Building a business team is quite expensive and takes a long time, so why should you go through the stress of building one? What is the importance of having a management team as a startup company and what are the corresponding benefits? Well, I advice you read on to find out.
Business is a team sport, so also is investing. Every successful business owner I have listened to during the course of an interview always attributes his or her success to the team. Every great company today; and every revolutionary product today, are a result of the effort of a team. Are you still not convinced about the relevance of a business team to your corporate organization or company? Then read on.
“Individuals don’t win in business, teams do.” – Sam Walton
Now what is a business team? A business management team is that group of professionals that meet regularly to discuss and strategize on the way forward for a business. A standard business team is made up of, but not limited to an Accountant (CFO), the entrepreneur or business owner, Attorney or legal adviser, Tax strategist, Head of operations, etc. So with this being said, below are the advantages of having your own business team.
“You’ve got to give great tools to small teams. Pick good people, use small teams and give them great tools so that they are very productive in terms of what they are doing.” – Bill Gates
13+ Kickass Advantages of Having a Strong Business Management Team
1. Business sustainability and longevity are the handiwork of a team. Take a look at companies that have existed for more than 50years and you will see a company whose succession plans are been tactically executed by the management team. No company will ever outlive the owner without a business team to successful implement a succession plan; that is if such a plan existed.
2. Business management teams carry on the visions, goals and objectives of the founder long after the founder is gone. Consider companies such as General Electric, McDonalds’, Cadbury, Nestle, Wal-Mart, etc.
3. A good management team gives a business credibility and good corporate reputation.
4. Raising funds or capital for a business is easier if you have a team on ground. Business teams inspire confidence and therefore can access bank loans, grants and equity financing with ease than businesses without a core team.
5. Business teams are the drivers of creativity and innovation. Yes, it is true that the entrepreneur or business owner is always the one in the spotlight or in the eye of the media. But the reality is that these spotlight entrepreneurs are backed by a team. Innovative products are sometimes the result of a brainstorming session.
“In three years, every product my company makes will be obsolete. The only question is whether we will make them obsolete or somebody else will.” – Bill Gates
6. Organization problems and challenges are easily handled and resolved when you have a business management team. With a team, you can weather any internal crisis and external challenges such as change in government policy, customer’s need, economy, political situation, etc.
7. A business management team helps a company attain market dominance and holds that position.
8. A business team helps develop a company’s strategic plan, goals, vision and tactically executes such plan.
9. Having a strong business team is a strength and a plus for your company. If this is not true, ask yourself why companies spend millions of dollars to poach or keep an employee.
“The competition to hire the best will increase in the years ahead. Companies that give extra flexibility to their employees will have the edge in this area.” – Bill Gates
10. Diversification and exploitation of opportunities is easier and faster if you have a team.
“Bringing together the right information with the right people will dramatically improve a company’s ability to develop and act on strategic business opportunities.” – Bill Gates
11. Having a team reduces the workload and eases your stress. Rather than bear the burden alone, the burden is spread among the team.
12. Though teams are expensive to maintain, they can help reduce your operating cost and save you lots of money in the long run.
13. With the combined expertise of each member of your team, the team is in a better position to spot talented individuals and bring them into the company. If you were to act alone, you would probably be bugged down with the company’s problems, thus preventing you from recognizing talents and opportunities right before your eyes.
14. Having a dedicated and committed business team leads to increased productivity within the organization. Team members in a business will always tend to have higher focus on the task at hand. As a practice, business team supports flatter organizational structure and avoid unnecessary bureaucracy; which slows down the decision making process.