Even if the “Force” is with you, you still need a great team for advice and support. As your business grows, it’s hard not to wear many hats: manager, business development, HR, bookkeeper, marketer, even janitor. When there is no one else to do the job, you step in and get it done. However, the most successful owners and GM’s have learned that you don’t have to go it alone.
There are advisors who can help you along the way dealing with the challenging areas for small business: growing top line revenue, expanding margins and limiting liability. Success in these areas require guidance and expertise. Here are the top 5 advisors you should have on speed dial:
1. The Business Mentor
Perhaps one of the most important (and often free) advisor choices you can make is the business mentor. A business mentor can be a proven expert in your field or an entrepreneur in another field who is a little farther down the path that you are.
A trusted mentor will be there to listen and advise you when the going gets tough, offering comfort, advice and information to get you back on track. Whether this advice happens over the phone or over a cup of coffee, a great mentor will point you towards a recommended course of action to help you succeed.
2. The Legal Advisor
Whether you are just getting started or you have been in the business for a few years somewhere along the way legal advice will be required. Trusted legal counsel does much more than just represent you in the event of a lawsuit.
An experienced lawyer can offer advice through each phase of your business. They can advise you on your options for setting up the business structure, getting proper licensing and complying with local, state and federal regulations. As you grow they can help draft and review contracts with you. They can also provide referrals to specialists you need.
3. The Financial Advisor
As your business grows, it may not always be possible to handle your finances on your own through accounting software. Payroll, mergers & acquisitions, money management, and investments are just a few of the financial events that can take up your time and energy.
A qualified accountant can take a lot of this load off your shoulders. While your financial professional is managing your payroll system and making sure the bills are paid, you can be out there doing what you do best: growing your business.
4. The Tax Advisor
It was estimated that the 2013 federal tax code contained 73,954 pages. While all of those don’t apply to businesses, many of them do. With new tax laws being passed all the time, it’s certain that the tax code this year will be even longer.
It is the job of a tax advisor to keep on top of tax regulation and offer strategies to help you keep more of your revenue. Sometimes these strategies are deeply impacting, saving you thousands of dollars. Should you elect to implement a tax accountant to file your taxes, you’ll get all of the benefits and deductions and reduce the burden of those hours on your already busy schedule.
5. The Insurance Advisor
The purpose of insurance is to put right what has gone wrong. A team of insurance professionals can craft a tailored plan to protect your business assets for years to come. Risk management is a cornerstone of that plan, and it’s an area of specialty for Hayes Brokers.
Insurance advisors can help assess and cover risk to your property, general liability, workers compensation, auto insurance, health insurance and more. Licensed brokers (like the ones at Hayes Brokers) can shop the available insurance policies, put together a package that will protect you in the event of a claim and even help you navigate the claims process.
While each advisor above can offer specific benefits, any of these professionals can connect you with others that can help too. The power of a synergistic network should never be underestimated. With the right team of advisors to assist you, you can concentrate on growing your business, creating jobs and providing a service to your community …and hopefully doing what you love!