Think back to the last internal meeting you scheduled.
Nothing too major - one with 4-5 people.
A small catchup for an hour.
Would you keep it on the calendar if you had to pull out your work credit card and pay the $2100 required to cover the cost of that meeting?
That’s the point of a widget that Shopify created internally.
I don’t like it.
Because the numbers aren’t actually scary enough.
They don’t cover the ACTUAL COST of that additional snooze fest that’s hit the calendar.
When you're a revenue generator, it's not just the cost of keeping you on payroll that we should think about - it's also the opportunity cost of an hour spent not closing deals.
Let’s break it down
I'm using a single Account Executive with a $1m quota as an example here.
There are 365 days in a year
But 104 of those days are weekends
There are 11 Federal Holidays
And let’s say they take 2 weeks vacation
And have 5 sick days
We are now at 235 work days for the year
That's 1880 working hours
Now let's break down the hours in a day
General milling around, grabbing coffee, eating lunch etc… you’ve just lost 90 mins a day.
And some meetings are simply unavoidable. Let's be generous and say that's only an hour a day.
You now have 5.5 hours left per day.
You’ve now down to 1292.5 “working hours” in a year.
If you’ve got a $1m quota, every single hour needs generate $773.69… just to hit that number.
Why do I care about this so much?
Because I’ve hired more than 120 people into sales roles.
I’ve seen the beauty of an efficient recruiting process.
I also know the pain of a bad recruiting process.
I’ve watched candidates who were the clients first choice take offers elsewhere because it took a week too long to get back to them with next steps.
Or the client decided a surprise last step was needed.
It’s why I started Next Venture - to help CEOs of venture backed startups hire great salespeople, without wasting large amounts of their time.
Because as a founder, each hour of your time is going to need to generate a lot more than $773.69
If you’d like to learn more about my approach - book a time to speak with me here