3 experts every new small business needs on their team

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.

Instead, most new business owners should have three key advisors—a business attorney, an accountant and a business banker—on their team, according to Peggy Pound, a business banker at Bank of Texas, a subsidiary of BOK Financial Corporation. Together, these professionals can help small business owners make better decisions, avoid costly mistakes and prepare for long-term business growth.

“As a business owner, you need a go-to person who you can trust to provide expertise and knowledge,” she said. However, it’s important that each expert provides ethically sound advice, she noted, which is why she recommends using referrals to build your team.

Why does a small business need a lawyer?

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. A small business 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.

Why should a small business hire an accountant?

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

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, help you plan for deductions, 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.

What does a business banker do for a small business?

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.

In sum, while entrepreneurs often focus on products, services and customers, building the right advisory team can be just as important. A business attorney, accountant and banker each provide specialized expertise that can help business owners avoid costly mistakes, manage growth and make informed decisions.