No man is an island, and no single person should be the start and end of the business decision. Even the smallest of businesses will run into issues that need an outside perspective — and more than that, a professional. You can probably do most things in your business, there might be some outsourcing that happens, but for the most part, it might just be you and a small team. However, there are 4 key advisors that all businesses will need.
By Team Savant
Image: Gabrielle Henderson
Advisors are impartial; they offer an unbiased and professional opinion or information. They don’t have a personal and vested interest in your products or the people on your team. So they can provide the service you need without hesitation.
Choosing the Right Advisors
Facts and a good gut feeling should back up every decision you make. When choosing who you need as part of your team, don’t settle for cheaper or more convenient. You need the best.
Look for advisors with some of the following traits:
Likeminded
Do they have experience in your industry
Are they willing to take on small clients
Will you get a result from your investment
Are they highly recommended
Do you like them
While they should remain impartial, it is essential that you like them. You never know how often you will need to call on them and what for.
Who Are the Advisors?
You should have four advisors at a minimum, or perhaps five if you are a slightly bigger organisation with more cash to spare.
At a minimum:
Accountant
Bank (business)
Insurance
You may choose to add a business mentor into that mix too. It depends on what you need in terms of support for your business's day-to-day running.
These 4 professionals will be your secret weapon to running your business in the best possible manner. Even though you can likely tackle many of the smaller jobs regarding legal entity issues, accounting and taxes, or even making intelligent financial decisions for your business, these four professionals have years of training and experience. They will be able to ensure you make the most of your protection, finances and stay legal at all times.
Key Questions To Ask Potential Advisors
Before jumping in headfirst to an agreement, there are a few questions that you should ask. These questions will allow you to get a feel for the person behind the desk and what you can expect from the long term.
Do they understand your industry and operations?
Advisors should be familiar with your business operations and the industry. This knowledge allows them to give you information that matters. In the case of a lawyer, it means they will understand how to keep you compliant.
How much time do they spend within your industry?
If they aren’t specialists in your industry, you should ask them how long they spend working with companies like yours. If the hours are low, this can be an indicator that they only have one or two similar clients.
Where else can they help?
What is their value-added? What else do they bring to the table, and do you have access to it? Who else do they know that can help you move forward in your work?
The advisors you have around you can be a jet propelling you forward, so choose them wisely. A growth mindset is essential, but often we don’t know where to start; What Does Your Business Need To Succeed?.