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Assemble a business “success team”

Every small business owner, even if it’s a one person operation, needs to assemble a “Success Team”. Although assembling a team may seem very expensive, you will find that a proper presentation on your part will encourage many of your success team to grow with you. They may charge you less as your business starts, knowing that if you succeed, their compensation will increase. Let’s look at the makeup of this team:

  • Business planner and coach:  This person will help set the foundation for your business. The documentation (business plan) that you prepare will be shown to future team members and will serve as an enticement for them to come aboard. The development of a strategic focus plan may not only show you how to proceed, but it may tell you not to proceed. There are many reasons why I have had to tell a new business owner not to start a business.
  • Attorney: select a general business attorney to help set up your business structure. This team member will play an important role as you negotiate contracts, write letters of agreement with suppliers   and many other legal aspects of a business.
  • Accountant, CPA: tax preparation and tax strategies must be considered in a business from its inception. Whether to buy or lease furniture, cars, and the type of software your business needs for record keeping are but a few of the support items your CPA will provide.
  • Bookkeeper: perhaps the most overlooked responsibility that a small business owner must do. Depending upon the type of business, the bookkeeping may be outsourced or hired out to a part time bookkeeper. Whatever the method selected, accurate records are a must from the beginning of any business.
  • Banker: be selective when shopping for a bank to open your business account. Interview managers ask how long they have been there. Recently I have recommended smaller local banks to my clients; their management team is usually more stable and they are anxious to establish relationships with a new business.
  • Insurance executive: I use the word “executive” because a business needs a lot of different types of insurance and the person you select has to have business insurance knowledge.
  • Certified Financial Planner: retirement consideration and family financial goals are important to a business owners’ peace of mind, thus they become an important part of the growth formula.

Once your team is assembled, give each team member a list of your entire team.  At least once a year gather your entire team together to review both your past year and also your future goals. Yes, it may cost you a dinner or a lunch for the team, but the investment is well worth it.

You’ve got to think about big things while you’re doing small things so that all the small things go in the right direction.                                                                                 Alvin Toffler

Nick J Petra       www.strategicduck.com     call us to help you build your “Success Team”

 

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