5 people to have on your team - Part 2
Everyone Needs a Team
If you want to go fast, go alone. If you want to go far, build a team. The modern business is built on the specialization of services and tasks. I worked in a hospital and we had departments of specialists. There was the front desk staff, the scheduling staff, the billing staff, and of course the providers. Everyone completed their tasks in their area of specialty. Each person was important for completing their role and supporting the business operations.
When you start an online business you also need a team to support you. Some people can do the functions of a lawyer and accountant by themselves, but the cost is lost opportunity to do the real activities that you love to do and that earn you money. In the example above, the doctor in the hospital could answer then phones, check-in guests, and call insurance companies with billing issues, but this would take away their greatest value to the company. Teams and division of labor allow online companies to go further faster.
An Accountant for your Online Business
Who tracks your money now? In the early days maybe you do or a family member tracks your money. Do you know your income? Do you know your expenses? Do you know when your taxes are due? An accountant might not be the first person on your team, but they will certainly be invaluable when you need forms and information to make business decisions.
An accountant can help you with your taxes. Do you know how to get the most out of your tax return? Can you use part of your house as a business expense? Do you know where your cash is going? How do you know if you have a cash problem? An accountant gives you this information and so much more. When we had to make a decision about staffing the accountant presented the cash flow statements and helped us decide we could not afford the staff increase at this time. Sure, there was money in the bank, but she saw behind the numbers and helped us avoid a big mistake.
A Preferred Customer For Your Online Business
Always keep your customer in mind. They are the silent partner on your team. A prefeed customer embodies the traits, demographics, and problems your business solves. The other 4 people on your start-up team you would consult for advice in their specialty. If you have a contract problem, consult the lawyer, if you want to know where your money is going then consult the accountant. THose specialists have a seat at the table because they advise and inform you on what is in your best interest.
It is in your best interest to keep the customer front and center when making any business decision. What does your customer want? What problem are they trying to solve? What is the price they are willing to pay? How would they access your service? What support do they need?
Getting information and feedback from your preferred customer is always a great idea, but even more so for the start-up online business. You are building a reputation and a brand. The first iteration of your business will not be your last. Get feedback from your preferred client in every step of your business. Consult them (or your image of them) whenever you are making a change in the business.
Action Items
Do a Google search with your state and your specialty for lawyer, coach/consultant, bookkeeper/accountant. Start making your shortlist. Most will give you a consult for free
Start defining your preferred customer. Simple demographic categories are where they live, how much money do they make, their age, what do they drive, where do they vacation, marital status, and hobbies. You can get very granular with demographics.
If you have clients you can divide them into crush (you love them) and cringe clients (their calls go to voicemail). Then examine why some are crush and some are cringe. The ones that make you the most money might not all be crush clients. I have heard of some owners saving for a year just so they could “fire” a cringe client.
If you do not have a partner, keep your eyes open for like-minded people who have talents that compensate your weaknesses.
