No man is an island. This is most apparent when you’re trying to run a business. You may excel in one area, but for others, it wouldn’t hurt to get a little help. In fact, it’s in the best interest of the company if you are not afraid to say you need guidance.
Here are some of the people you might need for business success:
1. Lawyers
From employment benefits to compensation law, you already have several areas where the knowledge of a lawyer is not just optional. You’ll also need their help if you want to make the most of a 1031 tax exchange, which can be a lifesaver if your business is facing some tough times.
Even for settlements or acquisitions, you want a skilled practitioner on your side to draft and review contracts so they will be fool-proof and in your company’s best interests.
2. Accountants
There is a lot of money involved in operating a business. You may think you don’t need an accountant because you’re just starting out, and therefore dealing with less money, but think again. The help of an accountant can make the inflow and outflow of cash easier to manage, and they can also help with the payment of loans you took to get started.
It’s not just about making money. Rather, it’s knowing where to allocate money so everyone gets paid on time and the business’ operations continue without a hitch.
3. Marketing Team
Marketing is not something you delay until you have more money to use for it. It’s one of the first things you have to set up, as it will help you grow in those early days. As soon as you open your company for business, you should already have an established marketing strategy so you will not be paying employees who would not have any customer to serve.
Though it’s good if you can have an aggressive marketing campaign to get you all the attention you need when you start out, you don’t have to spend all your money on marketing. Some aspects of it can be free, especially with the help of social media.
4. Security
The last thing you want for your fledgling company is to deal with burglaries just because everyone can see how sloppy your security is. Cameras should be in place to track any suspicious movement during and after office hours. More importantly, you should have someone patrolling the office grounds if you’re in a detached office space.
If you’re in a commercial building, part of the rent may already cover security, but keep the security cameras in place as your own level of protection. This will not eat too much into your budget, especially because you only have to buy the equipment once, but they can go a long way in keeping you and all your business and customer information safe.
As you’re starting a business, focus on the expenses that will do more for your company. Success is just a matter of putting effort where they’re needed.
