Business owners seek business advice and assistance, but many do not often find the best person in the position. Executives, managers, and supervisors give essential business advice and also run operations and management. They are essential in planning for business growth and executing business strategies that could help any business owner reach their business goals.
But when you can’t afford to have a whole team, which essential personnel should make up your vital business management team? Here are some people you need on your side.
These professionals provide business owners and managers advice on balancing finances and regulating cashflow. They will manage your books and provide advice on purchases, expansions and investments. They also provide advice related to taxes, income, deductions, and concessions. They also provide business owners with advice related to employers’ obligations to employees.
Accountants can help businesses reduce costs in certain areas and assist in improving a company’s gross sales and revenue. Likewise, they can help in mitigating financial risks.
Chief Financial Officer
Sometimes, having an accountant may not be enough to ensure the growth of a business. In this regard, a chief financial officer or CFO could help. A CFO primarily oversees and manages a company’s financial budget and objectives. This professional also oversees the funds used by the company for investment purposes. A CFO executes capital-raising strategies that can help in the company’s expansion objectives. Especially if the strategy used by the company to expand is to borrow money, a CFO’s services will be highly invaluable.
A business does not necessarily have to hire a CFO full time. Companies can now hire part-time CFOs to perform the financial management and assessment they require. A virtual CFO is even available, which means that companies can now have access to the services of this professional through the internet.
Consultants could come from different industries. Often they are professionals from different fields who are considered specialists and captains of their industry. Depending on a company’s needs, a consultant with expertise in IT, sales and marketing, human resources, or any other type of discipline may be hired. Consultants can help assess a business and create solutions to problems that may hinder the company’s growth. In summary, these professionals offer the following services:
- Advice on creating or starting a new venture
- Initiating positive change in the company
- Supplementing existing workers
- Identifying problems within the organization
- Reviving an organization
- Doing “dirty work”, such as removing an individual from the workforce
- Influencing lobbyists and other individuals
Consultants are required to have an in-depth understanding of the company where they will be working. Once they have developed an understanding of the company’s objectives and the other aspects of the company’s business, they will then make an evaluation and identify aspects where changes may be made to improve the company’s overall operations and profit-generating ability. They are also expected to come up with solutions to problems that may hinder the growth of the business.
These professionals help companies manage their business assets. Brokers assist companies in finding the right insurance they can use to protect their business and their staff. Brokers have immense knowledge regarding the insurance markets, and they can help companies to negotiate with insurance providers to give them competitive policies. With the help of these professionals, business owners may be able to obtain a cost-effective insurance package for their business.
These professionals offer invaluable help to companies when it comes to legal matters. Basically, legal experts or lawyers offer businesses the following benefits:
- Protection of intellectual property
- Choosing the right business structure
- Resolving disputes
- Acquiring insurance and finance
- Drafting and understanding contracts and agreements
- Debt and bankruptcy assistance
- Licensing and complying with laws and regulations
Lawyers can help any business navigate laws related to taxation, investments and even employer-employee relations. If a business becomes a corporation or a partnership, a lawyer becomes essential to make the contracts that delineate the shares and responsibilities of the shareholders.
Small Business, Big Dreams
Even if your business is small, you need the advice of these people to ensure you start right. You need not hire them full-time if you can’t afford their services yet; you could hire them for a short time to give you the thing you need: advice. Let them teach your staff, so everyone will understand your business goals.
Advisors are crucial to the growth and success of any business, and sometimes the best ones can be members of your own team. No matter the size of your business, you need these consultants to help you on your business journey. For companies that aim expansion, growth and corporate responsibility, having all these people can be the difference between success and bankruptcy.