OFTEN, more than one individual is responsible for building a wildly successful business or conceptualizing a brilliant business idea. Will one guy in a large rowboat win a race? No. Too many entrepreneurs attempt to do everything themselves. They do this for many reasons; they believe they understand the business’ goal better, they don’t trust those who don’t have a vested interest, and sometimes, it’s just because they don’t want to share any of the fruits of their labor with others. Although, all three of these reasons seem to be logical concerns facing small business owners, in fact, this is often not the case.
The reality in most situations is that the even if you keep 100% of the profits in a small, one-person operation, that may be less than what you probably would have made in a properly staffed and well-organized business, only relinquishing a portion of its profits to you as a partner. Involving others in your business, especially individuals that specialize in different facets of business, you can maximize not only the efficiency of your business but its effectiveness in the marketplace. Don’t be afraid to partner with those who can bring exceptional skillsets and relationships to your business. Below are examples of a few key individuals that can enhance the success of business and aid in keeping costs way down.
- Lawyers (specializing in everything from basic business contracts to copywriting, patent filing and intellectual property protection)
- Accountants (CPA’s, tax advantages, book keeping, financial planning)
- Web Designers (websites, social media networking, internet marketing and search engine optimization)
- Engineers (Product development, software, manufacturing facility management, work-flow systems management)
- Sales Professionals (build sales force, maximize sales results, streamline sales model and move product for healthy commissions rather than fully-loaded hourly or salary expenses)
Unless you have the perfect business (e.g. it’s something everyone needs, there isn’t any competition, and your products cost next to nothing to produce and store), then you should consider partners, co-founders and investors with active participation and member-interest.