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Three key advisors important to the success of your business and how to choose them

Three key advisors are important to the success of your business:

1. Lawyer/solicitor:

He/she can advise you on issues such as liability concerns, incorporating your company and other legal matters.

2. Accountant:

He/she can advise you on important financial issues such important tax advice and whether you should incorporate your company or operate as a sole proprietor. The accountant also provides your business’ financial operating results to your partnering financial institution.

3. Financial advisor/ Lender:

Our team of experts will be able to help you to achieve your goals through helping you develop strategies to meet your business or agriculture needs. They can also refer you to other experts for services or advice on important matters such as life insurance,* key person protection, group benefits, critical illness insurance* and a number of other products to give you peace of mind.

It is very important all three of your advisors know each other and discuss your plans to ensure they are all working towards the common goal: helping your business to succeed.

How to choose your advisors

Getting Legal Advice

It's hard to start a new business, especially if it's your first. But don't worry, there are people and organizations out there who can help.

It's strongly advised that you consult a lawyer or legal accountant before making any major decisions about starting your new venture. They can help make sure that you meet all the necessary legal requirements before you begin. Be selective in choosing a lawyer. Make sure that he or she is knowledgeable about the type of business that you wish to begin, and able to provide all the services you'll need.

Financial Consultants

When you start a new business, a financial consultant can help you raise start-up money or venture capital. A consultant can also assist you in putting together a strategic business plan for the future growth of your company. One final thing a consultant can do is make you aware of all the various taxes and insurance payments you'll be required to pay annually.

Employment Agencies

An agency will have access to a lot more potential employees than you will when first starting a business. For a fee, you can tell them how many people you are looking for and with what specific skills, and they can put the appropriate parties in contact with you.

Payroll Assistance

It may be a good idea to hire a payroll firm to process your payroll instead of hiring a full-time accountant and human resource specialist. You can get competitive quotes from national and local companies that provide full service payroll and employee benefits administration.

Starting up a business can be very time-consuming and stressful. Hiring the right lawyer and a good financial consultant can take a lot of the worry out of the whole process. Using an employment agency or a separate payroll firm can free up a lot of your time so you can concentrate on the more personal aspects of running your new business. If there's anything we can do to help, just ask.

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Having a positive cash flow simply means having more money coming in than going out.
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