Posted on: June 28th, 2016
As a small business owner, you should put together your own team of outside professionals that can help guide and assist you throughout the life cycle of your business. This team, I call the “Starting 5,” should include a business attorney, accountant, banker, insurance agent, and business mentor. Your Starting 5 should become very familiar with your business and also with each other so they can help your business grow and prosper. Here is why you will want these professionals on your Starting 5:
- Business attorney: I have written previously about when your small business needs a business attorney here but in short, a business attorney’s role is to advise you of the risks involved and ways to minimize those risks. Don’t wait until you are sued or have an issue to seek out the advice of a business attorney.
- Accountant: Your accountant is not someone you should visit only at tax time. You should seek out the advice of an accountant early on in the life cycle of your small business. An accountant can help you decide from a tax perspective which is the proper entity you should have for your business. An accountant can also help you understand your financial statements so you can make better decisions to help propel your business.
- Banker: Bankers are usually well connected within the business community and can be a great referral source for small business owners. While your initial banking needs might be simple (business checking account), when they become more complex (business loan), a personal relationship with a banker is key.
- Insurance Agent: Your insurance agent should not be someone who comes around once a year when it’s time to renew your policy. As your business changes, so should your insurance needs and coverage. Insurance can be complicated and as a business owner you need someone on your team who is going to sit with you and explain why you need certain coverage and insure it is in your best interest.
- Business mentor: A business mentor can play a significant role in your small business growth and development. You will want to insure your business mentor has “been there, done that” for a small business similar to yours. Your business mentor can offer expert advice, provide skill development, introduce a fresh perspective to your business, and open doors to their network.
No matter what type of business you are in, having a “Starting 5” to help assist you can greatly increase your odds of success.
