In business, there is no such thing as a team of one. To grow and achieve a vision, business owners and entrepreneurs must seek to interconnect and work with others; either as hired staff, customers, or third-party collaborators. Even as a “solopreneur,” you must decide on a banker and an accountant, perhaps you must work with suppliers. Eventually, your creation is sold to others to generate the required revenue to cover costs. While “solopreneurs” opt-out of expansion and tend to be satisfied serving their niche, they are by no means running their business as a team of one. The point is that businesses are made up of more than one person collaborating to get things done. So, stop for a moment and consider this: who is on your business dream team?
If that question has you perplexed or scratching your head, then the foundations of your business may not be as strong as you think. The result is reduced potential, which in turn would cause lower than possible revenues. Not every business owner will recognize this fact, especially if the business is generating good revenues. Can you imagine that even in such “good news” situations, you may still be leaving loads of money on the table simply because of failing to have all the right team members in play? That’s right, and please do not shoot the messenger. If you have not taken the time to build your business dream team, then you are not competing at the Olympic level in your industry. What business owner that is serious about growing their enterprise does not want to operate at that auspicious level in their chosen field?
Building a dream team is all about creating extended capability, focused expertise, coordinated effort, company oversight, and accountability, as well as strategic momentum that fuels your reach and growth. If you want to learn more about the purpose this team serves, refer to my prior “three-team tiers foundational business model,” specifically the Oversight team section. Speaking of which, the focus of this article is on the types of people who are primed to be members of this team.
However, before we dive into the ‘who,’ there are some realities we must keep in mind about building such a team. The first is that it takes time to build and get the team to dream-level status. In fact, the development phase of your business is the ideal time to figure out what skills are needed and the roles the business will need to flourish. Get back to basics, and write or voice record your list. As you go about your day-to-day preparations to launch your venture, put on a scouting hat by probing those you believe would be a good fit.
If your business is already up and running, pause a moment and assess those around you who are considered the core members of your collective team (i.e., all staff). All-around performance and interpersonal aptitude speak volumes. There are many who run a great campaign but deliver little in value and/or productivity, and some who might deliver but will negatively impact people (e.g., staff, customers, etc.) due to suboptimal leadership skills.
The second is that you must be prepared to invest in the creation of your dream team. The method in which you choose to invest in your team’s creation is up to you, but it will cover searching for and choosing team members. Having the right team propels your business forward, and aspects of that growth should be reinvested into the business. It is important to have a sense of the business’ performance based on each member of your dream team. Landing on the right people also requires applying a holistic lens to the business and ensuring the dream team carries that same holistic perspective. It is imperative that costs are well balanced with quality-related to the person, industry, business governance, and forthcoming win-win outcomes.
The third is that some dream members must serve industry-specific roles. That could be the business owner in addition to others, or it could simply be others complementing the remaining team members. The thing to keep in mind with this reality is that you must choose industry people who are open-minded in considering innovative approaches, all the while being guided by the known aspects that will keep your business grounded in its chosen vocation. There are many ways, over and above money, to structure compensation.
Finally, we cannot wrap up the realities associated with building a dream team without reminding you that the primary requirement for creating such a team is support for you, the business owner, and your vision. Your dream team must share your vision, have the capacity and aptitude to execute on that vision, be demonstrative in their performance of pursuing that vision, and have a mutual intent with all other members (i.e., “common ground”). When conflicts arise, that “common ground” becomes the fallback place from which to reframe the tone of the discussion.
So, what specific roles should be a part of your dream team? The short answer is that you need a lawyer, an accountant, and a banker. The long answer, however, is that if you are serious about growing big, you need these three to keep important aspects of your business stellar and capable of withstanding scrutiny from auditors, potential investors or buyers, and their due diligence teams.
You need a lawyer to help with the structure of the company, to support the development of contracts that may be needed, etc. You need an accountant and/or bookkeeper to develop your financial Chart of Accounts, book the financial journal entries, prepare financial statements, file required tax documents, etc. And, of course, you need to be associated with a bank and someone within the bank. This one is a crucial relationship to develop and is not always an easy one to form. Getting a bank to understand your business, its vision, its earning potential, and influence their willingness to support with required services is not an easy task. The need for things such as lines of credit, overdraft protection, warranted capital funding, loans, and other vital financial instruments are why I say this relationship is crucial. Balancing self-funding woes with bankers who look at such things like debt load and credit reports to form opinions on business worthiness can be daunting. In fact, you should bring together other dream team members before seeking out the right person in the bank to connect with.
Additionally, you will need someone who understands and can guide your use of technology for optimal efficiency. Finding the right balance between technological and human innovation is important to optimize processes and operations.
Next, your business needs to prepare for marketing. As such, you will need a marketer. Marketing is one of those things that many small and medium-sized businesses (SMBs) shy away from because the investment is not a direct 1-to-1 dollar return. These businesses want to see every dollar spent returned in the form of revenue, but that is not how marketing necessarily works. With the right copywriting, placement, campaign, and other ingredients coming together, you will definitely see returns. However, the wrong ingredients will, of course, have the opposite effect. That is why having an excellent marketer on your team is essential, but be prepared to have a marketing budget discussion and a clear vision to strive for.
Hand-in-hand with marketing is sales. Selling is necessary, whether it be the sale of a product(s) or service(s). We are always being coerced into buying something (i.e., via TV, radio, billboards, signage, labels, headlines, etc.). The business owner may see themselves in this role, or they may acquire a dedicated salesperson as another team member. Unlike marketing, sales is a direct bottom-line impactor. A great salesperson converts prospects and structures great deals, resulting in increased revenues.
Last but not least, and certainly one of the most underrated roles (although a crucial one) of your dream team is that of a mentor/advisor/strategist (a.k.a. a coach). Previously, I mentioned competing at the Olympic level in your industry. What athlete prepares for and competes in the Olympic Games without a coach at their side? Some may even have more than one. Big businesses have and continue to take this role seriously. It is now time for SMBs to do the same. Expert coaches work on mindset, endurance, accountability, strategy, and tactics with leadership. They should not be ‘Yes” people. Expert coaches do not necessarily say what you want to hear. They challenge your thinking, they make sure you face realities, and they push you to have a solid game plan to follow. They take a forensic lens to the economics of your operations and ensure that the least amount of dollars are left on the table for others to grab – namely, your competitors. Ideally, they work at the strategic and tactical levels of the business. If you are currently operating without a coach, you are doing yourself and your business a disservice.
It is time for SMBs to stop thinking that the business owner can and must do it all. This is flawed thinking. More so, it is thinking that impedes your growth. Dream teams can be built over time against a strategy spearheaded by the business owner driving the company’s holistic vision, the culture, and the principles it stands for. The business owner must then leverage the skills of their dream team and other staff to formulate a corporate strategy and a flexible roadmap by which to execute tactics.
Again, I remind everyone that in pursuing one’s career and/or business, the aim is to build a life. That life includes all of you – personal and professional. Taking on every hat, working long hours, and spreading yourselves thin is not the life you should envision. So, think differently, act differently, structure differently, and achieve different but greater outcomes. I think you will be amazed at what that will look like down the road.
Jenn Drakes is one of THE ACCELERATORS, a team of business-savvy coaches who work with SMBs to propel them forward. In addition to reading this article, take in one of the Employ to Innovate shows for insights on a number of relevant topics or schedule a call to discuss your growth needs.
