Delegating Responsibilities Policies and Procedures – Letting Go

.     Creating a Team- an attrorney and an Adivisory Board   Building a team you trust takes time and effort, but having people who are on your side can pay off handsomely. This is the group you turn to for financial, accounting and legal advice. You especially want a team that is looking out for you and your best interests. Here are steps to finding the best fit: Choosing a Lawyer:  Things to consider: Big firm or small firm?. Attorney specialties:

• Contracts -Corporate Issues
• Real estate
• Taxes and licenses
• Intellectual property
• Cost-Saving Strategies

While there’s no denying that lawyers are expensive, the good news is there are more ways than ever to keep a lid on costs. Start by learning about the various ways lawyers bill their time:

• Hourly or per diem rate
• Flat fee.
• Monthly retainer
• Contingent fee

Creating an Advisory Board  Advisory Boards guide and assist by cutting costs; helping with product development; introducing you to valuable clients, investors, and suppliers; and eliminating the sense of isolation that can come with running your own business. Most crucial, an advisory board makes a chief executive answerable to a third party.  Unlike a Board of Directors, advisory board members have no authority over your company. They are simply there to offer advice that you can take or dismiss. They do not have the legally imposed fiduciary duties Run your Business Like a Franchise Franchising is not right for every business.  However, every business can benefit from implementing franchise-like systems.  Even if you don’t like franchising, you must run your business like a franchise to maximize your efforts and your profits. And in order to do this, you must work to systemize your business. When you systemize your business, you spend less time on the day-to-day tasks which ultimately frees up your time so you can spend it in a way most beneficial to you and your business. Each one of these sections is as important as the other.  Together they make up a complete manual that can be a central source for you and your employees to follow to ensure that you are operating your business consistently, predictably, efficiently and hopefully profitably. Just like all other important parts of your business, you will need to conduct an annual review/audit of your Operations Manual and make changes where necessary. No business is able to set things in place and forget it.  This is merely a detailed road map, that captures the essence of your business and clearly defines all roles, structures and operations.  As the inventor, you must create the systems and then the manual for others to follow and capitalize on your creation. Business Operations Manual: Worksheet

1. Organizational chart

2. Job descriptions and duties

3. Employee contact information

4. HR policies and procedures

5. Sales policies and procedures

6. Marketing and advertising policies and procedures

7. Customer service policies and procedures

8. Financial policies and procedures

9. Purchasing policies and procedures

10. Safety policies and procedures

11. IT policies and procedures

12. Daily operations policies and procedures (opening for business, closing, ordering supplies, etc.)

13. Templates (for email, forms, ads, etc.)

Have a Succession Plan – Until you have a Succession Plan you do not have a lasting business You may find the right successor within your company, your family, or perhaps you will have to consider a new employee, a partner or an investor. Lastly identify: Who Should I hire to Grow my Company -List Positions  Responsibilities and Payroll for  each position – employees or contractors? This series ongoing series  handbook prepared by Marjorie Weber was prepared will also be part of the Miami Bayside Foundation to qualify small business owners for the Miami Bayside Foundation loan program. Handbook series Small Business Start Up Part 1: Small Business Start Ups Making It Legal; Part 2: Small Business Start Up Capitall Access Primer and Key Steps ; Part 3  Definitive Steps to Create the Optimal Small Business Growth Team; Part 4: Once You Have the Dream Team, It’s About Employee Retention Related articles: Many Leadership Styles, What’s Yours? Ownership vs. Leadership: Leading for success? Successful Leadership Through Perspective