A key to success as the owner of a business is in knowing your limitations. Being a smart owner means that you know when it’s time to call upon experts rather than wasting time trying to figure out how to accomplish something on your own. You may eventually figure it out, but the knowledge, skills and training that a professional has to offer generally surpasses whatever you manage to accomplish on your own.
Three general areas where the advice and assistance of a professional will help your business to thrive are legal, financial and insurance. Here are three professionals every business owner should hire.
A business attorney should be one of the first, if not the first, professionals you hire. A lawyer helps you choose and set up the best business structure available under the laws of your state to protect you and your personal assets from being held liable for legal and financial obligations of the business. Some of the other services a business attorney performs include:
- Drafting and reviewing contract: A lawyer ensures that agreements with vendors, customers, and employees accurately reflect the terms agreed upon and satisfy legal requirements to be enforceable in court.
- Negotiate and review leases: Leases for real estate and equipment can be complex documents, but a lawyer helps you understand your rights and obligations by reviewing the terms with you.
- Protecting intellectual property: The name, logo, and proprietary property are valuable business assets that a lawyer will protect through copyrights, patents and trademarks.
It is better to hire a business attorney to anticipate and avoid problems than waiting until there is a lawsuit or regulatory action against your business.
A certified public account provides many services to the owner of a business, including:
- Assist with obtaining an employer identification number from the IRS.
- Tax compliance and preparation of tax returns.
- Help setting a system for maintaining financial records of the business.
- Help a business raise capital and obtain financing.
- Assist with succession planning for when an owner dies or leaves the business.
An accountant can play a significant role in helping business owners develop and execute growth and expansion strategies for the future prosperity of a business venture.
Commercial insurance broker
The type of goods or services that a business offers to its customers along with other factors will determine its insurance needs. An experienced commercial insurance broker or agent offers advice about the insurance coverage your business needs and helps you acquire the best policy at a reasonable cost.
Whether you need insurance coverage for a building, equipment, automobiles or specialized policies, such as workers’ compensation or health insurance, an insurance broker has the ability to get you the coverage that you need. A commercial insurance broker analyzes your business and recommends the types of insurance that you need to protect it and remain in compliance with state laws.
Business owners face many challenges in starting and operating a successful enterprise. Relying on a business attorney, accountant and commercial insurance broker for expert advice and assistance to meet those challenges lets a business owner concentrate on being an owner and manager.