Picking your team: Finding the best external partners

By Cutcher & Neale Accounting and Financial Services - September 01, 2021

We all agree on how much time and effort is dedicated to your business in start up phase. All aspects of business are being learned, designed, updated and implemented, oftentimes driven by you, the owner.

This invaluable input, expertise and experience contributes highly to the initial success of business establishment, and often requires all of your attention, so it can be easy to forget the importance of “Picking Your Team”.

Selecting the right external contacts is a crucial, sometimes overlooked, step in commencing a business. Surrounding yourself with successful people will bring success, in both the short and long term. Ensuring that you are properly externally supported should be part of your business strategy and planning, considering both a short and long term view.

Your business needs to be armed with the most complimentary team available. Fields that you could consider having outside support include human resources and recruitment, accounting and advisory, book keeping, legal services, insurance, banking and finance, information technology and marketing.

Less formal partnerships can be valuable too, such as mentors (both in your field and in business), industry-specific groups, and broader business networking groups.

To evaluating your business contacts, consider the following:

1. Does the contact offer the services I require (an obvious one, not to be overlooked!). Take time to really map out what you are looking for – something broader than a description of their occupation. Note the difference in looking for “an accountant” versus looking for an experienced business advisory firm who will be able to assist in multiple facets of commerce, that ensures your compliance needs are met with ease.

2. Is the contact a fit to my business? Do they match my enthusiasm, ethics and broader needs? Do they understand my goals?

3. Can we build a successful long-term partnership that will grow with me and my business?

4. Is the contact successful in their field, and do they offer expertise that will yield long term benefits? Have they reached a level to which you aspire, or can they support you with their expertise to do so?

First step, develop a strategy around what your external contact “team” will look like.

Next, get specific about the qualities required, and how you will partner with them to create success.

If you require any assistance in determining the external contacts that will best support your business, or what to look for when partnering with others, please reach out to the C&N team.

 

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