Starting and running a business is often a largely solitary pursuit. But it need not be, and really should not be. I’m on solid ground here. Heck, even King Solomon had something to say about it.
Proverbs 15:22 – “Plans fail for lack of counsel, but with many advisors they succeed.”
If your business is a corporation, you should have a Board of Directors, for starters, and be meeting quarterly, because it’s a legal requirement. If your business is an LLC, you could have a Board of Advisors, which is optional, but a splendid idea if you do it right. (Google it for more information on that.)
Beyond those boards, however, there are several other professionals who can make a huge difference in the success trajectory of a small business, and they are my focus here.
- A bookkeeping professional – first and foremost
- A CPA, enrolled agent, or other tax professional
- A business attorney – critical for avoiding costly missteps
- A commercial banker
- Various insurance agents, depending on the business
- Financial advisor – so you don’t put planning for your (and your family’s) future last
These professionals may or may not know each other, but they all know you, and having them in your corner is an invaluable asset. You’re not going to live long enough to make and learn from all the possible mistakes you can make, and dig out of all the potholes you can fall into.
One of my interests as a bookkeeper is reducing costs, saving my clients money, and protecting cash flow. But this is not the place to cut corners, because the cost of some of the business owner mistakes I’ve seen far exceed the cost that would have been incurred paying for competent professional advice. To use that old saying, having a poor (or no) advisory team is “penny wise and pound foolish.”
King Solomon is often called the wisest man who ever lived, but he was also filthy rich. If you won’t take it from me, take it from King Solomon.
“Plans fail for lack of counsel, but with many advisors they succeed.”