by Bruce Morse | Sep 23, 2021 | Biz Tips
It goes without saying that every business strives to build a professional team of employees to serve their customers. But not everyone sees the importance of building a team of professionals to serve the business. Let’s talk about that.
It is rare to find a business owner or entrepreneur that is really good at all aspects of running the business. They are generally good at producing a product or delivering a service, sometimes they are competent at sales, but seldom are they good at both of those and managing the financial side of the business. It takes all three to have a successful business long-term and the sooner the owner recognizes their strengths and weaknesses, the better.
Build Your B.A.I.L. Team
One of my colleagues used the term building a B.A.I.L. team, and I like that acronym. It stands for Banker, Accountant, Insurance Agent, and Lawyer. Having a good team of these professionals is important as you establish and grow a business. As I work with clients I generally mention these professionals and their importance, so I wanted to share some thoughts here.
At some point in starting or growing a business, a bank plays an important role. This can simply be as a depository, but more often also as a lender to help finance some aspect of the business start-up or capital to purchase equipment, a building, vehicles, or fund working capital to allow a business to grow. Having a good relationship with a banker can speed up the process and improve your chances of getting a positive response to your request.
Having a good accountant can help you make better management decisions by providing timely, accurate financial information as well as tax reporting. You may also want to think about having them take care of payroll to make sure it is done correctly.
Appropriate insurance coverage is important to account for those unexpected events. It is one of those things we hate to pay for but don’t dare be without. Having a good insurance agent on your team can be the difference between your business surviving an unforeseen event (think fire, cyber attack, or unexpected death of a partner) or being forced to close as a result.
And finally, a good lawyer can help you structure the business properly, protect the owners, write or review contracts with clients or vendors, and help structure an exit strategy when the time comes to sell or retire.
These professionals charge a fee for their services as well they should. After all, they are businesses too. And while it is sometimes hard to write that check, allowing these team members to do their job and help your business allows you more time to do what you do best, and probably sleep better at night.
The Wyoming SBDC Network is on Your Team
Your Wyoming SBDC Network advisor can help you think about these various services, which might be appropriate for your business, and formulate questions to ask prior to visiting with ‘the team’. We can help you structure a loan application, think about possible insurance coverages you might need, and ask other questions about what you are comfortable or competent to perform in-house versus what you might want to have a professional do for you.
Reach out to your Wyoming SBDC Network advisor today for no-cost, confidential assistance with your B.A.I.L. team, or other business related questions by clicking here.
About the Author: Bruce’s experience as a former banker and Economic Development Finance Professional helps him to assist clients with all things numbers: loan applications, financial analysis, business planning and projections, and crowdfunding ideas. When he’s not in the office, Bruce loves travel, good food, and an occasional round of golf!