If I could give every business owner a handy little checklist for people they need in their life this is what it would look like!
One: Someone who knows the ins and outs of business law and will be in your corner.
It is extremely beneficial to have a relationship with a business lawyer before they are a need. They can help with entity formation, tax issues, employee/contractor contracts and much more to make sure that everything is defensible and on the up and up.
Two: Someone who gives you accurate tax advice.
I want to emphasize accurate here. I spend a great deal time of dispelling Uncle Joe’s third hand tax advice. Only your tax professional is qualified to give you accurate advice for you and your business. Trust them or find someone you do trust.
Three: Someone to give you accurate financial advice.
Again, I want to emphasize the accurate here and add that your financial adviser must work well with your tax professional for the most effective strategies.
Four: Someone who is proficient at bookkeeping.
Of course, I think accurate books are paramount to good business decisions. How can you know how your business is doing without accurate financials? And unless your spouse has experience in accounting it’s unfair to expect them to understand bookkeeping at more than a basic level.
Five: Someone who will be your cheerleader and support person.
We all need these people in our life. We need that person who reminds us that we are smart, capable and give us pats on the back for every little win.
Bonus: Someone who is already where you want to be.
Who is that person who has already achieved their dreams and goals? How did they get there? Will they help and mentor you? Will they be your go to person for business decisions? Sometimes this is one to three people.