Building your professonal team

Ned the HeadOne of the most important steps of starting a new business is selecting a group of professional experts. Finding a good attorney, accountant, banker, and insurance broker are fundamental to establishing a solid business organization. These experts provide services that are irreplaceable and cannot be adequately done by you alone.

Unless you are truly technically trained and have more time than you know what to do with, you must have help. Here are some examples of how your professional team can be the cornerstone of your business

1. Attorney
a. Registering a business name
b. Ways to legally structure a business
c. Clarifying a business partnership relationship

2. Accountant/Bookkeeper
a. Establishing a bookkeeping system
b. Paying business taxes
c. Payroll taxes

3. Banker
a. Financing your business
b. Bank accounts
c. Merchant credit card services

4. Insurance Broker
a. Identifying the type of coverage your business requires
b. Offering policies for your identified coverage

How do you put your team together? Start with people you know. If you are on a first name basis with someone at your bank ask if you could more likely sit down and discuss your business goals with them. Talk to friends and see if they could recommend an accountant or attorney. If you are new to town look in the yellow pages or online and find an insurance agent. The key is to find people you feel comfortable about telling your story to, someone who “speaks your language”.

With your own employees, it’s always a good idea to know what your strengths are first and delegate the tasks you find more challenging or tedious to someone else within your organization. For example, if you don’t enjoy bookkeeping or find it is something you hesitate doing, hand it off to someone who is adept at crunching numbers. This passing off of certain responsibilities may also play a large role in the internal staff you build and the personnel you hire.

Putting together your professional team the right way is a critical step in a small business’ road to long term sustainability.

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