Growing your business is a big job, and you can’t do it yourself.
In order to successfully grow, you need to have a dedicated team of advisors who are working together to identify the issues your business faces and develop a comprehensive plan to move it forward.
Any business executive, regardless of the age or size of the company, should make sure that an appropriate team of professionals is in place to serve on an advisory board. That includes an attorney, a CPA, a financial advisor or planner, and an insurance agent or consultant.
How can all these disciplines working together help a company succeed?
Each of those advisors is working in a different discipline. The problem that occurs in many businesses is that while they may retain someone in each of these disciplines, each is operating in a vacuum as it relates to his or her client’s business.
Too often, when business owners have a legal problem, they call an attorney. Or when they have an accounting problem, they call their CPA. The problems arise when each is working independently because there are discussions taking place and decisions being made on the legal side that may have implications on the accounting side that the attorney is unaware of, and vice versa.
All of these advisors need to be in a room with the business owner to develop a comprehensive overview of the company. And it is the financial planner or advisor’s role to coordinate, because unless you have a quarterback coordinating those meetings, they are not going to happen because people are just too busy. This should be happening at least once a year, if not twice.
Click here to read more about growing your business through an advisory board.
Have questions about building an advisory board? Post your question below or contact our CPAs and business advisors at 440-449-6800.