Video Series - Mistake #4 Business Owners Make: Independence

Succession Planning | Videos | InspireHer: Plancorp Women’s Initiative | Small Business Strategy | Small Business Planning | Business Partnership Planning | Advisory Council

 Sara Gelsheimer By: Sara Gelsheimer
Join Senior Wealth Manager, Sara Gelsheimer, for this video where she discusses the importance of building a strong advisory board versus being too independent and trying to go it alone in your business.

 

Being an independent business owner can be a great quality, at first, but once the business gets up and running you may be spread too thin to be so independent and going it alone. This can lean to additional stress and eventually to burnout, which aren’t good for you or your business.

I would highly encourage you to start by taking an honest assessment of your current strengths, then figure out where you could hire help, either a full time employee, or contract help to fill in the gaps. There are a lot of great tests and assessment tools you can use to assess your strengths:

Gallup - Strength Finders

Culture Index - Making Executives Effective

Either of these assessments will help to determine areas where you need assistance, and then work to build a team around the areas you could benefit from assistance.

Another option is building an advisory board made up of compensated 3rd party members who are willing to come together to advise you. An advisory board can assist in these areas:

  • Challenge your status quo
  • Create efficiencies in your business
  • Provide an outside perspective

Going it alone isn’t always the best approach and can quickly overwhelm you as a small business owner.

Additional Resources:

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Disclosure:

This material has been prepared for informational purposes only and should not be used as investment, tax, legal or accounting advice. All investing involves risk. Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against a loss. You should consult your own tax, legal and accounting advisors.

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Sara came to Plancorp in 2013 with a strong financial background and an even stronger commitment to financial education—particularly for women. A Wealth Manager and Founder of InspireHer (Plancorp's Women's Initiative), Sara is also a new mom. More »