Why Executives Need Their Own Personal Dream Team

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Change happens fast. And often when we least expect it. That’s one of the reasons we see so much job turnover. Companies typically forecast and plan ahead. Executives do so for their departments, but what about their careers? Too many individuals think they are just along for the ride.

I remember listening to an economist on the radio discussing why any individual with a high income potential should outsource all activities that they either (1) don’t enjoy, or (2) don’t produce a financial return. It’s advice that’s given to business owners all the time, but is often over looked by professionals. It was especially interesting because the economist was arguing that it’s not just a rule for high income earners, but for anyone with high income potential.

Obviously, it’s not possible for every individual at every point in life to outsource everything we either dislike doing or doesn’t have a financial return. However, having a personal dream team is a good idea for most professionals.

Below are a few good “dream team” players for executives:

  1. Accountant. Having a great accountant can not only protect you from IRS missteps, but they can usually save you money and help you prevent catastrophe when change happens.
  1. Financial Advisor. Your accountant shouldn’t manage your money. In fact, you should be the best person to manage your own money. But, having a third party who can give you advice and help you keep you on track towards meeting your goals is almost always a good idea.
  1. Lawyer. Ok, I know that this one is self-serving, but negotiating for your business or anyone else is easy. We are all too close to our own situations to maintain perspective. A good lawyer who understands employment concerns should not only help you with disputes, but should also be a sounding board when negotiating employment agreements, raises, bonuses and exit strategies.
  1. Executive Coach. I used to be one of those people who thought I could figure it all out on my own. Then I realized that I didn’t get where I was without some help along the way, and I won’t get where I want to go alone either. Whether it is an informal relationship with a mentor or a formal relationship with a coach, getting the outside view is critical to professional development.

It doesn’t matter how many players you have on your team or whether you choose a whole different type of team altogether, the important thing is having people around you with expertise that can help you use change to your advantage and achieve your goals.