When to Bring in Professional Help for Your Business

Summary

• Outside expertise can help you handle areas of the business that require specialized financial, legal, marketing or technology knowledge.
• Start by identifying where professional help could make the biggest difference, then add other specialists as your needs and budget grow.
• Accountants can support financial reporting, budgeting and record organization, while attorneys can help with business structure, employment matters and other legal needs.
• Marketing, public relations and technology consultants can provide focused expertise without requiring you to build every capability in-house.
• Free or low-cost counseling may also be available through SCORE and Small Business Development Centers.

Running a business does not mean you have to handle every decision alone. Some responsibilities call for expertise that may fall outside your day-to-day experience, especially when the decisions involve finances, legal requirements, technology or how your company presents itself to the public.

Professional help can be valuable, but it comes at a cost. The goal is not to hire a specialist for every task. It is to understand where outside expertise could have the greatest impact and bring in the right help when you need it.

Start with the Areas that Matter Most

Think about the parts of your business where a mistake, delay or lack of expertise could create the most difficulty. Those are often the best places to consider professional support first.

For one business, that may mean working with an accountant to improve financial reporting. For another, it could mean consulting an attorney about business structure or employment practices. A growing company may need help with technology, marketing or public relations.

Your banking relationship can also be part of that support network. A banker can be a useful resource when you are considering major financial decisions such as arranging a line of credit or securing a loan.

As your resources grow, you can add specialists based on what your business needs next.

Get Financial Guidance when the Numbers get Complex

Managing tax planning, reporting and financial records can take significant time and attention. An accountant can work with you and, when applicable, your financial officer or controller to help organize and understand your business finances.

Depending on your needs, an accountant may help prepare profit and loss statements, audit reports and earnings projections. They may also help organize records, refine a budget and troubleshoot financial issues.

If your business is considering financing, an accountant can also help you evaluate your financial position and think through what type of financing may be appropriate. A strong relationship with your banker can add another perspective as you consider those decisions.

Know When to Involve an Attorney

Legal needs can change as your business develops. Early on, an attorney may help you evaluate business structures such as sole ownership, a partnership, a corporation or a franchise.

As the business grows, legal guidance may become important for zoning, employment practices, workplace safety, trademarks or patents. The source also recommends having an employment attorney review an employee handbook so the legal considerations are addressed.

When choosing an attorney, look for someone with business-law experience and, when possible, experience with businesses similar to yours. Firm size may also affect the relationship: a smaller firm may provide more individual attention, while a larger firm may offer a broader range of services.

Before engaging an attorney, understand how the firm charges. Some lawyers bill hourly, while others may charge a flat fee for a specific service.

Use Specialized Consultants for Focused Needs

Some business challenges call for expertise outside finance and law.

An advertising or marketing specialist can help shape how your business presents itself. A public relations professional can help manage communications, write press releases, support social media and build awareness of what is happening in your business.

Technology consultants can help you evaluate software and manage business systems. Other consultants may focus on employee productivity, client relationships or similar operational needs.

You do not necessarily need every specialist at once. Consider the problem you are trying to solve, the value the expertise may provide and what your business can reasonably afford.

Look for Free or Low-Cost Business Counseling

Professional guidance does not always require a large consulting budget. SCORE offers business counseling through experienced volunteers and is supported by the U.S. Small Business Administration. Small Business Development Centers can also provide free or low-cost training and assistance in areas such as business planning, accessing capital and regulatory compliance.

These resources can be useful when you need another perspective but are not ready to hire a private specialist.

Build the Right Team Around Your Business

No one professional can answer every question your business will face. The better approach is to build a network of people you can turn to for specific needs; financial, legal, operational, technical or communications-related.

Start with the areas where expert guidance can make the biggest difference. Then expand that network as your business changes. The right professional support can help you spend less time trying to be the expert in everything and more time focusing on the business you know best.