While I managed a portfolio of Midwestern properties for Cohen-Esrey, I oversaw a team of twenty-five employees. Each property within portfolio had individuals on-site managing day to day operations. I met often with teams for two reasons: •To collaborate on business objectives for property. •To ensure that these objectives were clearly communicated. I rarely involved myself with decisions that directly affected day to day operation of building. This allowed manager to have a clear sense of their role and accountability. Finally, I encouraged these managers to communicate within their professional peer group; this encouraged joint problem solving and knowledge sharing. These actions led to tangible result of lower employee turnover.

While at Reuters in London undertaking a Customer Relationship Management project, I led a team of five individuals. Each of us had different skill sets and internal reporting lines, which made for a complex situation. Early in project, we clearly defined roles of each participant, and deliverables of project. Communication was extensive, but we still experienced a lack of trust at times. This was resolved through impromptu, non-confrontational face to face meetings, and short, weekly progress meetings. Despite challenges to project, team implemented CRM deliverable, resulting in higher customer loyalty.

While I worked in Singapore, I worked with a culturally diverse team. Our task was to develop more business for HSBC from Asian region. To do this, Americans, Australians, and local Chinese needed to communicate clearly. Surprisingly, I found that best way to develop a cohesive team was to dine out together as a group. Once we all understood each other on an informal basis, our communication and collaboration improved dramatically.

In summary, effective teams have three aspects in common: Productive climate, clear roles, and principled leadership. Although developing each aspect can be challenging, rewards of higher profits are worth effort.

TRUTH While incorporating your business will help protect you from lawsuits and from having your personal property seized, there are more benefits than that. The tax savings can be quite significant.

MYTH With attorney’s fees, CPA’s fees, additional income tax returns, and forms I have to file quarterly, it’s just not worth it. I won’t really save any money.

TRUTH Every case is different; however, most small businesses will more than make up $1500 - $2000 it costs to incorporate within first six months to one year. Also, most small businesses will save about 50% on taxes after they incorporate. (A qualified CPA will be able to look at your books and give you a more accurate figure.)

MYTH I’ll have to hold meetings and keep lots of records that I don’t have time to keep.

TRUTH Not if you register as a "closed" S-Corporation. This means you have waived requirement to hold all those meetings and keep all those records.

How Do You Get Specific Details?

Contact a qualified CPA in your local area. He or she can give you detailed information on how much it will cost to set everything up, and - most importantly - how much you will save in taxes.

Incorporation is not something to be afraid of. In fact, if you’re one of many who will save 50% off your taxes in next year, it’s something to go after with a vengeance!

Diane C. Hughes * ProBizTips.com