Your Business Team Needs Five Professionals
You have a dream, a little money, an impressive product, and a fair amount of courage. You want to start a little business in a world of giant corporations, and it immediately occurs to you that Goliath had qualities you do not possess. Before you throw those dreams away, you must know that businesses are started every day, many from small seeds that sprout into successful enterprises. It is true that some will be slain or wilt and die, but the intelligent entrepreneur will begin his experience by listening to advice from many in the financial world. In one way or another, the advice will be to build a team of professionals that share your interest and enthusiasm and seek to become a part of your endeavor. They will share particular skills, aimed at particular needs your business may have, and together you may even ultimately create your own giant!
Your team that will take the business field should be built slowly, with consideration given to many different aspects. Advice gives the size of the team and the title of team members varying from 5-15. Since it seems that five covers the basic areas, for our first team we used the titles from an article in “Black Enterprise; Wealth for Life”.
1. A business coach is the first professional who will create a game plan for where you are going. He will know business strategy and will take your dream where you want it to go. He knows successful plays in the business world and is able to visualize what is needed to bring desired results. As a head coach of a sports team determines overall aggressive or defensive plays to be drilled and taught by others, so the business coach determines the unique future direction of the game plan for the business.
2. A social media strategist will know how to use popularity for customers and advertising. The social media field is large at the moment, but the enthusiastic customer must be transformed into a paying customer. The magical atmosphere of popularity must be utilized in advertising. This is becoming a specialized field that needs professional experience to be understood and manipulated.
3. An attorney will guard you against liability and litigation and will serve as a watchdog for your business. There are many specialized fields in law. Real estate, personal injury, and estate planning are examples, and therefore, the nature of your business may determine the kind of attorney services you need. The legal elements in today’s business ventures are too many and too complicated to be handled by the nonprofessional.
4. An accounting professional is a necessity for the IRS and will keep business records, accounts receivable, and accounts payable file quarterly tax forms, and maintain your financial records. The best accountants will find legal loopholes in complicated tax codes, and their signature goes on all tax forms. Forms all in order will make looking for a loan of any kind much easier.
5.A public relations professional will communicate your message to your targeted ideal consumer. They will develop publicity that will bring exposure and visibility to your company, your product, and your goals.
These five professionals serve five very separate fields and bring a special expertise to each field. Some financial advisers expand these areas into more divisions while others give different titles to each field In “Build Your Management Team”.
1. The CEO, or Chief Executive Officer, is the boss of everyone and everything and determines the company’s strategy and mission. He is responsible for strategic thinking and for developing the company’s future. He cannot be afraid to be creative that must also have specific ideas and plans. Some feel that his hiring and firing skills are the most important ones.
2.The COO,or Chief Operating Officer, handles the everyday operational details that make the mission happen. He is a master at measurements and details.
3.The CFO, or Chief Financial Officer, handles the money. He creates budgets and financing strategies and develops control systems that monitor financial health. He knows money as cash flow and profit.
4.The CMO, or Chief Marketing Officer, will learn the industry and product completely and present it to the public. He will pinpoint strategies that no one else is using to encourage sales and publicity.
5.The CTO, or Chief Technology Officer, keeps up with technology trends and integrates them into the company’s strategies. He must be able to differentiate a new gadget from a new technology that will make a difference in the product or the operation of the company.
It is most important when choosing the team, that consideration is given to attitude and communication skills to all members. A cohesive team, working together, with good skills and motivation, may be able to create the business of your dreams.