Did you know that building the right team for a business can improve profits by 10% (or much more)?
How? Well, think back to when you were a kid and teams were being chosen for a game of kickball. The team captain was in charge of picking their team – and those picks really determine the outcome of the game.
And yet, businesses everywhere are struggling to improve profits because they haven’t chosen the best players for their teams.
Finding Time to Prioritize Your Team
A common reason for not going through the long process of interviewing and vetting several candidates is the feeling of not having enough time. Between running a business, raising kids, and showing up for important relationships, it’s common to feel like the quicker things can get done, the better.
Unfortunately, many people wind up picking their teams out of convenience, without realizing that the right team would actually improve profits. But what if that leads to picking the person who would have been picked last?
For instance, let’s say you’re running a business and tax season is coming up – and you’ve got way more important things to do… so you grab the first person you find and hire them.
Now, you could get lucky and wind up with someone amazing. Stranger things have happened.
But odds are, you’re going to wind up overpaying on your taxes like most other business owners (in fact, our own internal study showed that 93% of small business owners overpay on their taxes by an average of $11,283 per year).
The more you earn – and the more complex your financial situation – the more important it is to build the right team.
In fact, with taxes alone we’ve seen people get refund checks in the 6-figures – simply by getting another opinion and changing who’s on their team.
Building Your Financial Team
At the end of the day, choosing convenience over quality means losing money, putting in more effort, and spending precious time feeling the need to micromanage. Or worse, doing it yourself (when you should be focusing on activities that fall inside your “zone of genius”).
Another common financial issue people tend to neglect is their estate plan. We get it. Estate plans can feel boring and time intensive, and pull you away from being productive or doing what you love.
But your estate plan is also incredibly important. If it isn’t updated with your wishes – or not done at all – you’re allowing the government to decide what happens when you’re gone… and that can result in higher taxes, no protection, and even an increased likelihood of being audited.
That’s the last thing you want to put on your loved ones when they’re already dealing with not being able to see you everyday.
Great Teams Give You More Time & Money
The secret to longevity in business is having the right team of passionate experts saving a business and its business owners time and money.
And when you don’t have the right players on your team – even if you “like them” or they have good intentions – then all your hard work and effort to build a living legacy could wind up deteriorating and getting sucked away by banks, financial institutions, or the government.
All you need to do is look at any area of your financial life and it becomes obvious how important it is to have the right team members.
We’ve already mentioned taxes and estate planning, but there’s also:
- Insurance (life, business, disability, home etc.)
- Legal protection
- Credit score
- Access to capital
- Investment planning
There’s a lot to consider – especially when you have a more complicated financial situation. That’s why, here at Wealth Factory, we’ve worked hard to create what we call a virtual family office.
The Virtual Family Office
This concept was inspired by the Rockefeller family, who had a financial firm that exclusively served their family’s needs. A virtual family office is able to analyze complex deals and discuss complicated financial considerations – and they all work together (accountants, lawyers, asset managers etc.) for the benefit of the family.
In the case of the Rockefellers, by the time their clients arrived, the team had already presented the points, risks, and recommendations. They had true advocates working on their behalf.
However, in the past, this level of service has only been accessible to those with vast wealth.
But we wanted to provide a similar level of support and guidance to everyone, regardless of their financial status – because we believe that everyone deserves to have real advocates in their financial lives.
Get Help From The Best, Without Making Billions
You don’t need billions or millions of dollars to benefit from this approach. All you need is a genuine concern for your financial well-being and access to a great team.
We have carefully selected firms through an application and education process to form our virtual family office.
These firms communicate virtually, leveraging technology to work cohesively and comprehensively. So, even though they are in different locations, they can collaborate effectively.
So imagine having a full-service financial team that works to help you keep more of your money instead of giving it to institutions.
A team that’s working to help you simplify your life. To build your wealth. To protect your assets and your family. To help you be more productive in your business.
If you like the idea of having your own “virtual family office,” then here is your private invitation to stop interviewing one candidate after the next, obsessing over finding the right people, and attending boring seminars to learn things that aren’t of personal interest.
Finding the right team shouldn’t take a person away from focusing on their own areas of expertise. Click here, fill out a few questions, and save time, money, and energy by enlisting the right team, right now.
