Complimentary Skill Sets

bon-jovi

I know of very few people that are good at everything. We all need people with complementary skill sets in our lives. The most successful among us realize this and invest tremendous time and energy into finding the right people.

Surround yourself with people that are good at things you are not. There’s nothing like a team of trusted advisors to help you run your business and your life. When you have a difficult decision, these are your “go to” people. We’re talking about your doctor, lawyer, accountant, and financial advisor. If you own property you may also consider your plumber, electrician, and carpenter part of this group. Success is driven through sound decision making. The more informed you are, the better the decisions you make. One wrong move can tear down everything you’ve worked so hard to create.

If you are forming a partnership in business, choose someone that brings something that you cannot. For lower value skills consider hiring someone. If you are taking on a new business endeavor and you’re not a numbers person, you might hire a bookkeeper to compensate for your deficiencies. This could end up being a better decision than bringing on a CFO as a partner. Bringing on a partner means that you are giving up equity, control, or both. In the case of an equal partner you are also setting yourself up for potential conflict down the road. If you follow the world of rock music you know that most bands have histories of conflict. They often end up breaking up as a result. One of the most financially successful touring bands of all time is Bon Jovi. They have been together for decades and still manage to effectively keep things going. I’m convinced that the reason it has worked so well for them is that it is not a partnership. John Bon Jovi heads the group and the other band members are employees. This changes the dynamic and helps reduce conflict. If one member becomes a problem, he can replace them by bringing on someone with a similar skill set.

If you do choose to bring on a partner, be sure you do everything in your power to anticipate potential conflict down the road. What are the roles for each partner? How is compensation handled among partners? What happens if one partner chooses to leave? Taking time to think through possible issues before they happen and crafting a partnership agreement to address them, can avoid major challenges down the road.

Find employees that are either more efficient or less expensive than you for critical tasks. Assume you own a business. You may be proficient at typing, but at some point, it’s probably still worth it for you to pay someone else to do your data entry. This allows you to focus your time on more meaningful tasks that help you generate revenue. In my work life I create many presentations. I can choose to create the presentation deck myself or I can convey my ideas to someone far more proficient than I at PowerPoint. In the end it’s quicker and easier to delegate and the result is better.

When choosing a life partner it’s nice to have someone that compliments you. This choice is typically not a pragmatic decision. It is a more emotional one. Most of us fall in love without too much regard for the skills our partner brings. At some point it makes sense to do a personal inventory of skills for each person. Look at the tasks that must be done and evaluate who is the best suited for each. For most of my marriage I took care of paying the bills. My wife is a meticulous record-keeper so a few years ago we decided that her skill set lends itself better than mine to this task. It has taken a dreaded bi-weekly routine off of my plate and put it on hers. In the end she is doing a better job and I experience less stress.

Do an inventory of your tasks and ask yourself the following questions:

What tasks am I handling that I would prefer not to?
What are the things that I do personally that don’t represent the highest and best use of my time?
Are there people with complimentary skill sets to take on these tasks?
Am I in a position to solicit their help?

Once you have the opportunity to make the adjustment, move forward.