Even though small businesses may not have the budget to hire full-time employees in all areas critical to running their business, every small business can build a diverse management team of contractors, service providers, and consultants with complementary skills.
The key positions and roles to build a small business management team are:
- Bookkeeping and Accounting
- Certified Public Accountant (CPA)
- Insurance
- Certified Financial Planner (CFP)
- Legal
- Banking
- Human Resources
- Marketing and Social Media
- Information Technology
Small Business Bookkeeping and Accounting
Bookkeepers maintain your accounting books, manage your financial reporting, cut checks, provide documents and reporting for taxes. Learn more about the 5 ways bookkeepers help your business run better, save you time and money, and set your business up for explosive growth. – How a Bookkeeper Helps Your Business.
Certified Public Accountant (CPA) for Small Businesses
Let’s face it, taxes are confusing and a lot of money can be left on the table if they are not filed correctly. This is why small businesses need a tax professional who is a member of your financial team and who is up on tax laws and filing requirements federally and locally. You need a resource and expert in your corner whom you can ask tax questions throughout the year. A CPA can also make adjustments to your filings based on changes to your business. Here are 3 Reasons to Hand your Taxes over to a CPA.
A Small Business Insurance Agent
Small businesses should have an insurance policy that helps protect them from risk when operating their business. Your insurance agency is the crisis-prevention member of your team. When you involve them in decisions, they can advise you on how to protect yourself by carrying adequate insurance coverage. A small business insurance agent provider will make sure your business is properly covered to mitigate risk and cover most expenses. An insurance agent may also be involved in contract negotiations that impact insurance coverage. Proper insurance coverage may also be required for certain industries and is most certainly advisable if you have employees, carry inventory, and/or operate in an area that is prone to disasters. For more on the importance of a small business insurance agent, Building Your Financial Team: Your Insurance Provider.
Certified Financial Planner for Small Business Entrepreneurs
Financial planners may not always be thought of as a member of the management team, but they should be. Financial advisors help with retirement planning and work with your CPA to set up the appropriate plans for you and your employees. Financial planners also help with cash management, insurance, estate planning. Financial advisors pull everything together, working with your management team to ensure you have the right financial products and processes in place for your business and your life. Read – Your Financial Team: A Financial Advisor’s Role.
A Small Business Banker
A banker that focuses on small businesses will help you determine which banking products and services best fit your needs, such as business checking accounts, credit cards, treasury management, loans, even payment processing. Having a banker on your team also keeps you informed of changes in your account, as well as upcoming promotions so you can manage your loans, accounts, and credit.
Small Business Attorney and Law Firm
Your attorney can advise you of the legal implications of your financial decisions, contracts, legal operating requirements, how to properly structure your business, deal with complaints, and help you put measures in place when you need legal protection for income or property. Your attorney’s role is to be proactive in protecting your business. Today’s legal system is complex. Having a trusted legal advisor reviewing and engaging in the operations of the business can prevent many future headaches. Read – The Attorney’s Role in a Financial Team.
Human Resource Specialist for Small Businesses
A Human Resources specialist that focuses on small businesses can help you define your benefits plan that works with your business’s finances and offers unique benefits that attract the best talent, while also educating them on how to get the most from your benefits plan. An HR specialist can also make sure your plans and employee management practices are compliant with laws and regulations. Lastly, small business owners often need someone to go to with employee issues, ranging from acquiring new employees, retaining current ones, integrating cultures after a merger, pay structures, and disciplinary or dismissal matters. Read – Does Your Small Business Need an HR Specialist?
Small Business Marketing Agency
Getting new customers is one of the biggest challenges a small business faces and marketing plays a critical role in attracting these new customers. Hiring a marketing agency makes sense because a marketing agency will modernize your strategy, free up time to run your business, help you keep payroll costs down, and can keep tabs on the latest trends when it comes to digital marketing (social media, email marketing, Search Engine Optimization, digital ads, and more). All small businesses need an effective, well thought out and executed marketing plan. A marketing agency works with you to create and implement a successful marketing plan that results in wider exposure, improved engagement, and more customers for your business.
Information Technology for Small Businesses
Information Technology covers computers, email accounts, servers, printers, telephones, smartphones, software, and more … and this list continues to grow as technology becomes more ingrained in small business operations. Since managing IT can be (is) a daunting task, a Managed IT Services Provider (MSP) can relieve your small business from the stressful experience of dealing with technology problems. A Managed IT services provider cost-effectively and efficiently manages and supports all your systems while giving you the freedom to focus on the activities that directly relate to the growth of your business.
Periodic Small Business Management Team Meetings
Just like a larger company holds periodic management meetings, small businesses can do the same by bringing all their management team members together to discuss questions, go over issues, and/or talk strategy. It’s good practice to keep all these team members in sync with your business planning and strategy. Put them in contact with each other regularly so they can work together on your behalf. With the wide adoption of video conferencing, these periodic team meetings can be easy to coordinate. During the meeting, give a business update and talk about challenges/strategic opportunities. Also allow your management team to give an update related to their specific area of service. This meeting is a good opportunity for your team to also help each other, which in turn will help you and your small business.