How do you choose a Professional Team to help guide your business?

The Professional Team. This may include Business Advisor, Accountant, Business Banker, Consultant, Mentor and Lawyer. In general, the search may start with a referral from a Business Associate. Even the largest business started small and needed help from time to time.

Business Advisor.

Experience is KEY. Anyone can call themselves a coach or an advisor, whether they’ve been trained or not. It’s crucial that before making that phone call, you do your homework. Check how many years of experience they have and whether they’re certified. After all, you do need their expertise in order to gain anything from the relationship.

Check the Testimonials. Ask yourself the following questions:

• What do their current or former clients say about them? Are these testimonials signed and valid?
• Do they have any experience working in your industry?

The answers to these questions will help narrow down your choices!

Are they a Good Fit? Schedule a one-on-one meeting with an advisor you’re eyeballing.

Did you kick it off with them right away? Are they offering something you need? Do you feel invigorated and positive after speaking to them?

You’ll be spending a lot of time with this person, so choose a business advisor that you get along with!

Do they Challenge You? Without even knowing it, your inner circle might include a lot of “yes-men”. But, your?business?is your?livelihood. You?need?someone that will tell it straight! Does this advisor challenge you? Do they point out your blind spots? If they do, they're a keeper!

Are they Available? Is this advisor all in, or do they have one foot out the door? You need your advisor to check in on you, regularly, and be interested in your progress. Are they available for a call or email exchange during the week?

What should I look for when choosing a business advisor? Before you deal with any business advisor, you should check to see if they are licensed and/or have legitimate qualifications. Check the types of business advisers to see what licences different advisers require by law. Your next step after checking licences is to compare the fees and services of different business advisors.

Strategist. A business advisor is a strategist who works with your company to help with planning, finances, marketing, and even development. Unlike the previously mentioned advisors, a business advisor is able to do a bit of everything. Think of them as an extension of yourself as the business owner, capable of lending their expertise where needed and spending time researching the areas where there’s the greatest business need.

What is a business advisor? When it comes to business, you have more?niche advisors available than anyone could ever imagine. You have financial advisors, legal consultants, business planners, and so on. While these specialists each have their place, you don’t always need them.

Types of business advisors. Different types of advisors are available to help you with your financial, legal and other business needs. Professional advisors are bound by certain laws and registration requirements.

Finding a business advisor. It’s clear business advisors can be a big asset to your business. But how do you find a good one? There are some things to be aware of when hiring a business advisor, as some will be stronger than others. Here are some tips to find the perfect small business advisor, so you can score a few more touchdowns and experience a lot fewer fumbles.

Look for an advisor who’s managed a small business. Small businesses are a different animal from large corporations. Find a business coach who understands the special challenges of small businesses, including recruiting and retaining employees, securing capital funding, managing product marketing, and keeping up with technology.

Additionally, target an advisor who had success with your biggest business challenge. For instance, if your main roadblock is distribution, target an advisor who is a distribution channels expert.

Look for an advisor with credentials. A business advisor doesn’t necessarily need credentials, a special license, or a degree to give their opinion on how you should run your business, but it doesn’t hurt.

Because anyone can set up shop as an advisor, look for someone with a business degree, an MBA, or other?coaching credentials?such as CPCP (Certified Professional Coach Program), ACC (Associate Certified Coach), PCC (Professional Certified Coach), or MCC (Master Certified Coach) for added peace of mind that you’re getting good advice.

Choose an advisor who focuses on your niche. An advisor who specialises in your industry will speak your language, understand your business concerns, and know the competitive umbrella your business operates under. If you’re lucky, they’ll have great industry contacts too.

Ask for referrals. Last but not least, ask your mentors, work associates, and members of your social network whom they have used and would recommend in a business advisor capacity. Be specific about what you’re looking for and do additional research on anyone they recommend.

Getting the most out of a business advisor. Success with a business advisor isn’t as easy as hiring them and letting them do their thing. Their success is partially dependent on your input and support as well. The following tips can set you and your business advisor up for a great partnership.

Discuss your industry before hiring. A business advisor can claim to know your industry, but if they don’t fully understand it, both of you will have a rough time. Discuss your industry at length before hiring them to ensure they understand the ins and outs of your niche. An advisor who truly understands your industry can offer advice based on firsthand experience.

Set boundaries. A professional small business advisor will stay where you want them. This makes it important to set boundaries early on, determining how hands-on or off you want them to be. Do you want an advisor who helps with financial planning? Or do you want them to take a bird’s eye view and handle big picture strategy? Make it clear from day one how involved they’ll be in day-to-day operations.

Involve them in your business plan. Depending on where your business is in its development,?your business plan?may be a distant memory or the ink may still be damp. Either way, having your business advisor look over your business plan isn’t a bad idea. You’ve seen it numerous times so you may be overlooking something. A business advisor will bring a fresh perspective and help you see any underlying problems.

Set goals. Just like a business needs a business plan, a business advisor needs goals. Before hiring an advisor, think about milestones or goals you’d like an advisor to help you reach. Then go over these goals with your advisor after hiring them. This can be a great way to ensure you don’t have an advisor who’s simply costing you money, but have one who’s actually moving your business in the direction you want to go.

Make it a team sport. Give your team access to your business advisor. Your employees have unique perspectives that can be beneficial to the advisor and help them get a clearer picture of your business and make more educated decisions. Your employees may also have fresh ideas that could help your company go in an unexpected, beneficial direction.

Taking your business to the next level. A business advisor can help you?grow your small business?while taking stressful items off your plate. You created your business, and your vision requires your attention. With a business advisor backing you up, you’ll be able to spend more time focusing on your vision and less time stressing about strategy, marketing, and beyond.

--------------------------------------------------------------------------------------------------------------

Accountant

Choose an Accountant for Your Business. Irrespective of the industry your business falls into, you cannot understate the value of a good accountant. You can get a bookkeeper for basic accounting services, an accountant who has a degree in accounting for more complicated accounting and payroll services, or a certified public accountant who can help with tax planning and also prepare taxes. All of these people can share strategic advice for business growth.?

If you run a small business, you need to hire a reliable accountant. But you need to do the required research to get a good fit. Here are some tips that will help you choose an accountant for your small business.

Know What You Need. But before you choose an accountant, you need first to understand the kind of work or responsibilities you want the accountant to handle for your business. If you need monthly financial statements and bookkeeping tasks, a non-certified accountant or bookkeeper can be hired. But to get tax planning advice, tax returns prepared, or audited financial statements, you need a CPA or certified public accountant.?

Look For Small Business Experience. You need someone who works with small businesses, and it could also be a bonus if the accountant works with businesses in your industry. While working for clients from a specific industry for a long time, some accountants get to know the related challenges very well. If the accountant has been dealing with several clients like you, he/she can guide you well about making the right financial decisions for the growth of your company.

Decide Whether You Need an Accountant or a CPA Firm. Many small business owners start by managing their taxes on their own. Unlike in the past, it has become much easier for business owners to do simple bookkeeping tasks with the help of advanced software like QuickBooks, Xero, Sage, and similar others.?

But after a certain point in time, it does make sense to hire a professional or a team of accountants to handle accounting, payroll, and tax responsibilities. Whether you need a CPA or a solo accounting firm depends on the scale of your business and the number of transactions you do per month.

Ask for Recommendations.?One way to find an accountant for your business is to ask other business owners about whom they use. Nothing is better than a recommendation from one of your peers. Ask about their experience of working with their accountant or bookkeeper, and get some idea of the budget you’ll need to have to pay for these services.?

Compare Fees. Some accountants charge a monthly fee which includes their fee to complete taxes while others charge monthly for bookkeeping services and then separately for business and personal taxes. You want to know how they bill before making a decision on which vendor to use. Not every accountant or accounting firm charges the same fee for its services. It differs in terms of how many services are provided and the qualifications of the person providing the services. Some accountants charge a flat fee for bookkeeping services or an annual fee for a specific set of services such as taxes. Depending on your cash flow, you may be able to negotiate how you pay. Make sure you analyse your budget before making the final decision.

Leverage Social Media.?These days most accountants are active on different social media platforms. In fact, having a profile on LinkedIn should be a must for any working accountant or accounting firm. You want to see if they have a profile and if they have any recommendations from customers. That is social proof that they have an active business and are highly recommended for their expertise by at least a few customers.??

Ask About Accounting Software.?Before you choose an accountant, you’ll want to ask what software they recommend for their small business customers. You may find some accountants who are using the same old desktop accounting software. They do not want to switch to the latest online accounting solutions. You want to invest in an accounting software system that you can grow into in 3-5 years. You also want an accountant who can teach you how to use your software and set up your initial chart of accounts. You should also inquire about whether they could help you get a discount on your accounting software.?

Check If the Accountant Uses Cloud Technology. More and more accountants are switching to cloud computing. It is because of the number of benefits they can get, such as data security, remote data accessibility, flexibility to do work, and many other features like electronic invoicing, and ACH wire transfer. At all times, you want to have access to your accounting data. Plus, you want the accountant to be available to discuss urgent matters any time. This is possible when the accountant has opted for cloud services.

Ask About Reporting Frequency.?It is important for you to know how often you will get financial statements from your accountant. Frequent communication is vital between you and your accountant, especially when you are growing your business. You want to use your accountant as a business advisor, not just to get help during tax season. So, set expectation about the frequency of reporting and communication in advance, and choose an accountant who meets your requirements.?

Be Selective.?You need an accounting professional on your team. Interview at least three candidates before you select your accountant. You need to choose an accountant that is a fit for your small business. If you hired an accountant that does not feel like they are on your team, move on. While you might feel some short-term discomfort while doing this, you will get long-term benefits for your business. You need up-to-date financial information to make the best business decisions. This starts with professional accounting services.?

Right Choice of an Accountant. Will Help Grow Your Business? An accountant is a key team member in your business. You need someone who is experienced, reliable, and ready to be there for you whenever a need arises. They will not only manage the accounting tasks but also offer practical business advice to support your business planning and growth. If you choose an accountant based on these tips, you reduce your risk of making the wrong choice for your company.

------------------------------------------------------------------------------------------------------------

Business bankers.

Good business bankers will have a thorough understanding of your business needs and can provide advice about:

• solutions for making and receiving payments
• managing cash flow
• finance and loan options
• online banking services
• business credit cards
• investment strategies.

As well as offering advice on a range of banking products, your banker should also have broad business and financial knowledge. Although they should know what it takes for a business to succeed in a particular industry this is not always the case.

-------------------------------------------------------------------------------------------------------

Consultants

The term consultant describes a wide range of professionals with different skills or expertise who can give you advice about specific areas of your business (e.g. management, IT, human resources, sales and marketing etc.). Consultants generally work for a consultancy firm or are self-employed. Consultants working in the same area will have different levels of experience and knowledge, and will charge different fees, so finding the right consultant is vital. Searching online directories for business consultants will give you plenty of options, but to find the right person for the job you will need to carefully research their backgrounds, check references, read reviews and conduct interviews.

------------------------------------------------------------------------------------------------------------

Financial advisors.

A financial advisor – also called a financial planner – can help you develop an overall financial strategy for your business. Your financial advisor's job is to collect detailed information about your financial situation and provide advice on investing, superannuation, retirement and?succession planning,?risk management, insurance and tax.

The?Corporations Act 2001?requires financial advisers to hold an Australian financial services (AFS) licence. You can check a licence using the Australian Securities and Investments Commission's (ASIC)?professional registers for AFS licensees or AFS authorised representatives.

-----------------------------------------------------------------------------------------------------

Insurance brokers.

Getting the right insurance is an important part of managing your business's assets, employees and legal liability. Many businesses consult insurance brokers to help them make the right insurance choices. Qualified brokers understand the insurance market and can negotiate competitive policies on your behalf. They can put together a comprehensive and cost-effective insurance package for your business.

Insurance brokers in Australia must hold an AFS licence. You can check an insurance broker's licence using (ASIC)?professional registers for AFS licensees or AFS authorised representatives.

-----------------------------------------------------------------------------------------------------------

Business mentors.

Mentoring in business refers to a relationship between an experienced business person (the mentor) and a business owner or employee. A business mentor acts as a role model, adviser, critic and consultant. Mentoring can be informal, with friends, family or business contacts providing support and advice when it's needed. You can also get involved with formal mentoring programs run through government or industry associations.

-----------------------------------------------------------------------------------------------------

How to Choose the Right Lawyer.

Finding the right lawyer for your needs may seem like an intimidating process, but, as with any other consumer transaction, doing your research is key.

At one point or another, many people find themselves in a situation where they're in need of the services of a good lawyer. Whether it's handling a real estate transaction, setting up a business, or dealing with a family law issue, there are a vast number of situations where the experience and expertise of a good lawyer will be necessary.

If you're?looking for a lawyer?to help you deal with a legal issue that has emerged in your life, you may be wondering how to find an attorney and how to know if you're choosing the right lawyer for your particular legal needs.

It's important to remember that the lawyer is offering a service and that you, as a potential consumer of that service, can and should evaluate the services offered in much the same way you'd evaluate any other type of service you're looking to purchase.

The first step in the process of choosing the right lawyer, then, is the research phase. Ideally, you want to start with the names of several lawyers, and, as with the purchase of most other services, personal referrals are often the best place to start. Begin compiling your list by asking friends, neighbours, and business associates for recommendations.

State bar associations are also good resources for finding lawyers who practice in the field in which you require assistance. Online resources can be another good source, and many such resources have the added benefit of offering consumer reviews, so you can see how other people have rated their interactions with a particular attorney.

How Do You Know If Your Attorney Is Good? Once you've compiled a list of potential attorneys, you can begin the evaluation process. Most lawyers offer a free initial consultation, and, as an informed consumer, you should take full advantage of these.

Be prepared with a written list of questions, and make notes during the consultation, so you can later compare the lawyers on your list. Important questions to ask during this initial consultation include the following:

• Area(s) of expertise. You want to make sure that the lawyer you hire has experience in the area of law in which you require assistance. There are many practice areas in the legal field, and most lawyers tend to handle cases in specific practice areas.
• Potential costs.?Legal advice can become quite costly, so it's important that you know how much your lawyer will charge you. During the initial consultation, a lawyer should be able to give you a ballpark estimate, based on the facts of your case.
• The legal team.?Some lawyers work by themselves, while others have paralegals on their team or outsource some of the legal work to other lawyers. You want to make sure you know who will be handling your file, as this can have an impact on both the quality of the service you receive and the cost.
• Communication.?How does the lawyer communicate with his or her clients? If you have a question, how should you be getting in touch with them? What is their response time like? While every lawyer will most likely be handling several cases at a time, your case is a priority for you, and you need to make sure the lawyer you hire recognizes this and communicates with you in a timely manner.

Finally, in addition to getting answers to questions like these, you also want to make sure you and the attorney you retain are a good fit when it comes to personality. Ask yourself, do I feel at ease with this lawyer? Will I feel comfortable asking him or her questions and bringing up issues that concern me?

When you've selected the attorney you think will be a good fit, it's a good idea to call the organisation in your state that handles attorney disciplinary matters to make sure the lawyer you've chosen has not been the subject of any disciplinary actions. In most states, this organisation will be the state bar association, but it can vary, depending on your state.

Once you've completed this assessment process, you should have the answers you need to help you choose the right lawyer for your particular situation.

As it is your business, it is important to recognise, that ADVICE is just that, it is not an INSTRUCTION.

The success or failure of your business is your responsibility so choose wisely.

#nlg #communication #business #arrianlg

.