Every business owner, whether your business just getting off the ground as a start up or has been around for many years, needs a team of trusted advisors to navigate through the inevitable challenges of running a business. Large corporations have huge staffs of accountants and attorneys, and may not have to worry about getting capital from the bank. This isn’t the case for most small to medium business owners, nor is it practical. What I recommend to every business owner, whether they are just coming in for an initial consultation, or are looking to expand after years of growth, is how important it is for them to establish a working relationship with an attorney, an accountant, and a banker.

Business Banker

Most every business uses a bank, but many owners don’t understand the importance of establishing a relationship with a banker. A good banker will not only offer invaluable advice, but they will want to see your business grow and develop. Developing a relationship with a banker significantly decreases your chances of hearing “no” when you company requires additional capital. Your banker can and should become a trusted advisor to your business as opposed to just potential source of revenue.

Accountant

I cannot express enough the importance of having a good accountant as a small to medium sized business owner. Owning a business comes with an incredible amount of decisions, and those decisions come with tax implications and financial consequences. Further, your focus should be on your business, meaning getting out there and doing what you set out to do, not buried in receipts. Knowing that you have a trusted accountant on your side will provide you with peace of mind that you need to get out there and grow. Not to mention, they will be able to advise you as you plan for growth. Make sure you see your accountant more than once a year around tax time.

Attorney 

Owning a business comes with legal issues. There is really no way around that fact, and the sooner you establish a relationship with a trusted business attorney, the better. From the early stages of forming your business, to litigation that may come your way and everything in between, it is near impossible to navigate the complexities of the law and the legal implications of the difficult business decisions you must make for your company on a regular basis. From reviewing contracts to examining your companies by-laws, an experienced business attorney can help your business avoid legal concerns that may arise down the road, and will be there for you if they do.

Establishing these three relationships will almost always save you and your business substantial time, money and headache down the road. At The Law Office of W. Randall Holcomb, PLLC, we believe in preventative legal counsel, meaning  it is our goal to assist you and your company avoid legal issues before they start. We can also recommend highly respected local bankers and accountants to fit your business needs.