Your business is starting to grow. You are getting busier. You are at full stretch. What next? You need people to help carry the load. It is the obvious next stage for growth. So let’s look at how to build your business with people
You need to bring people into your business at various levels so that your business is not held back. Because you do not have time to do everything the business needs more than you can give it.
Employees Come and Go
As you take on employees they are very likely to come and go over time. But what about those people that join to take on more responsible roles? These are the colleagues that you hope will stay with you for the journey.
I want to consider aspects of taking in business partners, new directors or other shareholders. The relationship that you forge with these people has an air of permanence. Indeed, many people have described this as a form of marriage. Just like a marriage, some will stand the test of time while others will not.
Wimbledon and Tennis Partnerships
It is Wimbledon again. I stumbled upon an interesting fact recently. Did you know that Sir Elton John is a long-standing tennis player? He plays doubles with the likes of Billy Jean King, Martina Navratilova, Andy Roddick, Steffi Graff AndreAgassi and many of the world’s best in tennis.
Elton is a lifelong friend of Billie Jean King. According to Sam Richards on the BBC Music website, his 1975 single Philadelphia Freedom was a tribute to her pro tennis team of the time.
Since 1993, the pair has hosted the annual WTT Smash Hits charity tournament. They were often partnering up to play doubles together. At last year’s event, held at Caesar’s Palace in Las Vegas, Elton teamed up with Martina Navratilova for a narrow defeat to Maria Sharapova and Andy Roddick.
The Perfect Match
So what is the relevance of Wimbledon in today’s Sound Bite? Think about all the people involved in making that event a success. They all have their roles and responsibilities. From the umpire to the people selling the strawberries. There is a well-organised team.
Likewise, Sir Elton John teams up with Billie Jean King, Martina Navratilova and others to facilitate an event which no doubt raises a lot of money. They have built their team from well-known former tennis stalwarts.
Teams have many levels. But the key personnel will be part of your long-standing evolving business family. These are a personal relationship which in many respects is much like a marriage. Like most marriages, there will be ups and downs as the business journey evolves. If the relationships are good and stay healthy the business will flourish.
How to Build your Business with people
In today’s Sound Bite I will give you my ideas on getting a perfect match in business. That is, getting the right people on your bus. Those of you who know me will also know that I am married to my fellow director. We have lived and worked together now for 25 years. So my conclusion is that we are pretty well matched both in our approach to business and in our personal lives.
By the way, it is alright not to marry your business partner or fellow director. But having said that, the relationship is in many respects similar, and the end of the relationship can feel much like a divorce. That’s just life.
How to build your business with people: here are just 3 reasons to build a team, but there are many more.
- There may be a need of technical expertise that you do not have
- It is time to help to share the load of running and administering the company
- You may be planning a phased exit, hence you are growing and grooming your successor
In the video How to build your business with people, we cover a few more.
How do you run your business, is it on these principles or do you have another system? I would be interested to hear your thoughts. As ever, any thoughts or questions on other aspects of tax planning, please call or email.
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The Long Partnership
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