I’m going from doing all of the work to having to delegate the work – which is almost harder for me than doing the work myself. I’m a lousy delegator, but I’m learning. ~ Alton Brown
A successful business is the output of great minds working together, using their relative strengths. A great example of this is the way that business use professionals to advise and direct them in several complex matters. In this article we run through three key professionals that almost all businesses will use as they grow.
1. Chartered Accountants
Chartered Accountants are the generalists of the business professional world. If you run a small business, and only ask for your accountant’s help in keeping your books or producing your annual accounts then you are only scratching the surface. in the UK, Chartered Accountants (Members of the Institute of Chartered Accountants of England & Wales ‘ICAEW’ or of Scotland ‘ICAS’) go through a rigourous and broad range of post-graduated examinations during their training contract; covering areas such as:
- Audit & Processes
- Sources of Finance
- Acquisitions & Disposals
- Business Taxation
- Financial Reporting
- Corporate Governance
- Business Law
This should give you an idea of the breadth of advice that a chartered accountant could provide on request. This ties up comfortably with many of the big questions entrepreneurs or challenges they are facing. If you have very complex requirements then it would be appropriate for you to engage with specialists.
2. Tax Advisors
Whilst no business should be structured with taxation as the primary goal of the organisation – tax should be a high priority on any businesspersons list. Corporation tax – the tax a company pays on its taxable income before dividends – requires deep technical knowledge of accounting and taxation for a medium trading business.
Even for a small business – going down the ‘DIY’ route by studying taxation could be a false economy. The range of deductions and allowances are overwhelming, and provide a web for any beginner to get caught in. By contracting with a specialist that provides tax services to 10 – 100 companies per year, you can get the peace of mind that you are meeting your obligations and not overpaying a penny.
3. Employment Solicitors & HR Advisors
The decisions around hiring and firing employees are some of most difficult decisions that entrepreneurs need to make. Muddying the waters are the numerous laws and regulations that control these essential business activities. Inadherence to employment regulations could expose your business to punitive claims through the courts or tribunals, and could threaten the future of a young company before it has had time to find its feet.
The sensible approach is to obtain clear and simple guidance from legal advisers (such as Evolution Legal Concierge) upfront. This way, your business can cost effectively prevent disputes rather than having to apply expensive band aids later.