Build A Circle of Trusted Advisors
A client recently had a tax issue and wanted me to help them find a CPA to advise them. One of the benefits of having a personal lawyer instead of using an online service is that I have connections to vetted professionals in the community.
You all saw in the past two weeks how different professionals see issues facing small businesses in a different lens. I posted about mistakes you might make in forming your own entity, and a financial planner had other mistakes he sees. The accountant might have other issues.
This is why it is invaluable for a small business to have trusted advisors who know your business and can jump in with advice at a moment’s notice. Aside from professionals like financial planners, commercial bankers, commercial insurance agents and CPAs, it is smart to know other entrepreneurs in different stages of business.
Another lawyer advised me her biggest mistake in starting her business was not getting a line of credit when she didn’t need it. When she needed it, she had run through her reserves and didn’t qualify.
Most business owners are happy to share their stories, their triumphs and their lessons learned. Don’t be afraid to reach out on LinkedIn or ask your existing trusted advisors for recommendations and advice.