Weekly Financial Tip – August 5th, 2017

Who should make up your business advisory team?

So you are a business owner or you want to start a business. Generally, you build a business as the only owner or you build a business with associates. In addition to your business associates or partners, every business owner will benefit from building a team of advisors!

  1. Business consultant: this is your CPA and tax advisor. He or she will provide you with the business and tax consulting and Financial Statements, including bookkeeping. They can generally be the leader or first connection to your advisors team.
  2. Legal: your attorneys will guide you in creating the legal entity, provide you with information about permits and licenses, prepare the contracts, file your trademark applications, represent you in the event of a lawsuit and assist you in succession planning. You will need a team of attorneys since the area of Law is very vast and because of that, attorneys tend to specialize in 1 or a few areas of the Law.
  3. Bankers: a banker will assist you from opening your business checking account to providing you with a business loan or line of credit. You can choose from local community banks or larger national regional commercial banks.
  4. Human Resources and other benefits: these are generally institutions like ADP or Paycheck, for example. These will guide you in the hiring and retention process of your staff and provide payroll services, including workers compensation compliance.
  5. Marketing company: your marketing consultant will assist you in creating an online and offline marketing strategy; one that results in a return on investment on the dollars you spend.
  6. Other financial providers: you will need to purchase Errors & Omission Insurance, property insurance, professional liability insurance, health insurance coverage and set up retirement plans. It all depends on your industry, your product or service, and the number of employees.

Should you wish to discuss and explore further this topic, feel free to reach out to me at mlopez@bymarialopez.com

Who is in my business advisory team?

 

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