Establishing your team – why every business owner needs a posse

I loved the Spice Girls.

I always wanted to be Posh Spice because she just seemed so put together, sleek and elegant.

In reality, I am less dark and brooding and more in line with the personality of Scary Spice – I love to laugh and sometimes I can be a bit unexpected.

Have you ever stopped and thought about what was so great about the Spice Girls?

I think it was because each member of the group was completely different and brought something new to the table.

I am a firm believer in the power of teamwork. Every business owner needs to establish their “team”, their “posse”, their “crew”. Each member in the team needs to be prepared and willing to work with all the other members to achieve a common goal – namely, your business well-being and success.

If you are reading this and thinking, “who should I ask to be on my team?” here are some ideas:

Team Member #1 – you. Are you on your team? If you are not committed to yourself and to your business it is hard to ask others to do that for you.

Team Member #2 – your business bestie. It is hard to own your own business. Sometimes you have to make very difficult decisions. Sometimes you accomplish something that is so amazing, but on the outside looks small and insignificant. You need to find other business owners that will be your support during good times and bad and will be your “hype” squad. You can be a part of their squad in return.

Team Member #3 – a lawyer. I promise this is not an attempt to sell you my services. It is helpful to have a lawyer available who understands business law and tax law and who can help to connect you to other lawyers as needed.

Team Member #4 – an accountant. If your tax returns are not filed properly, you are opening yourself up to the risk of reassessment by Canada Revenue Agency. In addition, you need your financials in order if you are going to the bank to seek financing.

Team Member #5 – a bookkeeper. If you are the person who hates keeping track of paper and throws your receipts in a shoebox, then hire someone who is experienced in this area – they can either help you set up systems or they can help you maintain the records on a regular basis.

Team Member #6: financial advisor. Even if you think you have no money to invest, you should still talk to one of these advisors. They can help you with cash flow planning, and can guide you towards planning for retirement. If you are dealing with crumbling debt, some advisors also specialize in debt reduction.

Team Member #7: insurance advisor. Do you have a plan if you get sick and can’t work? How will you pay your bills? What if you pass away unexpectedly? Do you have employees who could benefit from a group insurance plan? Does your business involve international travel?

Team Member #8: media strategist. Branding is everything. It pays to get some assistance with business branding, and social media!

Other Potential Team Members: Photographer, Business Coach, Hairstylist, Makeup Artist, Copywriter… the list goes on and on!

I recognize that when you are starting your business you often do not have the funds to hire all of these people. However, you may want to consider hiring them on a consultation basis – paying for an hour of their time to get a framework/strategy for moving forward. I promise you that getting some advice on the front end will be money well spent. And remember, your business bestie is free – mutual support does not have a monetary cost but the rewards are rich!

Written by: Amanda S.A. Doucette