I was talking to a business client last week, and the topic of the value their current Accountant is delivering came up. They were satisfied with the value and cost of compliance and reporting such as completing financial reports and tax returns. However whenever they had approached their Accountant about business advice, such as benchmarking or new ideas about increasing profits, they thought they were being short changed.
So it got me thinking, what is the best set up for a burgeoning business?
Based upon my experience, I believe that EVERY business owner should have their A-team around them.
- Accountant - establishes the structures for the business and then maintains the ongoing compliance and tax reporting. They should ensure that you never pay more tax than you need to. If you can find an Accountant who also understands your industry, I don't believe there is anybody better positioned to help you grow your business.
- Solicitor - a well credentialed legal professional is there to assist on a whole range of documentation such as trusts, companies, estate planning and contracts. You may not have an ongoing relationship here but it's great to have the right solicitor in your corner.
- Financial Planner - of course you need a Financial Planner. An experienced Certified Financial Planner should act as the hub of these relations. The Financial Planner is the best suited to discussing your goals and dreams and then being able to co-ordinate the related professionals to ensure that everybody is reading from the same hymn sheet. Project managing your requirements with your Accountant and Solicitor will deliver outcomes to your business that will promote certainty, growth and profits. Yes there is a lot of work to do, but wouldn't you rather pay for this than to be simply sold financial products?
Each of us have important roles and tasks to undertake, but if you currently don't have your A-team organised, then maybe you need to talk to us.
Imagine the Wallabies of the early noughties (when they used to win). What if George Gregan, Stephen Larkham and Joe Roff didn't speak to each other while playing against the All Blacks? There would be no chance of victory.
Your business is a team that needs support and coaching. Nobody should be more passionate or knowledgeable about your business than you, but make sure you surround yourself with an A-team to maximise the probability of victory and success.