Most businesses start out as a one-man army, but if you want to be a successful business owner, you need to come to peace with the fact that you won’t be able to do everything alone. One of the most important aspects of being a good entrepreneur is surrounding yourself with competent people that can help your business thrive.
Having a team of professionals to handle some of the responsibilities that come with running a business takes some of the pressure off of your shoulders and gives you enough time to focus on other aspects, such as coming up with new product ideas, establishing good business relationships, and finding clients.
While it is completely normal to want to do everything by yourself, as it is your business and you know it better than anyone, this can turn out to be more counterproductive than you think. No matter how capable you are, you won’t have the time nor the resources to do it all.
Seeking help and support from professionals shows you understand how the business world works, and you want to increase your business’ efficiency. So, without further ado, below is a list of professionals you need to start looking for if you want your business to succeed without risking your sanity in the process.
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A good accountant
Crunching numbers is not the most glamorous and enjoyable activity, especially when you have a lot of other stuff on your plate. This is why most business owners turn to an accountant to do their tax returns and deal with the numbers. Besides tax returns, a good accountant will be able to handle all the financial responsibilities of your business, such as bookkeeping, cash flow analyses, employee wages, and superannuation.
Even though it may seem less expensive to use digital accounting software, they do not provide the human touch you need. If you are looking for advice in handling certain financial situations, a digital tool, no matter how good it is, won’t be able to offer recommendations the same way a living person would.
Look for an accountant with experience, but make sure they have worked with businesses similar to yours before.
A professional registered agent
When you register your business as a legal entity, be it an LLC, a corporation, or a partnership, the business is required to appoint an agent. Then, the business is required to maintain a registered agent in each state. The registered agent becomes the point of contact for all your business’ legal correspondence, such as, for example, subpoenas. When they receive these documents, it is their duty to forward them to you right away.
You also have the option to act as your own registered agent, but keep in mind that someone in this position needs to be in the office during traditional business hours, which means you will have to be at your desk all day, every day.
Businesses must appoint a registered agent in each state where they form an LLC. For example, if you form an LLC in Wyoming, you will need a Wyoming registered agent. When you register in Florida or elsewhere, you will need a separate agent there, too.
A trusted business banker
If you want your money to move flowingly in and out of your company, you need a financial professional on your side. A business banker you can trust will be able to help you secure funds, handle checking accounts, business credit cards, and other types of payments. They can act as a guide to navigate complex loan requirements and ensure your business has access to the capital it needs as soon as possible.
Especially if you are looking to loan money to help you start your business, you need to start working closely with your designated banker and develop a professional relationship. They can counsel you on these aspects better than anyone, and they will give invaluable insight into your company’s financial metrics and offer suitable options to improve these metrics when necessary.
A skilled mentor
As you begin your career as an entrepreneur, you will surely start noticing there are a million things you don’t know how to handle. It’s not because you are not good enough, but because a lot of these things become more clear as you gain experience.
This is why, especially at the beginning, you should turn to a more experienced person to guide you. A mentor can provide insightful information into the world you have just started venturing in and help you avoid rookie mistakes.
Finding an experienced mentor can sometimes be challenging, but there surely are some people in your life that you appreciate for their business skills. It may be a former boss, a professor, or someone you met while networking. Approach them and discuss openly – you will be surprised to see how many people are willing to pass on their knowledge.
An insurance broker
Every business is legally required to have insurance. Because insurance is not exactly a fun topic, many business owners go for the first option they find, just to get this aspect out of the way. There are plenty of things that can happen without you being able to control them, such as a fire or natural hazard killing your business, and for that, you need to be prepared. If your business has employees as well, you will need to provide insurance for them as well.
An insurance broker you can trust will help you find the right type of coverage for your business and ensure you won’t pay more than you need to. They will negotiate the price for you, find cost-effective options, and let you know when it’s time to update your policy. This will save you tremendous time and money, so make sure you start looking for a broker you can rely on.
As you can see, running a business involves lots of aspects you may or may not know about. Surrounding yourself with competent people that you can trust will make your job a million times easier and will allow you to focus on other aspects that will lead to the growth of your business.