Small Business Information Center. Com

Small Business Consultants: Will you need a professional?

Small business consultants: An overview: 

Small business consultants will need to be sought for advice from the very beginning. Assembling a team of able advisers will be imperative to the success of your small business.  At the very least, a seasoned attorney with small business experience will be necessary to provide advice on the right type of legal structure for your business, and file the proper documentation.  Also, a good accountant will be able to help you also to make this decision and help you to set up an initial bookkeeping system.  Even if you decide to perform some of these functions yourself, such as incorporating online, and setting up a simple bookkeeping system, it is still a good idea to start forming a good team of small business consultants at the very beginning of operations. 

Small business consultants: Where will I look for these professionals? 

When looking for small business consultants such as attorneys and accountants, it is probably best to talk to other business owners, or someone else you can trust for a referral.  Many accountants and attorneys only list telephone numbers in the phone book and do not provide much additional information.  By asking for a referral from other small business owners, your banker, insurance agent or others, you may be able to find someone with a track record of working with small businesses similar to yours. 

The attorneys, accountants or other small business consultants you decide to use should be able to produce their work in a timely manner and should state their fees right upfront. Some accountants and lawyers overbook their clientele and then may not be able to routinely produce work when it is required.  Financial statements and other legal documents may be required by lenders to secure loan approvals or complete other transactions, making it imperative that they are produced in a timely manner. 

There are many things that you can handle yourself. You should handle your bookkeeping if possible, take care of customer’s questions and meet your suppliers.  That way you can save money, and you will learn your business operations in a hands-on way.  However, small business consultants will be absolutely necessary in high-stakes tasks such as programming database configurations, or determining employee’s tax withholdings.

Small business consultants in large firms vs. smaller firms  

Probably one of the more difficult decisions you make will be whether you should hire small business consultants such as attorneys and accountants from large firms, from smaller firms with a few employees or a sole practitioner.  The cost is usually higher with a large firm because of the prestige factor and more overhead.  However, specific skills in taxation, international business and intellectual-property, will be more likely covered in a large firm rather than a smaller one.  The question in your mind should be whether you really need all of these specialties while you are in a startup mode.  Unless you have unlimited capital, a large, prestigious firm, may be too expensive for most startups. In most cases, the best match for your company and a small business consultant will probably be with the smaller firms.   

In summary, find a small business consultant you're comfortable with, someone who has experience with small-business, and get a referral from someone you trust. 

Information from Small Business Success Kit by Suzanne Caplan

Web page and Starting Your Own Business Course by Paul Susic MA Licensed Psychologist Ph.D. Candidate CEO/President Susic Psychological Consulting P.C.