KEY PEOPLE YOU NEED FOR YOUR BUSINESS
Many small businesses outsource their key departments. It only makes sense if you do not need a full-time person. Hire a company to manage a specific role, let them work when needed, and reduce overhead and cost. In my experience, these are the key people you need to have on your ‘team’:
1. Business Attorney. This is self-serving, but a good business attorney will protect your business, keep you out of legal trouble, and make sure you have all your legal needs covered. Once you work with a business attorney, you realize that many issues need to be reviewed (e.g., contracts, formation documents, employment, lease, etc…).
2. Insurance. The best way to protect your business is to have the correct insurance. Not just any insurance, but the correct insurance. Are there directors in the corporation that need insurance? Do you handle client information? Then you need cyber liability. What if your location suffers a fire? Do you have the correct insurance to continue the business if a disaster strikes?
3. Bookkeeper. You can hire a bookkeeper for little money to keep your finances in order. This saves you time and money. Plus, when tax season comes around, your CPA has that information available and can save you money.
4. Accountant. You will have tax questions that a good CPA can answer and provide insight on how to save you even more money. A good accountant will not only be reactive (do your taxes), but proactive (review ways to reduce tax liability.)
5. IT. If you have a website and do business with it, you must have an IT person to ensure that all information is protected. If you use any IT in your business and losing that could affect your business production, then an IT company is needed to make sure that does not happen, or if it does, you are back up and running quickly.
6. Payroll. If you have employees, having a payroll company is invaluable to make sure the employees are paid correctly, and you reduce the risk of any wage claims. Plus, spending the time to do payroll properly only takes time away from your business.
7. Banker. Having a good relationship with someone at your bank is essential when you need to borrow money. That person will be there when the time arises, and if it's an emergency, that relationship can get the loan quicker.
8. Estate Attorney. Your business is most likely your largest asset. You must ensure that it is taken care of if you become disabled or pass away. The estate and business attorney work together to make sure everything is in order.
These are the essential people every small business owner should work with regularly. It should never be a one-time transaction because your business grows and changes yearly. This team reviews all the information and adjusts to ensure your business is protected and running efficiently.
Please reach out if you do not have one of these people on your team and need a referral. I want to make sure you are always protected on all your business fronts.