3 experts you need for your growing business

New business owners often lament the complexity of getting things up and running–but you don’t have to do it alone. In fact, you shouldn’t, especially as your business begins to grow and scale.

Outside experts are likely to be very useful as you navigate business structure, tax implications, financing and potential legal risks for your growing business.

“As a business owner, you need a go-to person that you can trust to provide the expertise and knowledge to help you be confident as you’re starting or growing your business. Experts can share their experience, help you problem solve and answer questions,” said Peggy Pound, business banker at Bank of Texas. In some cases, this might be a team of people to support your small business, especially once in a growth phase.

Compiling a team of experts to help new business owners navigate all of the pieces of building a business infrastructure is critical to its success. However, before all of this, Pound suggests understanding what’s ahead.

“It seems simple, but it’s so important when becoming a business owner to truly understand the industry that you’re getting into. Is it a prohibited industry that requires high levels of compliance? Is your business credit-worthy enough to request a loan? The type of business matters; understanding that is a critical first step in the process,” she said.

Here are the three experts to consider for your team. Ideally, they will work well together:

Legal counsel
Building the infrastructure for a business—especially in a more highly regulated area, such as government contracting or servicing utilities—can be difficult to navigate. This is where meeting with an attorney can help with complex business structures (like partnerships), contract negotiations, hiring employees, creating oversight and navigating possible legal risks.

Attorneys are also helpful when dealing with intellectual property, like filing for trademarks, copyrights or patents. If you’re negotiating the purchase of a commercial building or navigating lease terms, legal counsel can provide guidance, as well as determine whether there are special licenses or permits required for your business venture. Regulatory compliance may become an issue in health-related fields or those requiring certifications.

“It’s best to seek out counsel from those with experience in the area of business that you’re interested in,” Pound suggests. For example, a criminal attorney might not be the best fit for someone looking at building a commercial real estate business. Digging a little to find the best resource is essential, providing a breadth of knowledge and skillset that will maximize your investment in their services.

Accountant
Understanding how to navigate your state and federal tax requirements as a business owner, as well as and determining what kind of business structure you should set up, is also an important piece of the puzzle. This makes hiring an accountant essential.

Aside from ensuring that you’re staying within the regulatory rules and tax guidelines necessary for the kind of business you’re setting up (i.e., sole proprietorship, LLC or S corporation), accountants can help you analyze your budgetary needs, determine growth forecasts, analyze spending and recommend ways you can spend more efficiently. In the event of an audit, an accountant can ensure you have all of the right documentation and requirements met.

Accountants can also serve as a trusted resource when planning for deductions, providing advice in accordance with tax codes for your specific business type—as long as they are guided by ethical standards, Pound said.

“When you engage with an accountant, it’s really important to make sure they are acting ethically,” said Pound, who recommended seeking out referrals for accountants that work in the same field you operate in. “I’ve seen clients affected by unethical practices by a tax preparer, which then hurt them when they were working with a banker to build their business.”

Business banker
For entrepreneurs, getting from an idea to a lucrative enterprise takes vision and expertise. However, running a business also involves navigating finances, managing potential risks and providing insights on projections. That’s where a business banker might step in to assist.

“Ideally, you can engage a banker who has experience in the same field or industry that you’re seeking so they can share very relatable experience.”

- Peggy Pound, business banker at Bank of Texas

Business bankers can help you identify potential shortfalls, create risk profiles and provide financing advice and longer-term succession planning.

Of course, business bankers also can play a crucial financial services role by introducing you to appropriate services from checking and savings accounts to lines of credit and loans. They can help business owners make financial decisions around investing, emergency savings or determining whether to take out a loan. They also specialize in helping ensure the business is following financial rules set forth by regulatory agencies.

“Finding the right banker is a key to the success of your business,” Pound said. “Make sure they are knowledgeable about your industry, understand your business and communicate with you every step of the way.”

Building strong relationships
Above all, Pound said communication is critical to establishing a relationship with the experts you engage, as well as being professional and prepared.

“When you go into a meeting, make sure that you understand what’s expected, be prepared with questions and relevant information, and focus on building a rapport with these people as an extension of your business team,” she suggested. “Ideally, once strong relationships are established, these experts can complement one another on efforts like the creation of a comprehensive financial plan.”

She also recommends building a network of other business owners in similar fields within the industry you serve to learn and share ideas. “These experts can share information that you might not know, such as whether there are seasonal considerations to make,” she said.

“Peer business owners are also an excellent source of referrals for bankers, accountants and attorneys. Hearing firsthand about experiences working with these professionals can streamline the process of finding the right fit for you.”