When to Bring in Professional Help for Your Business

Summary

• Accountants, attorneys, bankers and specialized consultants can provide expertise in areas that may be difficult to manage on your own.
• Because professional advice can be costly, start with the areas where outside expertise could make the biggest difference for your business.
• An accountant can support financial reporting, budgeting, recordkeeping and financing discussions.
• An attorney can help with business structure, employment practices, regulatory issues and intellectual property matters.
• SCORE and Small Business Development Centers may offer no-cost or low-cost counseling and training.

Running a business often means making decisions across finance, legal matters, technology, marketing and day-to-day operations. You may be able to handle many of those responsibilities yourself, but there are times when specialized guidance can help you make a more informed decision or avoid preventable problems.

The goal is not to hire every type of professional at once. Instead, focus on the areas where added expertise could provide the most value, then expand your support team as your business and resources grow.

Start With the Areas Where Expertise Matters Most

Think about the decisions that carry the most financial, legal or operational weight for your business. Those are often the best places to consider outside help.

A strong professional network may include an accountant, attorney, banker, marketing or public relations specialist, technology consultant, or another adviser with experience relevant to your business. A banker who understands your company can also be a useful resource when you are considering business financing options, including a working capital line of credit or another type of loan.

Before hiring a professional, define the problem you are trying to solve and what you expect from the relationship. This can help you prioritize spending and choose the right expertise for the situation.

Get Financial Guidance From an Accountant

Tax planning, reporting and financial recordkeeping can become more complex as a business grows. An accountant can work with you and, if applicable, your financial officer or controller to help organize and evaluate your financial information.

Depending on your needs, an accountant may help with:

• Profit and loss statements
• Audit reports
• Earnings projections
• Budget review and adjustments
• Record organization
• Financing discussions

If you are considering a business loan, an accountant can also help you evaluate your financial position and think through what type of financing may fit your needs.

Work with an Attorney on Legal and Regulatory Needs

An attorney can help you address legal questions before they become larger problems. Early in the life of a business, legal guidance may be useful when choosing a business structure, such as a sole proprietorship, partnership, corporation or franchise.

As your company grows, an attorney may also help with matters involving:

• Zoning requirements
• Employment practices
• Workplace safety
• Trademarks and patents
• Employee handbooks

When choosing an attorney, look for someone with business-law experience, ideally with companies similar to yours. Consider whether a smaller or larger firm is a better fit for the level of attention and range of services you need.

You should also understand how legal services will be billed. Some attorneys charge by the hour, while others may use a flat fee for a specific service.

Use Specialized Consultants When Your Business Needs Focused Support

Some challenges call for expertise outside finance and law.

A marketing or advertising specialist can help you shape how your business presents itself to customers. A public relations professional may help with press releases, social media and other efforts to increase awareness of your business.

Technology consultants can help you evaluate software and manage business systems. If your goal is to improve employee productivity or strengthen client relationships, a consultant focused on staff development or business practices may also be useful.

As with any outside professional, focus on the specific result you need before deciding whom to hire.

Explore No-cost and Low-cost Business Counseling

Professional support does not always have to begin with a paid consultant.

SCORE offers business counseling through experienced mentors. Small Business Development Centers also provide free or low-cost training and assistance in areas such as business planning, access to capital and regulatory compliance.

These resources can be a practical starting point when you need perspective but are not ready to hire a specialist.

Build Your Support Team as Your Needs Change

The right mix of professional help will depend on your business, your priorities and the decisions in front of you.

Start by identifying where additional expertise could help you reduce uncertainty, strengthen your operations or prepare for a major decision. Then compare your options, understand the cost and choose professionals with experience that fits your needs.

When a financial decision is part of the conversation, you can also talk with a commercial lender about the business banking solutions that may support your next step.

Frequently Asked Questions

Which professional should a business owner hire first?

There is no single answer for every business. Start with the area where outside expertise could provide the greatest benefit or help you address the most important financial, legal or operational need.

What should I look for in a business attorney?

Look for an attorney with experience in business law and, when possible, experience working with businesses similar to yours. Also consider the size of the firm, the services available and how fees are structured.

Are there low-cost sources of business guidance?

Yes. SCORE offers business counseling, and Small Business Development Centers provide free or low-cost training and assistance for business owners.