Business Development & Conflict Resolution

We assist individuals with starting their own businesses because small business is key to economic independence and community sustainability.

How to Succeed, Create Your Dream Team for Your Business Part XI

As a small business owner, I am learning that you cannot go it alone. You must have a strong support system and “dream team” to assist you with running your business. You must be willing to open up and allow others inside your business world to make it. I am not saying that every person you meet should know about your business or be a part of your business. You must have a discerning heart and six sense to know who to trust regarding your “baby” (your business). Everyone you meet is not intended to be a part of your business, some individuals will only be a part of your business for a short period of time, and others will be there for the long haul.

You may ask the question “what is the dream team for any business owner”? The “dream team” for any small business should include: 1. Business owner; 2. Staff (depending on size of business); 3. Attorney; 4. Accountant; 5. Bookkeeper; 6. Banker; 7. Insurance Agent; 8. Mentor; 9. Family; and 10. Support Groups. The business owner, of course, is the first member of the “dream team” because they are ones who start, develop, run, and grow the business. Also, your employees play a valuable role in the daily operation of the business because without your employees how can the business run and operate smoothly on a daily basis. An attorney is an essential key player in any business because of the legal implications in operating a business. An attorney’s role can be best described as “protector of your business” from legal implications or legal issues that may come up unexpectedly. An attorney’s duties can include: 1. Review and draft of business contracts; 2. Ensure your business is properly set-up as a legal business entity (LLC, Inc., Corp, etc.); 3. Represent the business in legal matters; and 4. Ensures that one is abiding by all the local rules, laws, and regulations in the operation of the business.

An accountant is essential to the daily operation of your business because the accountant deals with the finances of the business. An accountant ensures that your finances are in order and ensures that your taxes are in order to avoid tax trouble. An accountant ensures that the business is not audited by the IRS. An accountant ensures that you properly record your profits, losses, and expenses for your business. But, one important thing to remember, do not relay on your accountant alone to handle your finances and taxes for your business. Ensure that you continue to have first-hand knowledge of how your accountant is handling your finances. An accountant normally deals with your money transactions that occurred throughout your business fiscal year. Good way to have first-hand knowledge of how your accountant is handling your finances is by setting up a system that enables you to organize and record your business financials on a daily basis. A good tool that can assist you with recordkeeping of your business finances is Quick Books.

A bookkeeper is good to have in the daily operation of your business because they ensure that your business finances are in order. Bookkeeper deals with the record keeping of the business finances on a daily basis. A bookkeeper is good to ensure that all employees get paid on time, all debts owed to creditors are paid on a timely basis, ensures that all taxes owed are paid (payroll taxes, Medicare, social security taxes, FICA, withholding taxes, etc.), and all monies owed to the business are collected on a timely basis. Bookkeeper works hand in hand with your accountant to ensure that all the profits, losses, and expenses regarding your business are properly recorded. Also, you should have a good relationship with both your accountant and bookkeeper because they are assisting you with the business finances.

You should have a good relationship with your banker because they are ones who assist you with opening an account for your business. A banker ensures that you have the correct banking tools needed to run your business smoothly. Also, having a good relationship with your local bank will ensure that you receive the loans, lines of credit, and other financial tools needed to keep your business afloat financially. An insurance agent is good to have because you need insurance to protect your business from all kinds of problems and issues that may come up. An insurance agent ensures that you have insurance to protect your business assets, personal assets, and financial future of your business.

A business person should have a mentor, especially someone who has a similar business as yours, because they are like a guardian angel watching over you as one ventures out into the world of entrepreneurship. A mentor is there to provide you with sound advice regarding your business and to answer your questions about running a business when needed. A mentor will connect you with the right people and organizations who can assist in the growth and prosperity of your business. A mentor is there as a friend, counselor, and teacher for you to learn and grow from as an entrepreneur. Support groups geared towards entrepreneurs in your field are essential to a small business owner because they are there as a support system. You are surrounded by like-minded individuals who understand what is like to be a business owner. Family is a good tool to have in running your business because they can assist with running of the business, provide you with customers, normally are your first customers, always provide you with finances to run the business, and are the best cheerleaders you can have in your corner.

Remember to have that “dream team” together and ready when starting your business because they are there to ensure that your business is a success and not a failure.

Donya Zimmerman is a business consultant, mediator, and legal professional with over ten years of experience.  She is owner of Family & Community Mediation and Business Consulting (FACMBC) based in Baltimore, Maryland and has been in business since 2013. Services provided by FACMBC:  Mediation and Conflict Resolution Services; Business Registration Assistance (Limited Liability Company, Corporation, S-Corp, Limited Liability Partnership, etc.); Business Plan Drafting Assistance; Business Certification Assistance (MBE, WOSB, 8A, 501(c) (3), Hub Zone, etc.); and Business Organization Assistance. She is also a contributing writer to the Maryland Daily Examiner Newspaper. Contact information: dzimmerman36@gmail.com; www.facebook.com/FACMBC; www.twitter.com/FACMBC; https://dzimmerman36.wordpress.com

 

 

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