Although it’s tempting to try and run a business on your own, it’s usually a good idea to get professional help.
Hiring lawyers and accountants can help keep you out of legal and financial trouble, while public relations experts get your company in the public eye.
Technology consultants keep you aware of the solutions that will work best for your business. And having a good relationship with a particular credit union, bank, or banker is helpful as you attempt to make major financial decisions, such as arranging a line of credit or securing loans.
Keep in mind that professional advice can be expensive. In general, it’s a good idea to figure out the areas where expert help could provide the biggest boost, and hire professionals to achieve it. As you have more money at your disposal, you can hire other specialists when you need them.
You can also get business counseling at no cost from retired executives through an organization called the Service Corp of Retired Executives (SCORE), sponsored by the Small Business Administration. To find a local chapter, you can go to their website, Score.org.
A local Small Business Development Center can also help you navigate building your business. These centers offer free or low-cost training and assistance for things like business planning, accessing capital, and regulatory compliance. SBDCs are partnered with the SBA and funded in part by Congress. Find your local center by going to the America’s SBDC website.
Financial Guidance
Running your own business is challenging enough without trying to handle your company’s tax planning and reporting. Most business owners would agree that hiring an accountant is a good investment.
Accountants can work with you and your financial officer or controller to keep your business financially sound. Some areas that accountants can help you with include preparing profit and loss statements, audit reports, and earnings projections. An accountant can also troubleshoot for you and help you fine-tune your budget.
Many accountants will help you organize your records for more efficiency. And if you need a loan, your accountant can help you determine what type might be appropriate for you.
Disclaimer: While First Southern National Bank hopes you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
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