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Bill, this is a brilliant example of the type of article we're proud to publish here at Biznik: It's written from your own unique perspective, draws heavily from your own experience, and is focused on entrepreneurship - specifically as it applies to growing a small business. Bravo. I'm glad to have you flying on Team Biznik.
Greatly helpful
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I've got your six!
Whether you know it or not, you are in a type of combat, because you are in stiff competition with other businesses, everyone competing for the same customers and dollars. Use a team of advisors to help you succeed.
Written Aug 19, 2009, read 2617 times since then.
In the fighter business, when you go into combat, you go as flight of four aircraft to provide each other mutual protection. When you are in a three dimensional environment it is very difficult to keep an eye on everything you must in order to protect yourself. Fighters in combat fly in a tactical spread formation. This allows each pilot to keep an eye out for the entire formation; checking the other pilot’s six o’clock position, high, low and on the horizon. I’m a retired USAF pilot, having flown many aircraft during my career, including fighters. However, in Vietnam I flew a light, unarmed airplane as a Forward Air Controller (FAC). I flew alone which made it very difficult to watch everything I needed to. I would have loved to have a wingman with me on my missions, but it was not the way we operated.
So, why in the world would I be talking about flying in combat in a multi-aircraft formation when I should be talking about business? Whether you know it or not, as a business person you are in a type of combat, because you are in stiff competition with others, everyone competing for the same customers and dollars. A recent article in the Wall Street Journal, “With Lobster Prices Low, Things Get Ugly in Maine,” by Simmi Aujla, points out the hazards of competition. Lobster prices are so low the fishermen are actually fighting one another. This is certainly an extreme situation, but we in small business are fighting for our survival, against our competition while dealing with a myriad of other factors. For example, we fight on a daily basis to keep up with local, state and federal regulations. So why are you going it alone? Just like fighters going off to combat, you need to arm yourself with a team of advisors. A good team of advisors can be “checking your six”, so to speak, and keeping you and your business out of trouble.
How do you go about forming a team of advisors and how should you use them? Each business and business owner is unique. The first thing you should do is assess your strengths and weaknesses and in any area you rate yourself as weak or even average, I would consider having an advisor.
What kind of advisor should you look for? You should look for a professional who has experience in small business and is at least familiar with your business.
I assume you are an expert at what you do or you would not be in your business. But perhaps you have decided to branch off into a new field. In that case I would definitely find someone, in the same field, who is not a direct competitor, to use as a resource. Pick that person’s brain to find out as much as you can about your business.
If you are strong in recordkeeping and enjoy doing it, that’s great. If not, bring a bookkeeper on board to do your bookkeeping for you, review your books periodically or, if not that, at least be available to give you advice how your books should be set up and kept. Good bookkeeping is critical to a successful business. Why would you want to cut yourself short here?
The same thing goes for taxes. Perhaps you have been operating your business long enough to know what you need to file and how to plan for your taxes, but if this is an area of weakness, bring a tax professional on your team to be there when you have a question. A tax professional experienced in small business can provide invaluable advice. For example, are you in the right business entity? Are you doing proper tax planning? Are you taking all the deductions you can legally take and does the business entity you have chosen help to minimize your taxes? You may be surprised what you learn.
If you are in a business that requires capital, get to know a banker or other source of capital. Even if your business does not require a lot of capital, you need to make sure you have a line of credit, a credit card or some other source of money to get you through the low income, high expense periods.
What about your E&O or similar insurance. Do you have someone you can call to give you straight forward advice and who will shop around for the best price for you?
The same thing could be said for: Marketing, legal, website development, retirement plans and other benefits for you and your employees.
Speaking of employees, that brings up one final consideration. Dealing with payroll is complicated and can get you in a lot of trouble with both the state and IRS if not done properly. (see my article, “So Far, So Good” http://biznik.com/articles/so-far-so-good ) Don’t be afraid of payroll. My advice, hire a professional to do your payroll for you or at least to get you set up properly. This could be your bookkeeper or a professional payroll service. If you do it yourself, make sure you know what you are doing and/or follow the advice of the advisor to the letter. Remember, if you are a Subchapter S Corporation, you are an employee of the Corporation and must pay yourself a reasonable salary, assuming you are making a profit in the business.
I could go on and on, but I think you get the picture.
Take a few minutes and do a self assessment. Try to think of everything you need to do to make your business successful, including the not-so-fun stuff like bookkeeping and taxes. Look at your list to see where you have rated yourself as weak or average, then try to think of someone you could call on as a resource in that area. Perhaps it’s a friend, perhaps an acquaintance or someone you have met through Biznik.
You will use some of your advisors more frequently than others. In those areas where you know you need help and will need frequent advice and assistance, consider an arrangement where you negotiate with the professional to pay an hourly rate, an annual amount for continuous advice, or hire that person to do everything and get their advice with it. For example, if you hire me to do your taxes, you get my advice free for the year. If you don’t want me to do your taxes, you could hire me for an annual fee or pay me by the hour. There are lots of choices. Remember, you get what you pay for, so if you want advice from an expert, expect to pay for it.
Depending on your business, you could also have your team of advisors set up so that you can refer a client to them if he/she needs that type of professional advice or service. It’s great when a group of professionals refers clients to one another. Clients who trust you will tend to take your referral.
Fly safe, your team of advisors has your six!
As an Enrolled Agent and consummate tax professional, Bill provides year-round, affordable tax services for his clients. Bill is experienced in small business start-up and tax planning in addition to a full range of tax return preparation.
Learn more about the author, Bill Bradfield, EA.
Comment on this article
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Posted by Peter Davies, Edmonds, Washington |Aug 19, 2009 Bill,
Another fantastic and insightful article!
A perspective on the same theme is when choosing the location to house your small business the location is very important but so to is the building itself.
You wouldn't choose to house your business in a building with a poor foundation and it’s equally true in the structure of your business.
Having a professional and knowledgeable team of advisors sets a secure foundation to build off of and can give you the peace of mind and free time to focus on what you do best, helping your business thrive!
Keep up the good work Bill!
-Peter Davies
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Posted by Bill Bradfield, EA, Blaine, Washington |Aug 19, 2009 Dan and Peter,
Thanks for the great comments.
Bill
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Posted by Dave Hayden, Burleson, Texas |Aug 20, 2009 Bill, Great advice in your article. At the end of the day, we (entrepreneurs) are all in this together.
It is up to us to assist others and learn from those around us. I believe the turn around will not be in the fortune 500, but with the entrepreneurs.
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 20, 2009 Dave,
You are absolutely right! Small businesses are the backbone of our economy. We are the ones who will bring us out of this recession.
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Posted by Lori Richardson, Peabody, Massachusetts |Aug 20, 2009 Great article, Bill - once again. I'm proud that we are in the same Biznik geographic area, and that you are co-hosting a mixer here in Blaine soon. Here's to the Northwest NW!
- Lori
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Posted by Kate Phillips, Seattle, Washington |Aug 20, 2009 I'm trying to picture the fishermen fighting... like, with their fists!?
Your advice is spot on, and I'd like to add that we not only need our team of advisors in our biz, but it can help to hire help at home, too. A housekeeper, a yard service, a monthly chef who makes and freezes meals, an organizer (for office and home) and other domestic help can make such a difference, freeing you up to what you do best - run your business.
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Posted by Chris Lott, Meridian, Idaho |
Aug 20, 2009 Getting the right help (group of experts) is easier said than done many times. However I am finding that my social media tools can play a large part here. I am in the process of purchasing a business and I have been given some great referrals from these resources. Also, you are exactly right on with the "My advice, hire a professional to do your payroll for you or at least to get you set up properly." This can really save some headaches down the road. Thanks for the great insight.
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Posted by Maria Thomas, Atlanta, Georgia |Aug 20, 2009 Thank you for the excellent advice. I am totally new at business and although I recently earned an degree in marketing I still need the advice and insight of people who have actually worked in the field. It will be much easier to ask for or hire the help I need after reading your article.
I pictured grown men fist fighting over lobster prices! Not cool.
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Posted by Yu Hong, Shanghai China |
Aug 20, 2009 excellent, I feel honored to read the master's articles in another language, and keep paying attention to .
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Posted by Brian Hess, DeerField Beach, Florida |Aug 20, 2009 This is great advice Bill thank you for sharing.
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 20, 2009 Kate,
Your advice about getting good household help is great. Both my wife and I have fourishing home based businesses and need to do that. As Chris mentioned, it's easier said than done though. Maria, Yu and Brian, thanks for your comments. I'm honored to have people from all over the world, much less the U.S. read my articles.
Thanks to all.
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Posted by Terra Vita, Los Angeles, California |Aug 20, 2009 Thank you. I love what you say, how you say it, etc. etc. Really good!
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Posted by Paul Sherland, Wharton, Texas |Aug 20, 2009 Great article Bill! Most of us tend to try to do everything ourselves, and we're not helping our businesses by doing that. I'd only like to suggest that we use Web word of mouth to help promote our best small business advisors. By leaving recommendations on local business listings, we can show our appreciation for our advisors' support and help other small businesses benefit from the same talent.
Also, you are too modest. The FACs did more than just fly unarmed Cessnas at low level over hostile territory -- they actually tried to draw fire so the enemy would give away its position. I think of you folks in the same class of "pure guts" as the combat medics.
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 20, 2009 Thanks Paul. Good idea to use the web word of mouth to tout good advisors.
As to your comments on FAC's, I guess I could say I did my share of drawing ground fire, sometimes intentionally, but mostly unintentionly. I flew 335 combat missions so it was inevitable.
Bill
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Posted by Scott Caldwell, Bellingham, Washington |Aug 20, 2009 Bill -
Excellent article and the experience you show through giving visual pictures allows the message to be clear in more ways to more people. Nice work.
Scott
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Posted by Jeanne Judd, Normandy Park, Washington |Aug 20, 2009 Bill, thanks for another fine article.
My great six is working hard for me and I love them. I love giving my partners a chance to shine. Business is better with the team.Thanks Jeanne
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Posted by Lori Richardson, Peabody, Massachusetts |
Aug 20, 2009 Bill, I'm thinking this could be a good topic for a local event. There are some wonderful local folks who serve as partners to me and to others that we could really leverage for a fun event. And those of you elsewhere, you could do the same - I am sure Bill would be flattered in this way.
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Posted by josh davis, Kansas City, Missouri |Aug 20, 2009 335 missions glad you made back! You must have some brass.. Thanks for your service.
Great article too!
I would like so say that clear communication and expectations need to be set up at the beginning of every business relationship to lay the ground work for a successful synergy. Good questions need to be asked up front so that everyone is clear as to what their responsible for in the relationship.
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Posted by Janette Keiser, Poulsbo, Washington |Aug 20, 2009 Thanks for the great article. I've heard the phrase "watch your six" on JAG, my favorite TV show, and wondered what it meant.
Not only can advisors help you by giving good advice, they can help with networking, marketing, and teaming. I work with another small business who practices in an entirely different industry than I do. The owner advises me, give me ideas, sends me leads, invites me to participate in joint ventures, and gives me subcontracts when she gets a project which requires my expertise. I do the same for her. It's the wonderful "partnership".
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 21, 2009 Scott, Jeanne & Jenette,
Thanks for you comments and contributions. Clearly, teaming with others for advice and mutual benefit works very well.
Bill
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 21, 2009 Lori,
Good idea. Let's talk about it when we get together next week.
Bill
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 21, 2009 Josh,
Thank you. I was young and fearless.
You are right about clear communication and expectations. Thanks for that insight.
Bill
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Posted by Peter McCarthy, chicago, Illinois |Aug 21, 2009 Man, Bill, that was good.
I spent several years feeling I was doomed to be a "one-man shop" because I just didn't seem to know how to manage guys. They walked all over me and I did not know how to communicate my expectations clearly. And I really did not realize the value of pride/recognition vs. money rewards.
Thanks man.
Still learn'en,
Peter
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Posted by marina de martino, naples, italy Italy |Aug 24, 2009 Hi Bill If you've flown higher than me , I will undoubtedly follow your advices ciao marina www.napolinostressitinerari.com
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 24, 2009 Wow Marina,
What a pleasant surprise to get a message from Naples, Italy. I love your country and have been there many times. I've even been lost in Naples, while driving, not flying.
ciao
Bill
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Posted by Mila Vladi, Mercer Island, Washington |Aug 25, 2009 Hi Bill, I am so glad that you love doing what everyone else hates to do! Moreover, I feel extremely lucky and grateful for being a beneficiary of your thoughtful care for my taxes and personal finances. Incredibly helpful article with a great straight to the point approach! Thank you!!
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 25, 2009 Mila,
Thank you so much for your wonderful comment. I'm the one who is blessed with great clients like you.
Bill
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Posted by John Sedgwick, Sedro-Woolley, Washington |Aug 26, 2009 Thanks Bill, outstanding advice. Competent advisers are essential to growing a sound business.
John
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Posted by Jeff Bean, Seattle, Washington |Aug 28, 2009 Bill,
This is an excellent reminder that we need to find the team of those people we can rely on, because no one does it alone. Not even solopreuners. We've got to find people to collaborate with to do what we do.
I love the irony that it is the experience of competition in the marketplace -- provocatively imagined as combat in your article -- that awakens the need to find our collaborative team.
We can see corporations as collections of people who have aligned their interests to watch out for each other. You've brought it to the Biznik community by identifying the team of paid professional advisors who can do that for solopreuners.
And Biznik itself is premised on the idea that for solopreuners can rely on each other. The taglines "Collaboration Beats Competition" and "Going it Alone, Together" demonstrate this. What's radical about this idea is that the individuals in the Biznik community are not directly aligned together in their economic interest.
We're not doing it because we're all employees of the same corporation. We're not doing it because one of us is paying the other (though those relationships can form, and we hope they do).
We're doing it because we have beliefs in abundance and collaboration. For many of us, they have supplanted the beliefs in scarcity and competition that served us so well in the corporate world.
When we see competition, scarcity, collaboration and abundance as beliefs, we can then choose when to hold them, and when to drop them. We then see we have the opportunity to extend our belief in collaboration beyond our co-employees, beyond our small circle of advisors. When we realize that we don't have to see a direct economic link to believe in the value of collaboration, we can then to other solopreuners in the Biznik community.
Why stop there?
Imagine going a step further: extending our belief in collaboration even to include people who once were our "competitors."
Why stop there?
The challenge in my work is helping people see that they can extend their belief in collaboration even to include people with whom they disagree.
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Posted by Bill Bradfield, EA, Blaine, Washington |
Aug 28, 2009 Wow Jeff, great words of wisdom. We've had a good conversation within the community following my article. I would love to see it continue.
Thanks for your thoughtful contribution.
Bill
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Posted by John Learn, Montgomeryville, Pennsylvania |Dec 24, 2010 Great advice, Bill. Time to start thinking about where I feel the least comfortable and who can help me out there.
Bill's current promotion
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Updated Mar 28, 2011
BUSINESS TAX ADVICE FOR 2011 YEAR AT A LOW FLAT RATE
I love to work with small businesses and will provide tax advice and small business consulting to you for the remainder of the year for...[more]
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