Let’s say you run the best business operation in town. You have no employee problems, no sales problems and your cash flow is so great you have to go to the bank three times a day. Even though you’ve reached the pinnacle of success as a CEO, president or business owner, it’s not how much money you make, it’s how much money, legally and ethically, you keep. To keep the money you’ve earned, it’s essential to surround yourself with a team of business experts who can provide outside (of the company) business advice.
In no particular order, here are 6 business professionals or business experts, as a CEO, president or business owner, you will want on your team when running a successful company:
1): A business attorney. Most people don’t hire an attorney till they have some type of trouble or problem. Then they start looking for someone who can represent them. That’s the absolute wrong way to go about it. CEOs, presidents and business owners need to find a business attorney. Not a divorce attorney, not a real estate attorney, not a generalist, but an attorney who truly understands how business works and can advise you properly on a wide range of business subjects. If you are using your attorney properly, you seek his/her counsel on business matters, contracts, employee relations and any other legal issues before they become a problem or impact the business. The attorney’s job is to advise you so you can make the right business decisions to prevent you from having legal problems with your company. The attorney should be there to support and defend you for those unfortunate times when you need defended. The right business attorney with the right legal advice will help you avoid potential legal situations from becoming something more than they need to be.
2): A CPA – certified public accountant. Not just someone who is going to do your tax returns but someone who is going to use the tax law to legally and ethically take every deduction that is possible so you can pay the least amount of income tax possible. The CPA should also be there to advise you in your business operation, explain your profit and loss statements and generally give you advice that will help you prosper. You need a CPA who stays current with the tax laws; who knows what deductions you can take and what deductions you can’t take to minimize your taxes – again, legally and ethically. You need a CPA who is a business person.
3): A financial advisor that is a certified financial planner. What are you going to do with all the money you are going to make? You want the financial advisor to keep you from bad investments and assist you in realistically attaining the financial lifestyle you desire. Keep in mind a lot of people call themselves financial advisors or financial planners and may want to sell you stocks, insurance policies or other types of investments. Find yourself a true financial planner who is certified with credentials including CFP – certified financial planner.
4): The business insurance agent. Because of the internet, many people think they are saving money by buying their insurance online via a website. Although it may cost you more to have an insurance agent, a knowledgeable insurance industry professional, this individual can guide you in buying the right insurance for your business with the right coverage. Insurance is something you never want to use but you won’t know if you are adequately protected unless you have an unfortunate event at your company. Make sure you are adequately covered by using a licensed insurance professional who understands business and your needs.
5): Know your banker. You want to know your banker and you want your banker to know you. The time to meet your banker and have him/her know all about your business is not when you need money. You want to build a strong relationship with the banker so if you do need a business loan you already have credibility. One of the things you may want to consider is opening up a line of credit for your business when you don’t need it. You don’t need to use the line of credit, it will just be there so when you need to borrow the money you’ve already been approved and it’s a matter of transferring money from your line of credit to your checking account. Don’t forget: It’s easy to borrow money but it’s hard to pay it back. Always borrow wisely.
6): A business consultant or business advisor. What does the business consultant or business advisor do? A true business consultant is an objective visionary who can guide you and keep you grounded in reality. Prevent you from making business mistakes. Keep your business thinking on track. Act as a sounding board when necessary. Someone who can take all of their business experience to help you strategize about your business plans and goals. Tells you the truth when others will simply say “yes”. This is how you will get the most out of your business. The business consultant advises you in every aspect of your business except legal, accounting, insurance, banking or financial planning.
When it comes to business experts: business attorneys, CPAs, financial planners, insurance agents, bankers, business consultants or any other type of business professional you may require assistance from to properly operate your company always do your homework up front. Then when you’re ready, bring someone on board and share the intimate matters of your business. Research on your own. Be absolutely comfortable with the business professionals you choose to work with.
Remember: It’s your decision. It’s your business.
Maximize the talents and skills these 6 business experts have in order to further ensure long-term business success and business profit.
To your success!
Howard Lewinter guides – focuses – advises CEOs, presidents and business owners throughout the United States to MORE success – MORE profit – less stress. Get MORE from your business! Talk with Howard: 888-738-1855.