Who is on your business team? This question speaks volumes as to the success of a business. Having a business team in place of highly qualified professionals such as a banker, lawyer, accountant, and insurance agent can help increase the success and profitability of your business. From pricing products to providing legal advice and guidance, to mitigating risks, it’s smart to have a professional business team in place for optimal success.
A core success to any business team is having a savvy business planning attorney in place. An experienced business attorney will add value to your organization by providing it with competent legal guidance and advice. In addition, a business attorney can prepare contract templates, review all legal documents, and protect your business interest in the event of a lawsuit.
When deciding which business lawyer to team with, make sure you hire an attorney who has your company’s best interest at heart. Share your company’s mission, vision, and values with the attorney to make sure he is onboard with your ongoing success. Hire an attorney that charges reasonable fees and delivers competent legal services.
In addition to having an experienced lawyer on your team, you should also have a solid accountant with experience with companies of your size, and (preferably) in your industry. An accountant can help you set up and monitor your business finances, establish a tax reporting system, and ensure you are meeting your tax obligations. This will help ensure you are not shocked by an unexpected tax bill, or worse, needlessly paying extra fines or penalties for missing a tax-related deadline. Most importantly, having an accountant on your business team can help you chart your business profitability and provide guidance on maximizing costs savings while growing your business.
When choosing an accountant to be on your business team, ask him/her a series of questions related to the success he/she has had managing other business finances and the cost savings/growth he/she has obtained on behalf of the company. Hire an accountant who has a proven track record of financial success.
People typically view bankers as professionals who help them set up their business checking or saving accounts. However, an experienced banker can bring great value to your business team. A business banker can show you products and tools that support your business such as merchant services, cash management, remote deposits, lines of credit, etc. Do some homework before you hire a banker. Ask colleagues for referrals to find the right banker for your business team.
Finally, when retaining an insurance broker for your business team, make sure your broker explains exactly how the insurance policies he/she is recommending for your business will protect you. For example, certain specific policies insulate you from employment-related lawsuits, while others insure your income stream if something happens to you. An experienced insurance agent will take the time to carefully evaluate your business, help you pick the right policies, and actively shop the insurance market for the right product at the right price.
Finally, when you pick your business team, ask each professional who THEY work with. They are in business too and it’s always best to work the local pros that are highly respected in their fields. Never forget that your banker, accountant, lawyer, insurance agent are more than just your service providers, they are likely referral sources for you as well.
The Law Office of Brandon Woodward P.A. is eternally grateful that you have visited our website or read our blog. The materials and information contained here are provided for informational purposes only and are not to be considered as legal advice. For questions about startups, founding documents, corporate agreements, business entities or any other legal issues facing your business, EMAIL US, and we’ll set up a consultation.