A leader who knows what has to be done, when and where. Every growing company has multiple tasks that have to be performed for an enterprise to succeed and flourish. The job of the coach is to recruit and hire the right people to accomplish given assignments. From my own experiences as a serial entrepreneur and from what I have seen from other business founders I have supported financially, I have learned that exceptional organizations engage a cadre of talented business people who perfectly fit five vital areas of the organization. Today I am pleased to share with you what I feel are the most critical team members any entity must have to win in business.
It all starts with the leader. The best business coaches are servant leaders. They recognize their businesses will soar if they hire great people and let them “own” their assignments. In this light, the business founder is there to support the employee’s efforts with needed resources, guiding principles and agreed upon priorities. He or she encourages, motivates, rewards and provides feedback on job performance. He corrects with kindness and celebrates the achievement. This leader knows if he takes care of his employees, they will provide superior service to customers, who will, in turn, continue to buy and tell their friends to do the same. He is forgiving of mistakes. He lets people learn and grow. He provides a culture of integrity, honor, self-reliance, innovation, and camaraderie. The daily play their best game. Their output is superior to the competition. They are happy people and look forward to work every day. In fact, the leader is loved by his employees and they will do any for him or her.
Great business leaders succeed because they hire people who know the industry, the trends, the competitors, the marketplace, the customers, the products they sell, the vendors and investors. They surround themselves with workers, managers and other leaders who have years of experience. They bring vital information and deep knowledge to their assignments and are willing to share what they know with the business founder, peers, and subordinates. These expert employees mentor others who are learning the business. They are vigilant and continue to watch and learn. They provide guidance and wisdom on what works and what does not work in the organization; the results -mistakes are few, productivity is high. I speak from experience on this important topic. I have scars on my back from numerous failed startups because I hired a team of inexperienced and unseasoned workers who had little knowledge and therefore couldn’t perform.
Successful businesses all have an experienced and talented accountant. The importance of this critical leader can’t be overstated. No company can survive or prosper without a person who understands accounting, finance, strategy, and cash flow management. There must be someone in the organization that can be trusted with the funds that are received and dispersed by the company. He or she who owns this key responsibility must know at every minute the health of the company; the availability of cash should be top of mind. I have learned that regular meetings between the financial guru, peers and the founder are critical to staying afloat. All leaders and managers need to know where the company is financially and what must be done to sustain viability. Again, from personal experience, I have watched many companies go out of business because leaders failed to put a competent financial player on their team. Most planned to do it but did so too late.
We know what it takes to be a successful business. The right financing, the right growth strategy, and the right leadership team. Barnes & Thornburg attorneys work with companies at all ends of the supply chain, from large international transportation and logistics companies to small- or medium-sized suppliers.
Our attorneys work with clients to realize their growth strategy. We have negotiated mergers, acquisitions, and joint ventures and advised on capital financing. With an eye on protecting the clients’ interests, our attorneys review and prepare transportation contracts, equipment leases, ocean carrier contracts, and other agreements.
Developing marketing strategies and promote all types of new insurance contracts or suggest additions/changes to existing ones
Breeding productive relationships to create a pool of prospective clients from various sources by networking, cold calling, using referrals etc.
Evaluating business or individual customers’ needs and financial status and proposing protection plans that meet their criteria
Finance business partnering means influencing decisions that improve business performance.
If you build strong relationships, turn data into insight, and bring the numbers to life then you will influence decisions.
And you as long as you pick the right decisions to influence, you will improve business performance.
There are 5 parts of our finance business partner definition:
- Build strong relationships
- Translate data into insight
- Bring numbers to life
- Influence decisions
- Improve business performance
Keep in touch with your finance partner every quarter whether it be CFF or a bank.