4 Key Advisors a Business Owner Needs as the Business Scales

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As a business grows, a business owner will need more help professionally and personally to continue its operations, a sample of that would be the key advisors of businesses.

Many business owners do not always know whom to turn to grow, manage, and operate a business. This is why it is recommended that they turn to business advisors so they can handle business-related questions. Taking advantage of being mentored by these people will save business owners time and help put their minds at ease as they run the business. But how do they find a business advisor or mentor? Here are four key advisors that a business owner needs as their business grows. 

The Key Advisors are the following

Accountant

An accountant is one of the first key advisors a smart business owner should turn to as they grow their business. They can give suggestions on how to fund the business and also help prepare financial proposals. They may also offer assistance in coming up with a business budget.

As a business also starts bringing in revenue, an accountant may also help determine how financially healthy a business is. They can help measure a business’s performance and help develop strategies if a business is underperforming.

Once a business starts hiring employees, an accountant may also help set up payroll, handle taxes, and manage employees’ salaries.

Lawyer

Another business advisor, a smart business owner, should never forget is a lawyer. A lawyer helps establish a business’s structure, put together a concrete business plan, and assist in the registration and other legalities of a business.

Aside from those, a lawyer can also buy a business, financing, acquiring necessary licenses to run a business, and ensuring that a business’s intellectual property is protected. In terms of handling clients, a lawyer can also help in keeping a record of clients’ payments.

The key to finding a good lawyer for a key advisor is to have one who specializes in businesses.  

Recruiter

Growing the business and thinking of hiring employees? A business advisor who specialises in recruitment is someone a business owner needs to get started. 

A recruiter can help determine the type of employees for a specific business. They can help develop job qualifications and descriptions for what employees are fit for a business’s needs. They can also help attract the right candidates with well-thought employee packages.

Again, the key is to find a recruiter who specialises in a specific industry for being a key advisor. They will help screen applicants and conduct job interviews, so it’s recommended that they’re present during these sessions. This way, a business owner can also ask them for professional advice on which applicant is the best fit for the business.

Business Mentor

It is only natural that we look up to a person from the same industry and aspire to achieve the things they’ve achieved. We watch their habits, listen to their advice, and even try to emulate their strategies. 

In managing and operating a business, learning from seasoned business owners is also necessary. They know what business owners go through and the challenges they face. Thus, they also know what to do and how to get past these setbacks. 

A fellow business owner will offer a different perspective compared to other types of business advisors. Find someone who can be your business mentor and specialise in the same niche as your business. Ask them for tips in running and growing a business. Their recommendations will point you in the right direction.

Another advantage of a business mentor? A business owner can build their network. Their wisdom and a relationship with them are invaluable for your business.

Summary

As an owner grows their business, it is important that they get mentoring and insight from four types of key advisors who can help them grow, manage and operate their business. These advisors are the accountant, the lawyer, the recruiter, and the business mentor.

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Annette Ferguson

Annette Ferguson

Owner of Annette & Co. - Chartered Accountants & Certifed Profit First Professionals. Helping Online service-based entrepreneurs find clarity in their numbers, increase wealth and have more money in their pockets.