Although it’s tempting to believe you can 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 can get your company in the public eye.
Technology consultants can keep you abreast of the solutions that will work best for your business. And having a good relationship with a particular bank or banker is a good way to get information when you 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 as 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.
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.