The professionals on your team all have the same primary objective: to empower you to lead your business effectively. As the business owner, you are like the coach of the sports team. These professionals are playing together for your business to win. It’s important to ensure you have the right people on your team.
Offense & Defense
Are you playing with a full team? At Polymath, one of the first conversations we have with each new client is to find out who their other team members are. That way when a question comes up that is outside our wheelhouse as bookkeeping and profit advisors, we can pass the ball to the right team member and win the day together.
You may be the best at offering the products and services that your company offers. That doesn’t mean that you need to be the expert at everything. Your business needs trained professionals that specialize in the areas that aren’t your forte. Playing with a full team increases your chances of winning dramatically.
The Right Team Members
The right team for each business varies a bit depending on industry, size, and complexity. Your role as the leader is to ensure that each player knows about the others and is encouraged to collaborate for greater success. This will eliminate redundancy and miscommunication, allowing your business to function at peak performance.
Here are some of the team members you may want to consider:
- Bookkeeper – The days of accounting professionals focusing only on the day-to-day transaction compliance of a business are over. There are apps that do that part. Bookkeepers today are advisors that can answer your daily financial questions, set future goals, and establish strategy and measure benchmarks on the way to those goals.
- Tax Accountant – While the bookkeeper helps businesses with the management accounting, a business also needs a tax accountant to ensure that all tax related questions are answered and strategy is in place to minimize tax liability.
- Attorney – Legal questions come up often in business, and it’s a good idea to have a relationship with a lawyer. Some companies may even want multiple attorneys on the team in different areas of specialty.
- Financial Advisor – Your business and personal finances are closely intertwined, and a relationship with a financial planner can create greater long term stability for your full financial picture.
- Insurance Agent – Each industry has unique risks and potential liability. Having an insurance agent that will educate you and offer the right policy to fit your needs will ensure that you are covered in case of a claim and not overpaying for insurance you don’t need. You may need multiple insurance agents for different areas of your business, such as general liability, workers compensation, and life insurance. You may also need industry specific insurance, such as medical malpractice or contractor’s bond.
- Marketing Agency – Communication is changing rapidly with technology. That’s why our businesses need a marketing plan, and that includes having an experienced professional who is up to date on the latest trends. Where do your potential clients spend their time, both physically and online? What other products and services are they buying?
- Web Designer – A fantastic website is a first impression for many potential clients. Having it crashing or outdated is bad news. Most business owners have better things to do than learn to troubleshoot this ever-changing online world.
- Banker – Most bank with local branches have a dedicated business banker who can help ensure that you are lined up with the products that will help your business finances flow smoothly. It’s worth taking a moment to schedule an appointment to get to know your banker, and keep their card handy for any questions.
- Human Resources Advisor – If you have employees, even just one, you need a human resources advisor. It is essential that you have an experienced professional that can help you ensure you have clarity on your company’s corporate culture and values. Those are the foundation of your company’s team manual, and your HR professional can help to ensure that you find the best fit for each position on your team.
- Business Coach – Being a business owner can be complicated and confusing. That is compounded by the fact that we are human beings with complex emotions. A coach will help you navigate the waters of business through numerous successes and failures.
A Winning Team
With the right team members in place, your business will thrive. It may take some time to find them all if you are just getting started. Be patient, and work with your bookkeeper to budget for each position and monitor their effectiveness. Team members will change from time to time, and your leadership skills will continue to improve, as well, resulting in a thriving business working with happy people.