One of the biggest movies of the year opens this month — in Justice League, an A-list team of superheroes joins forces to save the world. You might not have Batman, Wonder Woman, Aquaman, Cyborg and the Flash on your team, but surrounding yourself with strong individuals, suppliers and strategic partners can be the difference between success and failure. I call this your Power Team.
Building a successful business is not for the faint of heart. Being an entrepreneur takes a tolerance for risk, a willingness to step into the unknown, and the ability to deal with uncertainty. In my experience as a business coach, one of the key characteristics of a successful entrepreneur is recognition that you can’t do it alone. Even a solo entrepreneur needs help and support from a variety of sources.
So, who should be on your Power Team? Listed below are three categories of team members you will need. These are not just people and companies with whom you have a business relationship; they can and should be extensions of your team and a critical part of your long term success. Select those who see their role in the same way, who are willing to strategize and plan with you, and who see that their success is closely tied to yours.
The wrong partners can seriously hamper your momentum, so be picky about those you select. Communicate your expectations clearly and be prepared to change team members if they aren’t measuring up. Be honest with them about their shortcomings. A good partner will make the necessary corrections to remain engaged.
It’s your business and your future — and you deserve the best partners to help you get where you want to go!
MEET YOUR POWER TEAM
Business & Personal Advisors
These are the individuals you turn to for counsel, advice, direction, and accountability. They are experienced, care about your success, and are willing to share their wisdom as you navigate the path to business growth. This group includes a business coach, mentor(s), and those who believe in you and your plan. You not only listen to their advice, you give them permission to hold you accountable along the way.
Professional Service Partners
This group includes those professionals who provide specific and necessary expertise in required areas. One is a strong CPA who understands your financial situation and goals, is proactively engaged in your business, guides your tax strategy and who tells you like it is. Another is a business attorney who helps you with legal requirements, ensures your documents are appropriately structured for your advantage, and represents you in legal matters should they arise. You would also consider a financial advisor as part of your Power Team to help you manage your financial assets in the most advantageous way. A business insurance agent is another key member here. Protecting what you have and ensuring against unfortunate events is critical, and an agent with expertise with business needs is a must. Your business banker is an important part of this team — one who understands your financial needs, helps you with funding options as well as providing cost-effective solutions for cash flow management.
Vendors & Suppliers
Every business makes purchases to support the business operation. From raw materials, to machinery, to technology, to office supplies, those who provide these items can and should be considered as part of your Power Team.
Who are the most critical members of your own Power Team? Have a story of how a team member made the difference for your business? I’d love to hear about it! Click below to email your stories to me; I’ll be glad to share these in a future post.