4 Key People Every Service Professional Should Know: Part II

If you saw my last article, you know that when starting and running a business, it’s easy to get focused on what you need to do.

Get more sales.

Generate more revenue.

Hire more people.

But as a Coach, Author & Business Person myself for the past 15+ years, I think it’s equally important to focus on the “who” as well.

As in, who should you form professional relationships with in order to not only get more business…but also not lose your shirt in the process!

Because make no mistake about it...

We live in a highly litigious society where someone is always looking to get more than what they have.

And while it doesn’t happen to everyone, I always tell clients that building a business is a balance between building up (sales, marketing, revenue growth) and then protecting the very assets so many of us work long and hard to create.

Hence my list of the four people or key business relationships every business owner should have. (Here's the first two in case you missed my previous article.)

But before we get into that let me tell you a little bit about myself. 

My name is Scott Reib and for the last two decades...

I have been helping coaches, consultants and service professionals “Shatter Proof” their businesses by implementing specific strategies for structure, growth and protection.

I believe that in today’s highly litigious society, the smart business owner is watching both revenue growth and asset protection, simultaneously. Because in my mind, it never doesn’t hurt to carry an umbrella…even if it isn’t raining.

As an official Zig Zigler Small Business Lawyer, I’ve been called “America’s Legal Coach” for the past few years, and I spend my days sharing specific strategies with business owners to help protect and grow their business.

I also have a terrific wife and two lovely kids!

You check out the longer version here, but I think you get the idea.

So, what key business relationships should you have in place to be successful in not only building your business up, but helping it stick around afterwards?

A Certified Public Accountant (CPA)

A Certified Public Accountant is critical to your success, but all CPAs are not created equal. You will find that many CPAs are purely historians, and by that we mean they are very adept at telling you where you have been. While this historical data can be useful in forecasting your business’s future, you need much more than that from your CPA. 

The right CPA can help you select the best structure for your company with tax returns, long term tax planning, business planning, networking and even personal tax planning.

A business owner needs a CPA that excels in the following areas:

? Educating you on best businesses practices

? Showing you how to improve your cash flow

? Showing you how to simplify your back office

? Billing

? Payroll

? Bookkeeping

? Financial Reporting

? Showing you how to operate in the most tax efficient way possible

? Show you how to keep the IRS away from your business

To get started I’d recommend asking around with some of your business friends. Who do they work with and more importantly, why. 

Once you get a good list of folks, take some time to “interview” them to see which ones resonant with you the most, and then give them a try.

An Insurance Broker

Most people are surprised to see an insurance person on the list, but a good insurance broker can forecast the foreseeable risks for your particular type of business and give you a comprehensive proposal to cover those risks. 

This is super important when it comes to the “protecting” side of your business.

When searching for a good broker remember that some brokers are captive and can only sell their companies products, while other independent brokers have access to the entire market.

While both types of agents can fill this role, it is important to know which type you’re working with.

The types of coverage that you should consider include but are not limited to:

? General Liability Insurance

? Product Liability Insurance

? Professional Liability Insurance

? Commercial Property Insurance

? Home-Based Business Insurance

So there you have it. The final two key people every Service Professional should know.

I know it might feel like you don’t have the time to develop these relationships, but believe me, when you’re in need of someone with those skills, you’ll be happy you “dug your well before you were thirsty”. 

Take care.

Scott