It takes a village to run a successful business. You work hard to assemble a team of talented individuals to help you achieve your vision and mission, but you will also need help from outside experts. It is crucial to have these individuals in your corner because their expertise is invaluable to your business’s health and growth.
6 Outside Experts Your Business Needs
Whether your business is small, medium or large, it’s essential to have these six outside experts in your corner.
Bookkeeping and accounting tasks can quickly become overwhelming for business owners, especially as their operations begin growing. These are tasks that are best handled by experienced professionals. An accountant will save you time and money. In addition, some will offer invaluable advice and help you make critical business decisions.
When hiring accountants, it’s essential to understand what they do and what you want from them. For example, some accountants only offer accounting. Others only offer tax services. Many firms provide both tax and accounting services. Our firm provides a wide range of services for businesses including, accounting, tax, business growth coaching and outsourced CFO services.
Know what you want or need, and find an accountant who can meet your needs.
When interviewing accountants, consider the following questions:
- What services do you offer?
- Who will be handling my account?
- What experience/credentials do you have?
- Have you worked with businesses like mine?
- Can you help me with (your need)?
- What are your fees?
Along with the obvious benefit of helping with your company’s finances, an accountant is a great person to have in your corner because they can often refer you to some of the other outside experts on this list.
In the early stages, many business owners don’t see the value of forming relationships with bankers. But many businesses will need capital to grow. That capital has to come from somewhere, and debt is often the most cost-effective option.
When it comes time to apply for a line of credit, you will be glad to have a banker on your side who already knows and understands your business. Then, over time and as your business matures, you will call on your banker for help with loan applications, treasury management and other products.
If you’re opening a new business bank account, ask to speak to a banker. Talk to a few, and choose the one you like and who is already familiar with your type of business.
Consider asking a few questions, like:
- How much experience do you have working with businesses like mine?
- Can you explain your loan structure?
- What other services do you offer?
Once you’ve established a relationship with a banker, keep in touch. Meet regularly (twice a year) to talk about your business.
When you need help with a problem or have questions, your banker is just a phone call away. They already know your business and your cash needs. It’s much easier to solve problems when everyone is on the same page.
A lot of people experienced the benefits of having a great banker with the PPP Loan came out.
Many businesses overlook the importance of having an experienced lawyer in their corner. Of course, their services are invaluable to your business, but like an accountant, it’s important to choose the right one.
Lawyers have specializations, so find one who works with companies like yours.
In addition to providing legal advice, a lawyer can also help with:
- The formation of your company. Different entity types have different requirements for legal documents, fees and structure. A lawyer can assist with the entire formation process to ensure that everything is in order.
- Contracts. A lawyer can help you create contracts for clients and also review any contracts that you’re considering.
- Business decisions. If you want to expand overseas or launch a new product, your lawyer can help you understand the legal implications of your choices.
- Employment and non-disclosure agreements. Even if you’re a single-person operation right now, you will likely hire employees in the near future. A lawyer can help with drafting employment agreements as well as non-disclosures if needed.
When choosing a lawyer, here are a few questions to consider:
- How much industry experience do they have?
- Do they require a retainer?
- How can you communicate with your lawyer? Phone, letters, email?
It’s a good idea to find a lawyer early on and maintain a relationship as your business continues to grow.
4. Financial Advisor
Along with your CPA, a financial advisor is another important person to have in your corner. A financial advisor can help with:
- Tax savings plans
- Meeting personal and business financial goals
Financial advisors can help businesses with projections, finding ways to save money and finding a path to profitability. They can also assist with reaching your personal financial goals.
5. Insurance Agent
An insurance agent may not be vital when you first launch your business, but you will likely need their services at some point. Every company has unique insurance needs, and that’s where an agent can be invaluable. Again, it’s helpful to find someone who has experience with your type of business.
An agent can help you understand what type of coverage you may need and how much. Most businesses will need liability and property insurance, but you may have unique risks that need to be addressed.
Consider finding an agent early on so that you have an established relationship when it’s time to purchase insurance for your business.
6. Marketing Professional
Marketing plays a crucial role in the success of any business. The right strategy can help you achieve growth and carry out your mission. The wrong approach can leave you struggling to keep the lights on. The “build it and they will come” concept isn’t relevant in today’s world.
Business owners wear many hats, but the world of marketing is vast and complex. Your efforts are better spent focused on your core business tasks. Having a marketing professional in your corner can help you:
- Build brand awareness
- Establish your company as an industry leader and expert
- Grow your customer or client base
- Increase sales
Marketers can also help you better understand your audience, which in turn will help you provide better products or services.
As a business owner, you know that you can’t do everything on your own. You rely on your team to keep your business operating smoothly. However, you also need outside expertise to cover all of your bases and help your business grow.
If you need help with growing your business or getting the right experts in your corner, we can help. Schedule a call today to see how we can help your business grow.