Your Support Team...
September 21, 2018
Do you have the right support system protecting you and your business?
It goes without saying that you need a strong team of direct reports (although easier said than done, I know), but it is not quite as common to ensure the right external support people are also in place to ensure the continued growth of your business. It is a common misconception that it is too expensive to hire any of the below professionals, but nowadays that simply is not true. Every small business owner or entrepreneur has to have the following team of people in their circle:
Business Attorney - In addition to lawsuits, business attorneys can assist in creating or changing your businesses legal structure, licenses & permits, contracts, IRS audits, law violations, etc. They are a cost of doing business that undoubtedly saves you money & helps your business in the long run.
Tax Accountant (or CPA) - It is okay to have a tax preparer for your personal taxes, but you should have a tax accountant or CPA for your business. Tax accountants have a broader educational background with experience in audits, financial statements, business regulation & requirements, etc. that is more aligned with your overall business needs
Business Consultant - The most success entrepreneurs recognize their own limitations and hire others to do what they cannot. Consultants can help in areas such as marketing, human resources, management & overall business analysis. They help improve companies by assessing weaknesses and recommending solutions.
Financial Planner - They help you understand your financial circumstances and work with you to reach both short-term and long-term financial goals...they are not just for retirement planning.
Family Doctor - Many business owners neglect their most valuable asset...themselves! It is CRUCIAL you take care of yourself. Sleep, exercise and healthy eating can only do but so much...it is NOT a replacement for seeing your doctor for annual exams and recommended testing based on your age, overall health and family history. And if you think you don't have time...just ask yourself, what happens to your business (your family, friends, loved ones) if you are not here???
Good Friend - Everyone needs someone to lean on...someone to talk to or even just for moral support. Being a business owner is hard and everyone needs a helping hand sometimes. Don't be afraid to ask for help!
Although it is nice if you can have them all on retainer, it isn't a must! There are many professionals and companies that offer plans and programs making these professional services affordable. So instead of asking yourself if you can afford to pay for them...ask yourself if you can afford not to!