Building and Assessing Your Financial Team
Coming up to the end of the trade deadline in the NBA the past two weeks there were some major trades that changed the landscape of many teams in the West and one team in the East, in particular. Each of these trades were made in order to make each team better now in the case of the Suns, Lakers, Cavs, Spurs and Mavericks. While the Grizzlies, Heat, Nets, Sonics and Bulls made moves in order to prepare for a successful future.
Even if you know nothing about the NBA or do not like basketball a point can be drawn from the activity over the past two weeks.
Each team's general manager assessed his team and made a move either to go for the "gosto" now or position the team for future success, two to three years down the road.
How is your team looking today? Your financial team ........ when was the last time you sat down with your financial planner and gone over your plans again? When was the last time you sat down with your accountant and developed a plan for your taxes as well? As a business owner, no matter how big or small your business is NOW, you must create a deadline for yourself and assess your financial team and situation.
If you are in a position where you've been in business for three years or more it might be wise to assess your team right now, see if you need to add a person or two to your team. It will cost some money, but so what, you are going to spend that money on something else less beneficial to you and your business anyway.
If you have been in business less than three years then you need to assess your financial team and your situation. Maybe you are two to three years away from winning it all, position yourself now.
What constitutes a good financial team? I am glad you asked .... you should have a financial planner on your team, someone who is sincerley out for your best interest and will work with you. You also need an accountant who can keep watch over your financial records and guide your through the mindfield of taxation and tax law. You will also need a marketing consultant to assist you in developing a plan to expose your business to the masses. You might need a business consultant who will assist in suggesting upgrades to areas where the business maybe lacking, possibly customer service. And of course you will need an attorney to ensure that you are protected legally. Yes an attorney, he or she is part of your financial team as well. Another team member, especially for those sole business owners that wear more than one hat, you will need a mentor or coach. This person is vital because they are usually successful people who do not mind encouraging you to push ahead at all costs and succeed.