There are some special people that can champion the success of their business all on their own, but if you're like the majority of small business owners, you could probably use a little help. By creating a trustworthy team, you will have additional resources to rely on and more eyes to review important financial material. Below are four tips to help you identify who might be the right people to include in your strategic planning team.
Rely on intuition
When evaluating who would fit best in a budget building team, you need to assess a person's communication skills, attention to detail and ability to work in a team. Even when using a budgeting software solution, the process of developing a strategic financial plan requires focus and open dialogue.
"Ask yourself how easy it is to talk with the person," Sabino Arredondo, a certified public accountant and partner at Wilcox Arredondo, told Entrepreneur magazine. "If it's easy to talk to them about everyday matters – sports, family, the economy – you'll find it's easier to talk about business."
Knowing that you can trust members of your strategic planning team will allow you to have intelligent minds to bounce ideas off of when you're developing your budget and financial forecasting models. And, when certain parts of your business budgeting continue to pose problems, your team may be able to provide you with a fresh perspective or solution that you wouldn't have otherwise considered.
Bring in more leaders
Hiring people who are motivated and have a strong work ethic will enhance the effectiveness of your strategic planning team. Although you're the leader of the business and will have the final say on all budgeting decisions, having hardworking individuals who are willing to take the initiative on necessary planning tasks will only expedite the process. You will likely want to review all the line items at the end, but that doesn't mean you can't delegate responsibilities and projects to other people. In fact, if you don't, you may not have time for other business-critical tasks.
"I try to hire people who are going to look out for my business,not people who are just waiting for me to tell them what to do," Mark Silver, founder of consultancy Heart of Business, told the magazine.
These employees will be able to help you work on ways to address and prevent new and recurring problems. By working with people who have financial planning expertise, you can reduce some of the burden you deal with on a daily basis. are more knowledgeable and are able to work with a budget and financial plan, a small business owner is tasked with these difficult processes by themselves.
Hire for need
You can bring on all the talented individuals in the world to help you create your financial plan, but if you don't assess your needs beforehand, you may not be bringing on the people who are most qualified to help you meet your business objectives.
Do you need a “by the numbers type” accountant, to add clarity and order to your financial results? Or a creative business mind to provide fresh insight? When building your team, it's essential to hire people who possess skill sets or modes of thinking you may not be familiar with, as adding experts with different strengths will only make your team more well-rounded and equipped to handle a larger variety of issues.
Embrace potential changes
There are situations when employees are just not working out, and they need to be let go. Instead of fearing these staff changes, you should be proactive. Part of building a strategic planning team is finding the right people for the job, and if staff aren't doing their job, a change may be in order.
"There's pressure to find the right person," Silver told the magazine. "But it's hard to do that when you don't know what you're looking for. You might have to try a few people before you find the right one."
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