How to Know When to Fire a Vendor/Employee

0:00Culture and values seems to really come out with what you and Leila have created. We all depend on lots of vendors to help us get to where we need to go. How do you screen for vendors and partnerships and is values alignment one of those screens? Um I think it is important not as important for a full-time hire. So it's call it like a 50%. That's me just shooting from the hip. But like I would say that the vast like basically if a vendor doesn't subscribe to our values then they will quickly not be a vendor of ours.

0:32It's probably the easiest way to say it. And so um you know we we we try to maintain a certain level of excellence, professionalism, um timeliness in terms of how we how quickly we turn things around, what the expectations of quality are for work. And like the the like acquisition.com's vendors um and they're exceptional. They're really good. I'm actually very happy with our vendor suite. Um And so you as the business grows your bar and standards will also grow and you will outgrow vendors. And so I think it's just having a constant appraisal of like if I were to start over again would I still bring this person on? Because it still is basically like they're just they're they're doing fractional work of what like every single vendor is doing something that you should already be doing in the business but don't have the expertise uh or the bandwidth uh in order to do.

1:21So either you're hiring a vendor because they you're trying to trying to pull the future forward in terms of a skill gap that you don't feel like recruiting, hiring, training, you don't know what you're looking for so you're like, "Well, let me just get a good vendor in, see what they do, and then I'll have a much better idea of who I'm recruiting for." Um or you're bringing a vendor in because uh you simply don't have head count. So like let's say you have sales guys and you're like, "I for whatever reason I'm I'm super greedy and want to go twice as fast as I am. I'm going to bring in hired guns on top of my sales team. I know how to recruit them. I just don't have time to bring them in because for whatever reason I think that market share is important for my business and so I'm doing it." But fundamentally they either have to have skills you don't have or it's just a time thing. But other otherwise um we try to build it in-house if we can.

2:08Thank you. Does that help? Yes. Okay. If you're a business owner and you are not growing as fast as you'd like, I'd like to give you a free gift. So my team and I put together the $100 million scaling roadmap which is basically 200 hours of us looking over all the portfolio companies we've had and what stages of growth they went through and more importantly where they got stuck and how they got past it. And so we broke it into these 10 stages and we made a quiz thing where if you put in your business information it'll tell you where you're at and the most important part for you, what to do for each of functions of the business across product, marketing, sales, customer success, recruiting, IT, human resources, and finance. And so no matter what you're struggling with someone else has already struggled with it and solved it. And so I'd like to give you this thing absolutely free. You can go to acquisition.com/roadmap, plug in your business information, and if you want us to actually help you deconstruct the business and you're trying to scale, we'd love to help you out. On the thank you page you can just book a call with my team and we will look at the business, see if we can help, and if we can we'll invite you out to Vegas and we'll do this in person live.