No matter what type of business you are in, there is going to come a time when you need some outside help with an aspect of your business that you aren’t that familiar with. This could be legal issues, financial planning and investment, accounting services, insurance coverage or any other number of categories. If and when this time comes, knowing who to turn to will eliminate the risk of costly timing errors which can compound an already fragile situation. In other words, know the different types of business advisers available to you beforehand and always be prepared.
Advisers for Tax Preparation—Business Accountants
At least once every year, almost every business consults with a very specific type of business adviser for a very good reason: taxes. Accountants are experts in tax law and code, helping your business to meet IRS standards and stay out of trouble, while finding ways for you to legally keep more of your hard earned money. Of course, if you really know an accountant’s worth as a business adviser, you will also be consulting them for advice on:
- Business startups, endings, growth, mergers and acquisitions
- Tax preparation and filing including deductions and income
- Dealing with employees, finances and record keeping
Be sure that the accountant you are consulting is licensed with the proper associations pertaining to the country in which your business is located and paying taxes.
Advisers for Banking—Business Banker
Every successful business has to handle their money well and there’s no better way to do this than a combination of financial advisers and banking professionals. A business banker will help you understand what your business needs and how to go about getting it. They will provide you with sound advice about topics such as:
- Payment solutions, both incoming and outgoing
- Money management
- Investment opportunities
- If your payroll systems are working
- Online banking options
- Finance and loan services
- Credit cards for your business
Be sure that your banking adviser comes highly recommended and has an impressive background in business and financial education and practice. Look for proper licensing with accredited banking organizations and compliance with regulatory industries.
Advisers for Money—Financial Planners
In addition to working with a banking adviser, some businesses find it is even more helpful to work with a financial adviser. Financial advisers can either replace or compliment banking experts by helping you with tasks such as:
- Financial planning
- Developing sound financial strategies
- Investment advice
- Retirement funds
- Succession planning
- Risk analysis and management
- Insurance and tax advice
- Superannuation issues
Be sure your financial adviser holds the proper financial services license(s) in the country where your business is doing its investing and paying taxes.
Advisers for Insurance—Insurance Brokers
Your business needs the right insurance plan to protect your business’s assets as well as your employees. Insurance puts you into legal compliance with liability issues, a great way to protect yourself financially. An insurance broker will be able to help you figure out:
- Which insurance plan is right for you
- What the best insurance packages are
- How much insurance you need
- What the most competitive prices are right now
- Where the insurance market is
- How to file claims when needed
Be certain that your insurance broker holds an insurance broker’s license.
Advisers for Legal Situations—Legal Experts
Regardless of how safely and efficiently you manage your business, there will come a point in time when you need legal advise. This could be through no fault of your own, or you could be looking to expand and just want some sound advice for moving forward. A legal expert will keep you compliant in all aspects of the law, keeping your business moving forward in a legal and successful manner. Legal experts can help you:
- Comply with regulations
- Get proper licensing
- Set up a structure for your business
- Protect intellectual property
- Draft legal documents and contracts
- Understand drafted legal documents and contracts
- Resolve business disputes
- Deal with insurance and financial issues
- Resolve disputes
Be certain that the legal experts you talk with are all licensed to be practicing law in your jurisdiction.
General Advisers—Business Mentors and Consultants
There are also general advisers out there such as the business mentor, who takes a younger businessperson under their more experienced wing, or a consultant, which can advise you on aspects of their expertise.
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Read more: Why Finding a Mentor Will Help You Shine!