Why Every Small Business Needs A Management Team
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)
- Certified Financial Planner (CFP)
- Human Resources
- Marketing and Social Media
- Information Technology
Why you need a Financial Team
We know, we know…you’re wondering, why do I need a financial team? I’m just one person (or just one small business.) I’m not big enough, or important enough for something like this.
Well, let Ten Key, Inc be the first tell you…you ARE big and important enough for a financial team! And what’s more, building a financial team will be the first step in helping you maintain and grow your business and personal financial situation.
Building Your Financial Team: Choosing an Attorney
Our belief in the importance of a financial team is well established. As your business develops and grows, surrounding yourself with a trusted financial advisor, CPA, and insurance provider will support your continued success. This includes having an attorney in your circle as well. You may be wondering how a lawyer fits into a financial team? First of all, how you set up your business, its tax classifications, and ownership options will directly affect the finances of your company. Not to mention that real estate transactions, billing contracts, and collections are all legal issues that hit the bottom line on a regular basis. “When it comes to legal situations, the biggest mistake people make is thinking that if you do it yourself, you’ll save money,” explained Andrew Rubenstein, Esq. of Rubenstein and Associates. Furthermore, “Having a professional in your corner expedites things, reduces stress, and simplifies it all for you.”
Your Financial Team: A Financial Advisor’s Role
Our clients gave great feedback about our articles on why you need a financial team. Still haven’t gotten yours together? Read about how to get started.
Last month, we talked about your insurance provider’s role on your financial team, and went over some commonly-asked questions. This month, we spoke to our wonderful local financial advisor, Candace Sallale of Sallale Financial Strategies, LLC in Plainville. Affiliated with Raymond James Financial Services, Candace works out of Plainville, MA.
“A small business owner tends to put himself or herself last, so having a financial advisor in your corner is very important,” says Candace, “we are always thinking of you, and your future.” Financial advisors also pull everything together, working with your financial team members to ensure you have the right financial products and processes in place for your business and your life.
Building Your Financial Team: Your Insurance Provider
We’ve been talking about building your financial team, and we hope the information has been valuable to you! First of all, if you need to catch up, check out our articles on why you need a financial team and how to get started. Now we’d like to get into the subject of team members. Who will you choose for your financial team? It’s time to build up your roster.
Your Insurance Provider: Commonly-Asked Questions
At Ten Key, Inc., we work with many wonderful insurance professionals, and we’re happy to work with yours. Recently, we talked with Kaitlyn Pintarich of Berry Insurance about choosing a provider for your financial team. “The most important thing is trust,” she told us, “trust your team and follow your instincts. Your insurance agent should be a valued and trusted extension of your company’s team.”
The Attorney’s Role in a Financial Team
A team by definition is “a group of people that come together to work toward a common goal.” As a business owner, you the captain of your financial team, leading it towards the goal of running and growing a successful business. Once you have selected an attorney for your financial team, what should their role be? How should your attorney assist you as you make financial decisions for your business?
Your Financial Team: Management Meeting
We know many of you have been building your financial teams with the help of our recent blog posts. You’ve gotten started, recruited key members. Well, now it’s time to put those players on the field and see what happens! You can do this by scheduling a Financial Team Management Meeting, so your financial team members can all be in the same room together.
For example, our recent management meeting was scheduled for 2 hours, and 4 out of 5 players were able to attend.