When owning and operating a business, many issues can develop that fall outside of the knowledge of the operator but must be resolved. What is a manager to do?
This resource is made up of outside specialists that can be called on when needed. Central to this group is a business coaching individual or company knowledgeable about your business. A major function every business has is financial tracking and tax management, so it makes sense that your principal adviser should be your accountant/tax adviser.
Your business coach (Go To Person) must be a person or company with extensive business experience enabling them to respond to a wide variety of business issues. They should have basic understanding of business operational issues and the ability to actually resolve some of the issues that arise. They will also have contacts, experts in fields in which they do not have in depth knowledge and expertise.
You may want to enhance your Go-to person with an outside advisory board. A group of experts you can call on when issues surface. An advisory board is much like an extensive Board of Directors including experts in many areas of business operations. The primary difference is that advisory boards are usually not paid directly. They are compensated by your use of their services as required.
In business there can be a million ways to do something. Often, stories are handed down throughout the years of methods that are tried and true. Unfortunately, as stories are passed on, details and outcomes tend to change and skew with time. So the story of how a certain business grew, failed or started may or maynot even be true.
We'll take a look at some of the more popular business myths and try to shine the light on the realities of business.