Does Your Business Have A Power Team In Place?
If not, you could end up with heavy fines, huge tax bills and penalties without realising it!
Read on to find the top 5 members of my power team, what they do for my business, and exactly why I need them…
Whether you’re setting up, running or managing your business, one of the best things you can get together is what I call – ‘Your Power Team’
So what can a power team do for your business and why do you need one?
A Power Team consists of vital professionals you can call on for business advice, instruction, planning and compliance. These professionals will form the backbone of your business and can help you secure your personal finances and family assets too.
Business is all about making money. Let’s face it, even if it’s a passion, you still need to make a profit or the story ends there. It is also about Compliance. Whether we like it or not, there are rules, regulations, laws, and an untold number of issues that may arise as a direct result of trading and, unless you are an expert in the fields of law, finance, accounting, you could end up doing something that quite possibly would mean you have to stop trading or incur heavy fines and penalties.
Here’s My Power Team:
(in no particular order!)
Business Banking Manager
– I have had the same bank manager for years now. I talk through all the new opportunities I come across, and discuss funding where necessary. My relationship with him has been built on trust and business performance and he was there for me in the early days when things were rocky. He has a lot of experience with businesses in other industries and often provides valuable insights.
– For Tax Planning, Compliance, Business Planning, Employment, Staff Management, Cost cutting, Analysis – I use my accountant for help and advice with all the above and more.
– For Business disputes, Property/Premises advice, Wills, Legal issues and consumer law – My solicitor deals with any worries or concerns I may have regarding any products, services or regulated activities. He also deals with all my personal and family requirements.
– Pensions, estate planning, family protection, business protection, savings and investments. My Financial Adviser puts the money my accountant saves me to good use!
– Business ideas, strategies, services, product launches, new business, lead generation, marketing, creative ideas and content. My Mentor has helped me through a wealth of issues and always helps me find a way to focus on my projects. We discuss everything and factor in all possibilities to produce a suitable strategy built from our combined experiences.
So, now you see how important a power team is for you and your business, and you can see how I use my team on a daily basis. It is essential that you gather and assemble your own ‘Power Team’ build a relationship of trust and leverage their expertise to help build your business into a success.
Your team will provide you with; expertise, sound advice and planning and will save you time and money in the long run.
When you are seeking members for your team, always ask friends, colleagues or family who they are using, and ensure you seek references from existing clients if you have sought them out without contacting them off the back of a recommendation.
Do you have your own ‘Power team?’ Who are your most important members? Are you having difficulty assembling one for your business? Comment below.
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