Cameron HeroldFounder of the COO Alliance & Invest In Your Leaders Training

How to Scale Your Team Without Breaking the Bank

15 Jan 2025 · 1 min

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0:50

Cameron Herold says set aside at least 1% of annual compensation per employee for development, minimum $1,000. Low-cost options include speaking events, book clubs, and videos. Growing your team's skills and confidence lets them handle more responsibility without hiring constantly.

Questions this video answers

1% of annual compensation or $1,000, whichever is greater.

$1,200 (1% of $120,000).

$740 per person.

Chapters

So one way to do that is create that mindset in your company. A second way is to put a budget in place. I suggest a minimum of 1% of their annual compensation or $1,000, whatever is greater. So if somebody's getting 120 grand a year, put $1,200 into a budget to grow them. You could have one person come in and do a speaking event to 15 people. So you got the one person's fee covering over 15. You could have a book club on a monthly basis. You could send out videos for them. You could put people through my Invest in youn Leaders course which is only $740 a person. So you could do it in lots of ways. The key is to create that mindset and the budget and then remember that if you're always trying to grow their skills and confidence and connections, they're going to be able to take on more, which means you can continue to delegate and that actually buys back your time, scales up the entire organization.