The Skill Gap

Identifying what’s keeping you stuck.

If you missed Part 2, check out last weeks email.

Today we’re talking only about The Skill Gap.

The Skill Gap 

When you don’t know how to execute on the knowledge you have to accomplish your goal.

For example, I might know that Youtube ads are exactly what will get me the quality and quantity of leads I need to hit my goals.

Problem is, I’ve never run a YouTube ad. I lack the skill to execute.

For example, I might know that I need a to hire a sales team since I’m doing all the sales myself.

Problem is, I’ve never recruited, hired or managed a sales team before.

For example, I know in order to scale the business to the next stage I need to remove myself from running marketing.

Problem is, I’ve never replaced myself with someone competent that I trust.

Going through these examples I want you to see a pattern:

Knowing what needs to happen vs How it will be executed.

If you’re more of an executing founder your temptation will be to do it all but it’s a trap.

Here are the two ways to get the skill that you need.

Way 1. Learn it

Learning a skill is great but recognize this is one of the reasons you get overwhelmed.

Because you’re scaling you have a lot of things that you need to learn. One of the GREATEST things YOU CAN LEARN: how to replace yourself via “buying skills”.

Way 2. Buy it

Warning: the risk when your business has money is throwing money at a problem. I did this and I would change it if I could go back.

If you’re “buying” the skill you need to have very clear criteria:

1. What’s the targeted outcome you want?

2. Is that outcome attached your organizational vision, goals and mission?

3. Have you clearly defined “success” (objectives and numbers) i.e. measurable?

When buying skills if you don’t have clear vision of success and failure you can end up wasting a lot of time and money.

I’m sure you’ve experienced this; where you end up buying skills over and over. ugh.

Lack of clarity is probably why.

1. Lack clarity on what you want 

2. Lack of clarity of what it looks like and if the person you’re hiring can in-fact execute

Buying the right skill at the right time was a major factor in my exponential scale.

Filling the Skill Gap

Let me give you some important questions to ask when looking at how to fill your skill gap.

1. When do I need this skill executed?

Urgency.

This is crucial when filling the skill gap. Do I need outcome and execution now or in 6 months? Does it need to be bought? Or can it be learned?

2. What outcome do I need executed?

For example; I need an accurate CEO dashboard that gives me weekly reports from each of my departments. Ideally I have that in the next 30 to 60 days.

2. Can this be done internally or do I need an external resource?

Knowing the timing and skill level needed is important on deciding if this can be learned (internally) or if it needs to be bought. A mistake I made is overloading my team with doing AND learning new skills. Also, expecting them to do it lightening fast. Silly.

Often when you have a great team in place — hiring a skill as a bolt-on is great. For example you might have the man power to implement a great tech stack and data analysis but your team doesn’t know how to put together the dashboard in the most effective or efficient way. Hiring this bolt-on to guide the team can be a great win. And it’s part of your job as the CEO… that is… removing barriers.

3. Who do I know?

Do you know someone who has already successfully hired out this skill OR has this skill?

Hiring the wrong person can be very costly. That’s why investing time, energy and money into your network can help you to bring in the RIGHT skill at the RIGHT time. This is part of why I’m building The Collective, a network of trusted people who are highly skilled.

4. Is this a project or process I need?

Knowing if the skill you need is project based vs process based is important in deciding if you’re buying or learning the necessary skill.

Project based is the installment of a widget or system. Process based is an ongoing thing that must be managed and maintained. This also can end up being both.

When I started my business I was great at marketing. I didn’t need to buy that skill. I’d already learned it. As I built the team I wasn’t skilled at leadership. I couldn’t outsource that. It was a pillar to scale that would be an ongoing process that I needed to learn.

In this case you might look at buying and learning. If I was smart I would have hired a leadership expert (CEO coach) to help me leap frog the gaps and traps of leading people (the wrong way). That WOULD HAVE been a smart thing to do. Yea I had coaches but not specifically for that nor were they good at it lol. And if you’re scaling a biz it’s a REALLY important skill to develop.

This is part of what I’m doing right now. Coaching owners and CEO’s on all these things in The Collective - my growth community for founders. If you’re interested in chatting about this let’s connect.

Application:

• Learn how to replace yourself via "buying skills"

• Have clear criteria when buying skills:

  • What's the targeted outcome you want?

  • Is that outcome attached to your organizational vision, goals, and mission?

  • Have you clearly defined "success" (objectives and numbers)?

• Determine urgency when filling the skill gap

• Define the outcome you need executed

• Determine if the skill can be done internally or if an external resource is needed

• Consider hiring a bolt-on skill to guide the team

• Invest time, energy, and money into your network to bring in the right skill at the right time

• Determine if the skill needed is project-based or process-based

Thanks for reading!

To the Overflow,

Chris

p.s. If you have any topics you want me to write about reply and let me know what your biggest challenge is and I’ll see if I can help you (and everybody else) via the newsletter.