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Ask anyone with entrepreneurial experience about going it alone with your business and they will tell you – in no uncertain terms – that your chances are slim at best. If the entrepreneur you are speaking to is successful, they are successful because they built an advisory board that they could trust. If the entrepreneur you are speaking to has consistently failed to be successful it is because they failed to bring on any advisors.
Now we have cleared that up, the big question is which advisors do you need to bring on? Well, from our research, it is abundantly clear that there are three advisors that you need to hook up with as early as possible because they will each have a critical role to play in your success.
It doesn’t matter whether you are setting up a bricks and mortar shop, running things from home, employing staff remotely or just enjoying the phenomena that are a successful blog; here are the advisors you urgently need.
There are a ton of reasons why you need a lawyer, and one of them is because you know absolutely nothing about law. That leaves you open to a lot of risks. We’re talking about issues with contracts, employment cases, customer disputes and, worst of all, intellectual property protection, which is becoming a bigger and bigger issue. So, to make sure there are no glaring chinks in your armour, we suggest you have a lawyer guide you as much as possible. If nothing else, it is just good to know you are operating on the right side of the law.
A lot of business leaders will tell you their accountants are the most vital department within their business, never mind their advisory board. That is because they ensure you are moving in the right direction, making decisions that will boost your bottom line and move you into a more profitable sphere. They will also keep your taxes straight, both on a business and personal level. Running a business is complex – taxes, expenses, salaries, bonuses, overheads etc. – which is why you need to make sure you have an expert managing the money.
It amazes us just how undervalued and misunderstood financial planners are. That is unless you have one, in which case you probably worship the very ground they walk on. That is because these people are responsible for the growth of your business in terms of finances. Yes, an accountant is great at managing your costs and revenue, but a financial planner takes a more proactive role by managing your business investments. These are the people that keep working to meet your business goals and they do that by using your debts as wisely as possible, building your emergency funds and knowing what risks are worth it when it comes to making an investment. Yeah, these people can make your business go boom in the best way possible.
You may think these three advisors aren’t needed just yet, but the earlier you bring them on the better value they can offer you. Sure, you may just have a blog that turns a profit now, but you could have a brand in a few years time, that is if you have the right advice on your side.
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