How to Assemble Your Team of Professional Small Business Advisors
As a small business owner, you probably handle the running of the business yourself. Still, it is possible to run a business more efficiently and profitably by utilizing a team of professionals who can consult and guide you in the management of your company. Here are five professionals critical to every team of small business advisors.
The temptation to use online legal documents can be strongest for the DIY entrepreneur. Most times, the online documents are generic and are only as good as the data that goes into them. Working with an experienced business attorney will help you identify vulnerabilities as well as address legal needs that you didn’t know existed.
You may prefer an attorney who specializes in the needs of business owners and can consult with you on topics such as asset ownership, best-choice business form, succession planning, contract review, licensing and complying with regulations, and employee-employer relationships.
It’s crucial to establish a relationship with your attorney, so that you can simply pick up the phone when you have a question.
As your business becomes more complex, it is important that you have an accounting professional whom you can rely on to assist you. Accountants are trained in managing finances, keeping your business organized, and performing strategic financial planning. Your accountant should be able to see your financial history, handle your business’ taxes, help with your payroll as your company expands, and implement tax saving strategies for your business.
A good accountant will help you maximize your exemptions and deductions that you could be leaving on the table by doing it yourself. Remember, online software is only as good as the numbers and categories entered. A great accountant will help you forecast and innovate through financial analysis.
However, not all accountants are created equal, and it’s important to find an accountant that has experience helping businesses like yours launch and grow successfully. Just by switching from a CPA that does tax magic to a CPA that also provides strategic planning could save you tens of thousands of dollars a year.
To really benefit from your accountant, don’t make the mistake of meeting only once a year at tax time. Give your accountant the opportunity to work with you all year long.
Financial advisors and accountants have many overlapping areas of knowledge and share similar goals of increasing or preserving your income. While an accountant will look for ways to reduce your tax liability, a financial advisor will consider opportunities to grow your wealth through equity and debt investment strategies. Your financial advisor will develop an investment and financial plan to help you accumulate wealth.
Your financial advisor will also be able to look at the big picture of your finances and will then help you invest strategically while setting financial goals and priorities for your business. By collecting detailed information about your financial health, your financial advisor will be able to provide you with advice and help develop financial strategies on investing, retirement planning, succession planning, risk management, insurance, and taxes.
The difference between business success and failure is the company’s ability to anticipate upcoming trends, develop a long-term financial plan, and be ready to invest in new funding opportunities. This is why it is important that your financial advisor be able to help you look into the future and build real business models you can follow in scenarios that could occur in the future. They should also be able to project your company’s value earnings and costs, gather market intelligence, project your sales, and use these predictions to build financial models that will stabilize the future of your company.
A knowledgeable insurance advisor can save you hundreds of dollars on your premiums as well as save you thousands of dollars on potential risk as a member of your team of small business advisors. Qualified brokers understand the insurance market and can negotiate competitive policies on your behalf. They can put together a comprehensive and cost-effective insurance package for your business.
The right small business insurance professional can advise you on coverage that is best for your needs and situation, not just that coverage that is the most cost effective. Proper coverage always saves money in the long run.
Regular contact with your financial institution will keep you abreast of new opportunities that can benefit your business. Bankers are able to offer advice on a range of banking products and help solve financial problems related to cash flow. Your banker is the frontline to helping you obtain financing through your current institution and helping you with your business needs.
They get to grow with your business and see firsthand how your finances are doing. It is important to establish open communication so that your banker can assist in making the banking process seamless.
Not only can your business banker assist you in the loan application for financing or help you optimize your banking experience through products that can benefit your business, they can also be a source of networking. Business bankers work and network with a variety of business owners and professionals. This can be very helpful and a valuable resource as your banker can help connect you with prospective vendors and partners. From CPA’s to insurance advisors, a great banker works with a handful of small business advisors on the daily and this can be your first source of referrals to building your money team too.
Building Your Personal Team
The advice you receive needs to come from a trusted team of small business advisors who can fill your gaps in knowledge, experience, and expertise in building and operating a business. Our experienced banking professionals are equipped with the knowledge, tools, and expertise to help you make the right choices for your small business. Call us today at 866-762-8392 to learn more.