68: Building A Financial Support Team For Your Business Whether You Are Starting A Business

68: Building A Financial Support Team For Your Business Whether You Are Starting A Business, You Are Self-Employed, A Solopreneur, Small Business Owner, Remote Virtual Online Bookkeeper, Virtual Assistant Or VA

When you own your own business, you are always learning something new. Making sure that you have a team to support you where you are lacking skills or lacking the time to devote to certain tasks will not only help you sleep at night, but you will have the confidence knowing that your business is operating at an efficient level. In today’s podcast episode, I am diving into which areas in your business you need to make sure you are covering and the financial support team members you should have in place if you need additional help. When it comes to finances, many business owners want to ignore these issues and hope they go away, or want to do everything all on their own, but the most successful entrepreneurs know exactly where they need expert advice as well as who they can turn to for advice they can trust. As your business grows, your team needs may change as well, but it is important to make sure that you have everything under control at each level you are at in your business. Understanding and having a reliable team you can lean on is key whether you are just getting started with your business, you are a self-employed individual, a solopreneur, entrepreneur, small business owner, a remote, virtual, online or in-house bookkeeper, or a virtual assistant or VA. A financial support team is needed whether you are using a computerized software system like QuickBooks, Xero, Wave or FreshBooks for your business finances, or if you are doing your bookkeeping manually with an Excel spreadsheet or even a Google Document. Listen in, and make sure you have support for each of these responsibilities either by yourself or a team member you can count on to be there when you need them…

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Show Notes:

Welcome Back…Entrepreneurship can be lonely, and many business owners feel the need to handle every task that has to be done in their business on their own, whether they fully understand the consequences and impact on their business or not. It’s part of their nature of being an entrepreneur – they want to do it all. However, knowing where your strengths and weaknesses are and knowing where you need additional expert advice is what will separate you from an entrepreneur and a successful entrepreneur. When you own your own business, it is important to make sure you have a team that you can lean on whenever you are looking for that expert and trusted advice.

Having your team of experts on hand before you run into any potential issues will help alleviate some of the stress from owning your own business. Knowing that when or if something happens in the future, you know you have the people you can count on already on your team is priceless.

First, it would be beneficial to assess your strengths and weaknesses. Every entrepreneur will have different backgrounds and skillsets, so you need to consider where you feel you need the most help. You’ll also want to think through the needs of your business for where you’d like your business to go in the near future as well. I’m going to cover a few of the major team members you should have on your financial support team, and you can decide if you feel the need to seek out someone to add for additional help on your team.

Of course, when we are talking about your financial team, I’m going to start off with how you are going to keep track of your money coming in and going out of your business as well as your bookkeeping. Is this something you think you can do on your own, or do you think you will need to have a bookkeeper and or accountant helping to make sure you have all of your transactions recorded accurately and timely? You want to make sure that your bookkeeping is up to date, and you have financial statements to review on at least a monthly basis so that you can make sound business decisions. If you have employees, you also want to make sure that either you or one of your team members are able to process your payroll and file all of the necessary payroll reports on a quarterly and yearly basis. And of course, you need to make sure that you have someone who can help you to ensure your income tax returns are filed on time and that you are able to maximize your deductions so that you are taking advantage of everything you can to minimize your tax liability. You may find that you are able to have one person on your team who can do all of this for you, but most likely, you will need to have a few different team members who can help you with all of these needs. One advantage of having multiple team members when it comes to your finances is that you are able to reach out to each of them at different times for various financial advice.

When you started your business, you should have opened a business bank account for all your business transactions. This could have already opened up a door to your next team member of a banker. Having a bank or credit union who you work with or a specific bank member that you can build a relationship with is important. Many business owners found this as a valuable asset over the last couple of years with the PPP loans that were available. Getting a PPP loan was much simpler and successful when they contacted bankers who they already had a relationship with. As your business grows, you may find a need for a loan or other banking products to help with your cash flow.

You may not be thinking about an attorney when you think about your financial team but having an attorney who you can contact about legal advice will be beneficial and could potentially save you thousands of dollars down the road. When you are starting your business and have minimal funds, many times, a small business owner will try to do their own legal documents. This could cause a lot of problems if they are not done correctly. When you are working with an attorney, they are able to help you with issues as they come up and most issues are not an ongoing expense which means you only pay for the services when you need them. Having an attorney will not only help you protect your business by managing legal issues, or disputes, they will also be available for you whenever you are thinking about adding a partner, or even if you are contemplating selling your business.

Making investments as your business accumulates wealth will require you to have a financial advisor. Your financial advisor can help you with your overall finances and assist with the growth of your investments over time. They can help you to use the money in your business strategically to increase your income and reach your financial investment goals. If you have employees, this financial advisor can help you to add additional benefits that you can offer to your employees to make working for your business more attractive such as a Simple plan or a 401K.

Your financial team wouldn’t be complete without an insurance advisor. You want to be certain that the assets yo