Don’t think that you have to be a millionaire entrepreneur before you build a business money management team because truthfully, it really helps to start as you mean to go on and upgrade as you go.
Being a good money steward from the start will help you grow your income more rapidly and make you feel really good about your money. So, no matter where you are right now, let’s talk about who should be on your business money team.
Team Member #1: Bookkeeper
The very first hire that we recommend (for your money management team) is a bookkeeper and this is even if you’re in very, very early stages of your business.
Let us tell you why.
For most of us, especially creative entrepreneurs, that kind of thing isn’t really in our zone of genius and it can really stress us out. Let’s say if you started in your business, maybe six months in and you are just looking at receipts all the time, and eventually, it will stressing you out about taxes, you will think about it a lot and it will be just mental clutter that you do not need.
That’s when you remember someone saying, you know, “Hire a bookkeeper.”
We really suggest that bookkeeper is the first person you add to your money team because it will really make you feel quite pro, but also it will save you money come tax time when everything is all organized.
The other thing that’s great about having a bookkeeper is if you get monthly or quarterly reports, it really does help you keep an eye on your income and what you pay attention to will grow.
Team Member #2: Accountant
The number two hire for your money team is an accountant. Now, you can start again just having someone who does your taxes once a year.
And remember, you could do it yourself but is it your zone of genius and is it how it makes you money? Usually, it’s not.
And this is again, just feels like a pro kind of thing in your business to make sure you’re doing things well. It also means that sometimes you get later tax filing deadlines if you’re going through an accountant.
So, you can upgrade, maybe you’ve already got an accountant, then we would suggest to take it to the next level.
Meet your accountant once a quarter. And again it’s just that really good way of paying attention to what’s happening with your money and every quarter you tackle a new project. It’s just having someone there in your corner who can help you.
Team Member #3: Financial Adviser
The next stage on from and accountant could be adding a financial adviser to your money team. So maybe you’re doing really well in your business and it’s time to start looking investment strategies.
If so, a financial adviser could be the next person that you need to add to your business money team.
Team Member #4: Money Mentor
Now the fourth group or person to add to your team is a money mentor, somebody who has done what you want to do and someone who has the results that you want to achieve. And I say it very strongly in that thing right, don’t get a mentor or don’t take business advice from people who haven’t achieved what you want to achieve.
So it’s all well and good too, you know, have your Uncle Bob tell you, you should do this or, you know, whatever. But sometimes you really need to get that advice from somebody who has been where you’ve been.
You can specifically seek out a mentor who had a very similar business model to you, had very similar pricing and very similar products. So you could ask them questions about different stages in their business, different money plateaus they had experienced and it will be incredibly rewarding because they really understood exactly where you are coming from and don’t try and push you into a different direction.
So that’s that fourth person, who is a money mentor who has had the financial results you want.
Team Member #5: Mastermind Group
The fifth group, and this is a group, to add to your money team is great mastermind buddies who again have a great money mindset and are a good mix of people who are at your level and above.
This is incredibly important and has been an incredible addition to the money team. You will really do see them, they don’t know it, they’re not employed by you but they are part of your business money team because every day you can have really honest conversations about money.
Yes, some of them have similar incomes to you and some of them earn four or five times more than you. And, that’s inspiring.
So sometimes you can grow out of mastermind groups. We can grow out of peer groups and you really need to look for that next level because it will stretch you, it will stretch your income and it will stretch what you see as possible.
So there are five groups. If we’ve missed any out, write them down in the comments because we would love to hear, you know, what actions you’ve been taking or what actions you’re inspired to take after reading to this about how to build a great business money management team.
Our bookkeepers are real humans with perfect books. You’re a small business owner with many things to do. FMB Partner has professional bookkeepers that experienced serving entrepreneurs. At this wonderful time of the year, let us take bookkeeping off your hands forever, so you can focus on what matters most. Ask us around at firstname.lastname@example.org or call us (+62)8996 777 879!
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