Working with Small Business Advisors...

Such As Small Business Accountants

Small business accountants and other advisors just might be something you need at some point.

The conundrum about being self-employed is that you really can't do it all by yourself!

Even the best multi-tasker can't keep every ball in the air. You have to figure out which ones are the balls you'll catch and which you'll toss to others.

An interesting difference between having a job and being self-employed is that you get to choose - your co-workers, your colleagues, your leaders, managers and advisors.

This freedom to choose is democracy at its best. But this freedom can also become a double-edged sword:

• Who should you hire? How many? When?
• How much should you pay?
• Who's the best person for the job?
• How long will it take you to find out and how much will that cost in time, money, resources, market advantage…stressful?

(My neck is tightening just writing this.)

When you first started talking about your business with family and friends, you got one of two reactions: "Sounds great" or "Are you nuts?"

The "sounds great" people sometimes bring family members into the business – especially at first – to save money and build on family trust that's grown over time. The "are you nuts?" receivers look outside for start up advice and guidance.

Which way is better?

Both and Neither.

Even though you are madly in love with your idea, your business decisions have to be made with the bottom line in mind. What is the best decision for the business at this time?

So Where Do You Begin?

Small business wisdom suggests that you do your own business plan, so you can "feel for the rocks" before actually jumping in, researching, validating, etc.

This exercise will help to give you the criteria you'll need for identifying and selecting the best way to get work done through others.

It's always helpful to find a mentor – someone who's been there, done that, who's interested in sharing experiences and being a sounding board to help you steer a course that gets you where you want to go.

Finding the right mentor can take some time and it's worth the investment. That way you can capitalize on their experience and learn from their mistakes (so you can then go out and make your own, lol).

Consider all aspects of your business: Finance, Marketing, Human Resources, Administration, Legal, Operations. Which are the areas that never seem to make it to the top of the "to do" pile? Bookkeeping? Redesigning your logo? Developing a policy manual? Those are the ones you should outsource first.

Along the way you will be paying big dollars for professional advice, mainly from your lawyer and accountant. To get the most bang for your professional buck, do preliminary research online to get an idea of the best way to prepare for these meetings.

Craft 5 or 10 great questions to ask at your first meeting so you can get a sense for the rapport and their style. Talk to a few before making your decision – and don't hesitate to ask for referrals.

Advice: Caveat Emptor

Especially when you're starting out, you'll be working with people on contract. Clarify and specify expectations, timelines, fees and payment terms before any work begins. And don’t assume other people are as accountable as you. Build in checkpoints and communication updates to avoid surprises at the other end.

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