Starting a business is a big milestone and while it is rewarding, it can come with significant challenges. From personal commitment and emotional toll to time investment and financial pressures, it can be hard to navigate balancing the roles that are required to successfully start a business. That’s why delegating tasks and surrounding yourself with a trusted business advisory team is an important first step as a new entrepreneur. This allows you to focus on the foundational workload of developing your offering, marketing, improving the customer experience, and managing administrative tasks, while benefitting from the expertise and experience of the subject matter experts to provide valuable insights in their respective fields.
Having a business advisory team when starting a small business can be crucial to its success. Business advisors can provide expertise, guidance, and support that can help you navigate the challenges and risks of a new venture, seize opportunities that you may not recognize, and ultimately achieve both short- and long-term goals. Let’s jump into some key professionals you should want on your business advice team and how they can help.
Business Advisory Team:
- Lawyer
- Accountant
- Financial Account Manager
Lawyer
As a business advisor, a lawyer helps you with all the legalities surrounding your business. Not only does a lawyer protect you from any potential risks, but they can also help you lay a strong legal foundation to support sustainable growth.
More specifically, a lawyer can help you with the legal structure around starting your business based on your goals, liability concerns, and tax implications. A good lawyer can offer support with paperwork, registrations, and compliance, ensuring your business starts on a solid legal foundation. After conception, lawyers can draft, review, and negotiate contracts with suppliers, clients, employees, and partners to reduce the risk of disputes. Should disputes arise, they can help with professional and efficient conflict resolution through negotiation, mediation, or litigation.
It’s also important to protect the core of your business – your offerings. Lawyers can help you safeguard any of your intellectual property like trademarks, patents, and copyrights. By securing the rights to your intellectual property, your business ensures the protection of both the brand and products or services which is critical for competitive advantage.
Businesses must adhere to various federal, provincial, local, and industry-specific regulations. Lawyers can ensure that you follow these laws, rules, policies, and obligations to help avoid fines and penalties.
Having a lawyer as part of your advisory team can help you be proactive, rather than reactive, with legal matters. This strategic advice and support can help you confidently manage and grow your business.
Accountant
Accountants help your small business by managing the financial aspects of your business. While both accountants and financial account managers provide critical financial guidance, their roles on your advisory team differ. An accountant’s core responsibilities are managing and reporting on the past and present financial status of a business – this includes things like bookkeeping, payroll management, tax support & preparation and financial statement creation. Their guidance is primarily focused on the operational and compliance side of the business with shorter-term outlooks. Think of an accountant as a financial compass -without one it is easy to lose track of your financial health.
Without the support of an accountant on your business advisory team, it can create challenges around making data-driven decisions based on the profitability of your business and where to invest, cut back, or optimize for higher returns. This sort of financial analysis is critical for many types of business ventures including securing lending for growth opportunities, business valuation with hopes to sell, merge, or attract investors, and succession planning – as each of these steps will require clear financial statements, profitability analyses, and risk assessments before proceeding.
Together, accountants help keep finances organized, compliant, and optimized in the present, while financial account managers focus on growing wealth, managing risk, lending opportunities, and achieving future financial goals. Both are essential, but their contributions are complementary, with accountants managing financial health day-to-day and financial account managers helping shape a business’s financial future.
Financial Account Manager
When you begin a small business, a financial account manager is another crucial piece to your advisory team as they are your partner in growth and stability. A knowledgeable account manager is someone who understands your business, the industry in which you operate and can act quickly to recognize and seize an opportunity to accelerate growth. Their efforts are future-focused, with an emphasis on lending, wealth management, strategic financial goals, and risk management.
While being future-focused, financial account managers also offer essential needs for day-to-day banking. Whether it be services like chequing and savings accounts, payment processors, payroll services, cash management tools and credit cards. Account managers want to make your daily operations as smooth as possible so you can focus on running your business.
When it comes to lending, your financial account manager can assist with securing financing whether you need a loan or line of credit, to give you the capital to launch, sustain, or expand your business. Another important part of an account manager’s job as a lender is to assist in the commercial mortgage process – when you’re ready for the step of taking your business out of the home or are looking to expand to a larger space, they can help you make it happen!
Sit down with one of our Commercial, Agriculture or Business Account Managers here at Mainstreet Credit Union to understand how they can play a key role on your business advisory team. We’re here to help you with setting up your operations, providing tailored advice, and lending support. Book an appointment today with our commercial, agricultural & small business team to get started.
In summary, a lawyer, accountant, and financial account manager are essential to have by your side when running a business advisory team. They offer you all the resources and business advice needed so you can focus on running your business. Together, these business advisors work to ensure your business not only survives but flourishes in a competitive landscape.