The Lineup of Professionals You Need on Your Startup Team

Entrepreneurs are often so focused on the product or service they are developing that they overlook the nitty-gritty details of what it takes to run a business, such as staffing a team of experts to guide them and advise them on important business matters. Often the long-term viability of a small business depends on who is on this team from the get-go. Here are a few key members who should be a part of any successful small business startup.

Accountant

A lot of entrepreneurs either take up accounting on their own or leave the math behind for the more immediately gratifying part of business, making money. But even if you’re good with numbers, the process of setting up a chart of accounts, preparing state, local, and federal tax returns, and reviewing your numbers can become a huge time vacuum. And once you start adding employees, the massive paperwork headache will only increase.

Don’t forget: Your business’s financial structure becomes ever more important as it grows. Nearly 30 percent of businesses declaring bankruptcy cite problems with financial structure as the primary cause of failure, according to the U.S. Small Business Administration. Tight management of your money might cost you in the short term, but the long-term benefits are huge.

Lawyer

A good lawyer can help you with almost every part of your business: contracts, lawsuits and liabilities, trademarks, and copyright. Still, a lot of owners wait until they need a lawyer to hire one. Remember that the lawyer fee helps you avoid mistakes that bring you to court. And it is the long, drawn-out court battles that will really cost you.

Mentor

In many ways mentors are the most intangible role on a business team, and the most easily overlooked. But mentors have what you probably don’t: a rich knowledge of how to start a business, gleaned from personal experience. They give unbiased advice, providing a necessary balance to you, the boss. And keep in mind: They’re usually free.

Banker

A banker is invested in your business; as your business improves, so does the bank’s. You want someone you know will be dependable and has strong ties with the community. Build a relationship with a banker who is a generalist and who hasn’t jumped from bank to bank. A banker could become a great source of referrals, both in terms of business and other members of your team. After all, an experienced banker has likely worked with dozens of businesses like yours and should know which accountants and insurance agents are trustworthy and reliable.

Because you may deal with your banker on a day-to-day basis, discussing rather intimate details of your business, make sure you find someone you can get along with. The last thing you want is someone who is rushed and impatient and doesn’t have the time to discuss your business’s issues.

Insurance Agent

Insurance can be overwhelming. Just think about all the paperwork you may need to handle: a general liability policy (or a personal umbrella liability policy); disability insurance or life insurance; product liability insurance; casualty, loss of business, or credit insurance. And don’t forget your employees’ pension plans and other benefit plans. It’s important to choose an agent familiar with small businesses who can help you wade through all the paperwork and direct you to the best insurance companies for your specific needs.