All Entrepreneurs strive to build a solid business with a strong business proposition, innovative solutions, products and services, and a great plan for delivery. Equally important is building a strong team of external experts and resources that help you stay focused on your core business plan, achieve your goals and avoid the pitfalls that can easily throw you off track. This is where the idea of developing a B.A.I.L. Team early in your business development comes in to play.
What exactly is a B.A.I.L. Team?
This concept is simple. Create an external team of professionals that consists of your much-needed and trusted experts – Bankers, Accountants, Insurance Agents, and Legal experts. Building this team is so important, especially in the early days of navigating new business ventures, innovative product development, and service delivery.
Start by investigating the right banking relationship for your business and finding a banker that can give you good guidance and direction as you grow. Not only can your banker help with your daily needs, and provide guidance on separating business and personal accounts, but also when and if it comes time to look at a business loan, establish or increase a credit line, or open a credit card.
The idea of looking at QuickBooks on a daily basis, making journal entries, and setting up an accounting system can be overwhelming. The solution? Leave the setup to the professionals. Investing early in an accountant to set up your accounting systems, track revenue and expenses, tax filing support and critical revenue reporting that impacts your bottom line is imperative.
In today's work environment, where so many work from home or have remote work locations, this critical function and protection are often overlooked. Your agent will make sure you have the proper commercial risk coverage that is separate and sometimes much more complex than your homeowner, renter, or auto needs. Many times, it can be too late when you need it, so it is never too early to build a strong relationship early on, as many government contracts and lenders require proper commercial coverage.
Hopefully, you won't need your lawyer as much as the other team members but when you do, it's crucial to find an individual or firm that best fits your business in terms of focus and size. They are fantastic for contract review, patent and service mark protection, and any potential legal need. Yes, they generally charge by the hour, but Google is not a good way to find legal answers to your business needs.
Many of us have learned, sometimes painfully during our entrepreneurial journey, that lack of attention to any one of these core areas can be problematic. The lack of expertise in one of these areas can come at a high cost. The cost, not always financial, can also come in terms of time, resources, and correction. Unfortunately, these costs can often throw you off the path, cause delays and sometimes even cost your business. The Rosie Network's Service2CEO Program provides training on this concept and introduces you to our many trusted partners and supporters with expertise as B.A.I.L. Team resource members and Subject Matter Experts. They understand the unique needs of military-connected entrepreneurs and can guide you in the right direction of growing this valued and critical team.