Professional advisors come across my path very frequently. Whether I’m working with a business or on an estate plan, they can often provide that extra bit of expertise that makes all the difference. I’ve written before about how an accountant and financial advisor can help with your estate plan. As we slowly begin to reopen our business communities, I’ve been having more meetings with business owners who are fired up and ready to emerge stronger than before. They have spent their time at home researching their next moves. Some of them have shown me some amazing marketing ideas that are far more creative than anything I could ever come up with. But when it comes to finances, many of these business owners are not ready to take that next step. They could benefit from professional advisors to help strengthen the financial foundation of their business.
Accountants And Financial Advisors
One of the first professional advisors that I send a small business owner to is an accountant. If the business is going to be hiring employees (or independent contractors), there are a variety of tax issues to be dealt with. You’ve been planning for the employees when you set up your company, but now it’s time to get into the nuts and bolts. While a lawyer can help with employment contracts and other agreements, an accountant can make sure you’ve got your tax structure in place and ready.
As your business grows, you’ll also need to make sure you are properly managing your money. A financial advisor can be one of the best people to know to help you find the best and creative ways to manage your money. Although they will work on your personal assets, many of the advisors I know also have some good ideas for businesses.
Another area we identified? Benefits. When you start a business on your own, benefits can be low on the list. You may talk to your accountant about setting up a retirement account. But what about health insurance? Or disability insurance? Maybe you need key-person insurance? Having a good benefits broker can help flesh these issues out as well. These professional advisors are often overlooked. But you shouldn’t fall into that trap!
Other Professional Advisors
Running a business becomes more complex by the day. While these are the traditional advisors you may encounter, there are plenty of others to recruit for your team as well. A fantastic marketer? Great idea. A technology consultant? Probably a necessity these days. Depending on what market your business is in, there can be many great advisors for you. Don’t be shy – get out there and find them!
P.S. If you need an introduction to an accountant, financial advisor or benefits professional, shoot me an email and I’d be happy to share some names…
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If you are thinking of starting a business or already started your business and want to make sure your legal documents are in order, give me a call and we can sit down to discuss the process and what documents would be best tailored for your company – (877) AMAYERS.