It’s best to hire professionals such as attorneys, accountants, bankers, financial planners, and insurance brokers for certain tasks regarding your business. They are the experts that we rely on since we cannot be knowledgeable in all of those areas. However, there are a few things you need to be aware of.

Do You Trust Your Experts?

Ask yourself the following questions:

  • Were they a referral to you from a trusted associate?
  • What is their reputation?
  • What level of experience do they have?
  • Are they familiar with the idiosyncrasies of your business?
  • Did you consult with them before establishing a relationship with them?
  • Can you develop a comfort level with them?

The answers to these questions are important because you will be sharing the intimacies of your business with them.

Do You Review Their Work?

I do. People make mistakes. I have had accountants, financial planners, and bankers who made mistakes. They are human, and guess what: no one cares as much as you do. Fortunately, the mistakes made were few and far between, and I’m sure other mistakes have occurred that I didn’t find. Mistakes can be made on simple things such as signatures dates, dollar amounts, and any other areas where numbers are used.

Are Their Fees Commensurate With The Benefits You Receive?

I weigh the benefits against the risks I may encounter when hiring professionals. For example, do attorneys charge a high hourly rate? Absolutely. Have they assisted me when I needed them? One hundred percent. In addition to good service, they gave me peace of mind and the protection I needed regarding employee matters and financial contracts.

Are accountants pricey? Yes. Have they prepared by tax filings, preventing me from paying more than necessary in taxes? You bet.

Running a small business does require people to be a Jack of all trades and master of none, but I know enough to know that I don’t want to do what they do. However, if you have enough gumption to operate a small business, you must take the time to review and understand every contract you enter. If not, you could be screwed, and I’m not referring to the fun kind.

And you’ll want to pay attention to time management. We all have twenty-four hours in each day. Pay attention to how you are spending them.