Article 6: Management Team

If you’re a sole proprietor running your business out of your home, you might be asking, “What management team?” But, even self-employed professionals who go solo need help.

Of course, you’ll be the main management person. So toot your own horn in this section. Explain how your background, your experience, your knowledge makes you the right person to run this business. Look at your success in similar ventures and see how it will assist you in this new business. Present evidence of your credibility and your talent.

As you identify your management strengths also take a close look at your areas of weakness, areas where you’ll need the expertise of others. In this section, define the people who can help you run your business.

The consultants you identify here probably won’t be involved in your business on a day-to-day basis. Still, you may need expert guidance from them during times of change and growth or during times of crisis.

Think ahead. Identify these consultants by name, people you already know or have worked with in the past. This exercise will also shine light on areas of expertise you need to develop. For instance, maybe you see a time when you’ll need assistance with advertising and public relations, but you have no idea who to turn to for help. Well, now’s the time to start cultivating references and recommendations in those areas.

As you make your management team list, consider these areas of expertise:

Certified public accountant

If you’re not a financial wizard, a CPA can help you curtail your tax liability. CPAs can also help you keep your finger on the financial pulse of your enterprise, teach you to accurately read your own financial statements, and advise you about changes in your company’s legal structure as your business grows.

Financial planner

You might want to consult with a financial planner to assist in retirement planning or to help you wisely invest extra cash when the profits start rolling in.

Attorney

When it’s time to draw up contracts or write retainer agreements, the services of an attorney can prove invaluable. You might also seek an attorney’s advice if you change the legal structure of your business or need to file for a product patent.

Banker

Even if you plan to fund your business with your own stash of cash, find a banker who’s willing to show interest in your company. There may come a time when your cash flow demands a little infusion. It’s easier to develop a relationship with a lender before that time arrives.

Marketing services

Advertising, public relations, marketing materials like brochures and sales presentations will help you build your business. Professionals in these areas can tie together your marketing strategy and make it sing. Don’t leave tasks like copywriting and graphic design sitting undone on your desk. Get expert help when you need it.

Business coach

Sometimes you need a knowledgeable mentor, a no-nonsense consultant and an admiring cheerleader all in one. That’s where a business coach comes in. They can help you set goals and map out strategies for your business.

Business-support services

This is a catch-all category. It’s like a temp agency for the home office business owner. Your team members that might fall into this area include computer and software consultants, Web site designers, even professional organizers who can help you master the art of the mess that tends to accumulate in a home office.