In the ABCs of building a better business, there are two A’s and two B’s we definitely need in our organization, or at least in our circle. The first A is an accountant. We need a certified public accountant effectively preparing our taxes. Not just preparing our taxes, but an accountant that has the ability to give us advice and guide us on what to do to not have to pay Uncle Sam more than we need to pay. There are certain ways of doing things. There are tax codes and tax laws, that change every year. You need somebody that’s really up to date with the different advantages and opportunities you can leverage to save on paying taxes.
Along with that great accountant, you need to have a good bookkeeper. The bookkeeper’s job is just to keep your books in order to take everything from your statements and have it into your QuickBooks in a timely manner. This way, usually on the third week of the month following the prior month, you’ll be able to review your QuickBooks as everything should be updated so you can make proper decisions. There’s nothing worse than looking at your numbers from last year and seeing a mistake and catching it now. You want to catch it the month after so you can make a decision and adjust accordingly. In addition, when you have a great bookkeeper who is keeping your books in order in a timely manner. They can get your books to the accountant on time, so your accountant should be able to file your taxes on time all while providing you with the proper advice accordingly.
The second in the A column is a great attorney. If you’re in business, you need a business attorney to prepare the proper documents. Anytime you need to make a transaction that needs the legalities in the process, your attorney will be there to assist. Sometimes they will keep you out of trouble as they’re going to keep you from making the wrong decision, and every once in a while, they might even save your butt.
A’s far as the B’s, you need a great banker. You need a banker you have a good relationship with. They know you; you know them. A banker where you can go in and shake their hand and know they are there for you. If you’re a company growing, you’re most likely will to need to take out loans at certain times or have a line of credit. You’re going to need a banker that you could trust and is going to have your back and be there when you need them. I know there are a lot of interesting things going on in the financial world, but I always believe it comes down to relationships, and you need somebody that understands you and can help you accordingly.
And the last B is a business coach. If you’re thinking that you don’t need a coach, the most successful people on the planet have a coach. It doesn’t matter what profession they’re in. It doesn’t matter whether they’re executives or sports figures. The best have a coach to guide them in the process. In addition, the coach will help you leverage the other three.
These are the A’s and B’s of building a better business. Make sure you have the right accountant with a good bookkeeper, make sure you have your attorney when you need him on call, make sure you have the right banker, and make sure you get yourself a coach to help guide you through this entire process.
COACH MICHAEL DILL is an Award-Winning Certified Business Coach, global speaker, and published author. He is a proud Action Coach Franchise partner as well as the President of Power & Ice Wealth Creation a strategic leadership company that works with business owners, leaders, teams, and entrepreneurs to both develop a systematized and structured organization while accelerating their mindset, efficiencies, and effectiveness to grow both personally and professionally to achieve extraordinary results. He brings more than 40 years of business and entrepreneurial experience in his leadership, team training, and mentoring practice. Businesscoachmichaeldill.com