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09.14.17

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Advisory Team


As the owner of your business, it is important to surround yourself with experts that provide you with guidance needed to best operate your business. These expert advisors become your “Board of Directors.” As your business grows, it becomes increasingly important to utilize your advisors to both minimize potential problems and capitalize on opportunities.

Your advisory team will typically include:

Accountant – Your accountant should be familiar with your business. They can be an excellent source of information regarding tax planning, buy vs. lease decisions, determining the entity that is most appropriate for you and your business and providing timely financial statements that will help you manage your business.

Attorney – Your attorney can be a tremendous resource for dealing with incorporation documentation, employee manuals, and employee dispute issues. The cost of paying for an attorney to address issues up front is often much less expensive than facing a lawsuit that may have been avoided.

Lender – Your banker can be more than the person you mail the mortgage payment to each month. A good relationship with your banker will help when it is time to build a new building for the business. Some lenders will provide you with information and feedback to help you identify opportunities in your business.

Insurance agent – This person can do much more than provide you the lowest possible rates. They can help you determine the appropriate insurance that works best with your needs and the needs of your business. Should work vehicles be titled in the company’s name? At what point is worker’s compensation insurance needed and who should be covered?

Business consultant – Ideally this person is involved with you on an ongoing basis. Depending on the needs of the business, this person or firm should be proficient on issues specific to your industry/profession including: analyzing the financial statements and KPIs, marketing, human resource challenges, and keeping you aware of trends and opportunities in your industry/profession and your business. The data will help you gain more comfort with your business while making it more profitable.

 

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