“I can do things you cannot, you can do things I cannot; together we can do great things.”
~Mother Teresa
When you’re first starting out as a small business owner, you often have to become a jack-of-all-trades. You wear the hats of executive, salesperson, human resources, accountant, marketer, and even maintenance worker. As your company grows, though, you learn that you can’t do everything — or at least do it all well. You build a team of employees with skills or talent in their respective fields, selecting the best people for each position, and together you grow and flourish.
The same concept applies to your professional partnerships — the external experts you rely on to support your business. You want to find people who are great at what they do, but are also a good fit for you, our team, and your business goals. Trust me: Not just any banker, attorney, CPA, or insurance agent will do. Here’s what I recommend for picking the people who will be most beneficial for your business.
Banker
Your company deserves a business banker or commercial lender who has years of experience under his/her belt. If you’re not familiar with the bankers in your area, ask other business owners or other members of your team for their recommendations. Invite them to your office or take them out for coffee or lunch. Be proactive in providing enough information for them to know your business, even if you’re not in need of a loan right away. If they don’t seem interested in your business and don’t return phone calls or emails, find someone else.
Attorney
Chances are you know at least one attorney. You probably go to church with or live near someone who practices law. However, your company’s attorney should be someone who primarily handles business matters, not the nice neighbor who handles divorces or church member who specializes in real estate closings. In addition to their skills and experience, you’ll want to find someone who will be available to you when you need their advice or services. Again, accessibility is key.
Bookkeeper or Certified Public Accountant (CPA)
The first priority for a business owner is having reliable numbers. Accurate day-to-day financial reporting is crucial to understanding exactly what’s going on in your company. You may have an in-house financial person, but even businesses with a full accounting team rely on the outside expertise of a CPA. I recommend that you find a CPA who speaks in layman’s language, answers your questions and, most importantly, provides tax and tax planning advice.
Business Insurance Advisor
The business insurance advisor partnership is perhaps the hardest role to fill. There are plenty of good property and casualty agents out there, but most of those primarily handle residential clients. A good business insurance agent will take the time to understand your business and provide a complete risk management assessment. If you don’t get that from your insurance advisor, it’s time to move on.
Sure, the easiest path to choosing the professionals to support your business is to go with folks you know personally or have worked with before. However, this doesn’t mean they’re the right fit for your company. Finding the right support could be time-consuming, but it will definitely pay off in the long run. As a recovering banker and consultant who has worked with hundreds of different business owners over the years, I’ve developed great relationships with commercial bankers, insurance agents, CPAs, and attorneys across North Alabama. One of the services I offer as a fractional CFO is matching and introducing my clients to the professionals in my network who will be the best fit for their business’ needs. If you need an introduction or recommendation, give me a call at 256-318-8242 today, and let’s talk.