Do You Have a Wealth Team?
Dictionary.com defines a TEAM as a number of persons associated in some joint action: a team of advisers. We call them your Wealth Team. Who do you need on your TEAM?
The creation of your Wealth Team is the most important yet under discussed subject in business circles today. No matter how talented or committed you are as a business owner it is impossible to carry out your vision (WHY) alone.
What are some of the things in your business you really don’t like doing or don’t always have the time to do?
- Return emails and phone calls
- Maintain the website
- Social Media development and updating
- Marketing and advertising
- Keeping up with the accounting and bookkeeping
- Quarterly Taxes
- Shopping Cart maintenance
- Customer Service Issues
- Travel details
- Event Planning
- A multitude of details that have to be done attended to on a regular basis
You will need a TEAM behind you! You may need a personal assistant, bookkeeper, a business manager, an attorney, a financial planner, a business coach and/or mentors. Your ability to properly choose these team members will mean the difference of realizing your dream in 1 year 5 years or for some not at all.
Don’t panic. You may not need them all, or if you do, probably not at the same time. You may not need a lawyer or financial planner everyday, but one day you will need one. You may want to hire someone to manage the operations of your day to day business. But you might only need the bookkeeper ten to fifteen hours a month. Only you can decide how much you need your team. You just need to know who is on the team, that when there is a need they are on the bench so to speak, ready to come in the game and make you a success.
Team members can be full-time, part-time or contract. There are virtual assistants that charge by the hour, project, or in blocks of time. Some start as low as $10 per hour up to $50 per hour. Prices all depend on expertise and times needed. Accountants, lawyers and financial planners are usually fee based. Webmasters, social media managers charge either hourly or by project. An Online Business Managers (OBM) manages your business operations. These Business Managers (online or offline) are business experts with experience in all areas of small business development and business processes. Rates vary for hourly to salary plus. Most business managers will negotiate their fees depending what is needed. If your business is growing and growing fast, it would be to your advantage to partner with a business manager.
As the Leader of your business you will fill three roles in building your Wealth Team.
- Analyze your business now and determine what roles you need to fill now and in the future.
- Find and secure these individuals as part of your team.
- Carry your Vision to your team and continue to keep it in front of them at all times in a way that continues to inspire and motivate them.
Take the time to talk with others, see who they have on their team. Just remember that to become a successful business leader you must learn to ask for help when you need it. Start building your Wealth Team today.
A Special Thanks to Kathleen Smart, Chi Chi Okezie and International Business Academy of Learning for the inspiration and shared content for this article.