Selecting a good professional team can be the cornerstone for a successful thriving business. The team will lead you away from the pitfalls that you may not see coming. Your team at minimum should include an attorney,accountant, banker and of course an insurance agent.
Selecting an attorney when you are in trouble is like shopping for a fire extinguisher after a fire has started. Take the time now to select the legal professional who will be helping you with contracts, setting up your legal business form, review of all legal documents, legal advice and of course to protect you in the event of a legal problem. You need a lawyer who is experienced in business law and is interested in you and your business. You should find out what the hourly rate and fees that the attorney charges and don’t be surprised to find that it is expensive. A good lawyer doesn’t come cheap but that doesn’t mean that you have to have Perry Mason working for you. Take your time and find the professional that is in your price range, has a good reputation and most importantly is interested in serving you and your business.
Your accountant will be the most involved of your advisors in the success of your business. It is critical that accountant help you set up your finances and set you on a course to adequately manage your business finances on a daily basis. Whether you manage your own books or pay a book keeper to assist you don’t try to do this on your own. Along with the attorney the accountant can help you select the form of business that will be most advantages for you at this time in your business. Your accountant will help you set up your tax reporting process and serve as an advisor to ensure that you are meeting your tax obligations to the various government entities that you must report to. Finally, your accountant will serve as your financial advisor helping to chart your business profitably and providing recommendations for cost savings, growth, capital and investment. Choose your accountant the same way that you selected your attorney by searching for a professional who is experienced, has a solid reputation and is interested in you and willing to take time to discuss your business with you. It will be up to you to decide how much time you will directly spend on the finances of your business. Depending on whether you want to be directly involved daily and manage your own books and prepare your own tax reports and financials; or have a book keeper who handles some of the daily tasks and works with you and your accountant; or have your accountant manage and run all aspects of your finances will be up to you to decide.
Your banker is more than just the place that you keep your business checking account. A good business banker can help you find the products and services that can be most beneficial for your business and can help you chart your growth with reference to lending. Don’t make your decision just on free checking, find a professional who can help you.
In our next blog I have saved the best for last and will discuss choosing an insurance agent.