The old sports cliché of “There’s no ‘I’ in ‘team’” rings true for small business too. Sure, you may have diligently mapped out your business plan, hired staff and developed your processes. You may have hired an accountant, salesperson or even a marketing guru.
But just like it’s hard to rely on a single superstar to lead your team to the championship, you shouldn’t expect one advisor to be able to handle every need that comes up in your complex small business life. Assembling a network of professional advisors — which may include tax specialists, accountants, insurance agents, financial advisors, and bankers, along with your own family members — can greatly benefit your holistic plan for the future.
Why assemble a team?
“You’re creating a well-rounded experience,” says Larry, a Small business advisor. “Think of the four pillars — Financing & Accounting, Operations Management, Sales & Marketing and Human Resources. Having a team of professional advisors, including insurance specialists, can help you achieve your goals.”
When should you get started?
As early as possible. “To get everything aligned from the onset makes the most sense,” says Larry. Adds Ken, a SCORE Mentor: “It’s never too early. Your needs are going to look different at different points in time, so maybe it’s a smaller team when you’re younger, and you add more players to the table at the point when you’ve met your own objectives and are starting to think about how to leave a legacy.”