Why You Can Make A Lot More Money When Using A “PowerTeam”

A common trait many entrepreneurs possess is the desire to work and pursue their business goals alone. People who have a strong desire to be independently employed generally possess a great deal of individuality and are self-determined independent people. Another common trait among entrepreneurs is that they possess the belief that in order to truly succeed in life, they must make it on their own without assistance from others. Men especially have a natural instinct to resist asking for help. When men get lost, for example, they strongly resist the urge to stop and ask for directions.

Regardless of what causes this typical behavior pattern, it produces consistent results, which is to set out in pursuit of our business goals without the proper knowledge or necessary skills.

These instinctive tendencies can wreak havoc when it comes to financial matters. Wanting to always be the one to drive the car is one thing. Taking on a business operation and filling a role for which you are not qualified is entirely another.

What typically happens when you go it alone in your business ventures?

A large majority of businesses fail because the owners do not possess proper money management skills. It is admirable to want to do the bookkeeping for your business yourself, but should you if you don’t have the right experience? Managing a business in a haphazard fashion generally has one result: failure and poverty.

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The business team you establish for your enterprise can be a formal team of professional advisors and consultants or a casual group of experienced individuals capable of giving you sound business advice.

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The team you form for your company depends on the needs of your specific business. If you deal in land purchases for development, for example, you would most likely utilize the services of a realtor, an attorney, and a financial advisor. Each of these professionals brings a specific level of expertise to the transaction. A realtor knows the real estate market, how much the property is worth, the zoning requirements, and so forth. An attorney is knowledgeable of document preparation, deed research, and protecting your legal interests in the deal. The financial advisor advises you on the lending aspects of the purchase, finance options, interest rates, closing costs, monthly payments, down payment requirements, etc. Are you skilled and knowledgeable enough in all of these aspects of the purchase to warrant handling the entire transaction yourself?

But a team of advisors will cost me money!

A person with very limited funds most certainly always says, “Professionals will charge too much money for their services.” A man of wealth sees the picture differently. A rich man realizes that these advisors can save and even make him money.

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An advisor team offers money-making ability in two ways. The first is that when advisors are working to protect your interests, they can save you from making very costly mistakes. Let’s face it; the majority of people launching themselves in their own businesses aren’t trained business management professionals. They are “new kids on the block” when it comes to making serious executive decisions. The big bullies also live on the same block, and they are ready and willing to feast on the funds in your bank account if given even the slightest chance. This is the nature of business. A qualified advisor team will protect you from the business bullies. Consider the fact that the lending institutions, lawyers, and real estate agents you deal with have trained professionals on their own teams. Why is that? It is because they don’t want to lose money senselessly by trying to “go it alone.”

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The second way a team of advisors makes you money is by giving you the ability to make informed decisions by knowing all the options and how they might affect the overall transaction. Every important decision you make regarding money has options and results. “Do I have all the facts?” “Are there alternatives that might make me more money?” “Is this way better than that way?” Your advisor team will help you review the options and even make suggestions that you might not even think of, that can greatly affect the outcome of the transaction.

How do I build an advisor team without breaking my budget?

Don’t immediately assume you’ll have to initially pay out large sums of cash for an advisor team. Believe it or not, there are free resources at your disposal.

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Imagine that someone asked you informally about something you are knowledgeable about. You’d most likely be happy to offer some tips and advice tidbits to help them with their decision. As long as people don’t personally have an interest in the results of the transaction and aren’t trying to sell you anything, they will most always gladly offer advice free of charge.

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Another way to tap into free advice is by talking to others who have experience in the same line of business you are pursuing. Many cities have business associations and organizations comprised of local business professionals. You’ll find a wide variety of professionals and mentors willing to offer you advice, and some of the connections you make can help you in a multitude of ways in your business dealings.

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Utilize the team of advisors that surrounds you. Assistance is often as simple as inviting a business associate to lunch, a ballgame, or dinner. Networking with other business professionals is something successful entrepreneurs do all the time.

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How do you create your own winning business team? Share your experience here.

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About the Author: Alex Papa is an investor and entrepreneur residing in the UK. His new discount vouchers website offers a recession-beating GotoMeeting coupon code and in his blog you can find the latest Norton 360 coupon code renewal.

Photo Credit: The World According To Marty

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