. Create a clear “Project Profile” with, at a minimum, a summary of what you want done. No need to overthink this step (like many large organizations tend to do) but at a minimum include:
    1. Purpose
    2. Outcome (Deliverables)
    3. Timeline(s)
  1. Skills Required - More than likely, you will be bringing in outside help to work alongside your internal team. It should be that way, after all, your team has all the existing company background. And, if you had all the time in the world, your team could...probably, figure it out one day. The problem is you didn’t hire for every skill that you’d ever need, only the required skills to run day-to-day operations. So here is where you need to identify what skills you have and what skills you’ll need to supplement your team.
  1. Experience Required - Where skill is the requirement, expertise is often the desired. This is where, if you are not careful, you can either strike out or hit it out of the park. As relevant experience grows, so does cost. That’s not all bad, as long as the experience provides incremental value that you are willing to pay for because of the return that experience creates.

        

For example - If you needed someone who could type 100 words per minute, it would not matter if someone had one year or 30 years of experience. There is no additional value associated with the additional years of experience.

 

However, let’s say that you were chasing the Google Lunar X Prize...I’m probably going with the most experienced NASA consultant I could find.

 

We all want to make wise investments in our business. Use the above steps to guide your team to smart investments in the strategic resources they’ll need to help move your company forward.

 

To hear more on this topic, listen to the upcoming episode of the Caged Vision Podcast, dropping 11/01/2018 where you will learn how to simplify and grow your business.  

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