One of the things I talk a lot about in The 3 Laws of Empowerment, is building your team. The key message is getting successful private business owners into businesses that can stand the test of time. That is my goal when I deliver this speech, but we talk about preparing, planning, and protecting. As part of that plan, I know that you typically have to involve others. You’re not going to be able to build a plan where you can do everything yourself. Those would be very rare individuals indeed that can do everything necessary for a business completely on their own. What are some people you need to think about having on your team? Here’s a list of other business owners of people you may want to consider adding to your team.
#1 Business coach. Now, you might say, “Why a business coach? Why are they necessary?” You need somebody that’s been down the path before that can give you a broad perspective. Two sets of eyes are much better than one. In some cases, you might be able to use a partner instead of a business coach, but you need a second person who’s paying attention to you, and the business, and what’s going on, and looking for your blind spots from a completely different perspective than yours.
#2 A lawyer. I spent my background and I learned a lot of my skills and a lot of business knowledge being a lawyer. Lawyers add a lot of value to a business. They’re going to help protect your personal assets through incorporation. They’re going to make sure that you have your ducks in a row. They’re going to look ahead to litigation because lawyers think about litigation. A good lawyer is going to position you to do well in litigation. An even better lawyer is going to try to avoid litigation before it happens.
#3 An accountant. You’re going to want somebody good to help you with your accounting records, to help you build your team.
#4 Insurance. You’ll want insurance to protect your risks, both personal and professional, so you want to get the right insurance advisor at the time.
#5 Intellectual property. You’ll want somebody to help you if you’re developing any intellectual property. This is typically a specialized lawyer who’s coming in to help you. HR and staffing. You’ll want somebody to come in and help you build the right human resources materials, and teams, and processes as you’re hiring people to make sure you get them right.
#6 Investment advisor. You’ll probably want to talk to an investment advisor sooner than later. Running a business is challenging. At some point, you’ll start making cash flow, and you’ll want to get them into the right retirement plans, but before there you may need to access some of your savings, and some of the wealth you’ve accumulated to build this business. You’ll want to get an investment advisor that you trust involved sooner than later.
#7 Computers and IT. You’ll want to get somebody involved in helping to build your infrastructure, particularly on the technology side. Backups, data security, data organization, having computers that work; these are all things that are critical to today’s business world. Making sure you have the right communication and the right things working for you.
#8 Specialists. You’ll probably want to hire some specialists in a few different areas to help you continue to build the business, whether it be coaching for presentations, or developing websites, or other things. You’ll want to look for some specialized skills based on your business’s unique needs and problems.
Who’s on your team? What have you thought about assembling your team? Are there people that are critical to your business that we missed in the list above? Join us in the comments below. We enjoy hearing from you.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. FreeImages.com/photographer John Frenzel.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.