As a business owner or nonprofit leader, you are an expert in your field. But one individual cannot be an expert in all the areas required to run an organization. You need a team of trusted and qualified advisors to guide you through setting up the organization, planning for sustainability and growth, and managing the operations.
Who are the Players you should have on your Winning Advisory Team? Every organization should recruit Players for these five Advisory Team Positions:
- Legal – You need input from an attorney to decide what type of entity to form (e.g., sole proprietor, partnership or corporation), know the applicable laws for your organization, develop contracts, and establish human resource and other policies. Nonprofits also need guidance for establishing bylaws and protecting the Board.
- Financial – Setting up your financial record keeping, reporting, and processes is not as easy as loading the accounting software. You need a financial professional with experience establishing and performing the accounting, financial reporting, and monitoring necessary for accurate and reliable information to run the organization.
- Insurance – Protecting your organization, its people, and its assets could mean transferring risk to insurance coverage. An experienced insurance professional will help you understand what types of coverage are needed and how much. Working with an independent insurance broker provides more choice in coverage options.
- Taxes – Even if you prepare your own income taxes, you are probably not equipped to keep up with all the business income, payroll, property, real estate, sales, excise, and other tax rules and requirements. Not to mention the special information filing requirements for nonprofits. A tax professional is needed on every team.
- Information Technology – Organizations depend on technology for their day-to-day operations and to secure their information. Every organization needs an IT professional to keep its operating system, applications, phone system, e-Commerce, and other connectivity up-and-running and secure. If your systems go down, you go down.
Your business or nonprofit must have a Winning Advisory Team to set up, manage, and grow the organization. Recruiting for the right Winning Advisory Team members will put you on track for a winning season this year, and in future years.