Being in business for yourself and being in business by yourself are two entirely different propositions. Most small business owners enjoy being in business “for themselves.” But few of them are accomplished enough — have the requisite expertise in all the various aspects of running a small business — to be in business totally “by themselves.” Your accounting firm, along with the other professionals you employ — your lawyer, your insurance agent and your investment advisor — can go a long way towards bridging the gap between being in business “by yourself” and “for yourself.”
They can become an informal — or formal — business advisory board to offer insight and suggestions about the following:
- Profit Management
- Cash Management
- Owners Compensation
- Financing Sources and Debt Service
- Investment Decisions
- Financial and Accounting Systems
- Human Resource Management
- Expansion Opportunities
They can also provide consultation about a host of other questions and challenges you will confront as you manage and grow your business.
Your accounting firm, in particular, can become a valued business partner. As they work with you on your monthly financial results, your cash management and investment needs, your payroll and taxes, and all the other aspects that a good accounting firm will be involved with, they gain invaluable insight into the inner-workings of your business. Rather than just being the guy who prepares your tax return, a good accountant will become your “part-time” Chief Financial Officer — sharing his business insight and helping you guide your business through the competitive jungle of today’s business environment.
Each of your advisors can bring a unique perspective to the issues you face as the owner of a small business. Get them involved in your business, and let their expertise and encouragement support your decision-making. If they are not interested in doing that, they are not the advisors you need, and you should replace them. Being in business “by yourself” can be a lonely and frustrating exercise. However, as you choose your business advisors carefully and get them involved in helping you manage your business, you’ll find that you are now in business “FOR YOURSELF,” supported by a group of dedicated professionals that will help you along the way.
Suddenly, it isn’t quite so lonely out there! And your results will show it!
