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Most small business leaders have several trusted advisors to help them with various aspects of their business.  These advisors include (but are not limited to) your accountant, attorney, banker and insurance advisor.

 

Consider inviting all these advisors to a year-end meeting.  Allowing all of these advisors to see a snapshot of your business (together) will enable them to better serve you.  Additionally, the group setting will help avoid potential pitfalls and traps that you might otherwise fall into in a one on one situation.

 

For example: your banker might suggest a loan consolidation.  If done without your CPA, your year-end financial statements might take on a significantly different look.  The loan consolidation may cause you to prepare consolidated financials with other entities you are involved in because of the collateral provisions.

 

Your insurance advisor may be able to provide a better package if he or she knows sales trends and other important financial information.  Your attorney may be able to provide suggestions for reducing risk and with the help of your CPA, avoid potential tax pitfalls.

 

Here are a few tips for the meeting:

  1. Appoint a quarterback. With your help, this person should set the agenda and provide it (in advance) to everyone attending the meeting.
  2. Set a time limit and stick to it.  Meetings can sometimes drag on.  However, sticking to the agenda and not getting caught up in implementation will help.
  3. Be open to ideas and suggestions. You'll find the synergy this group provides extremely helpful.  You won't want to look at every single item that is brought up.  However, there may be bits and pieces that will be worthwhile.
  4. Only invite those that you really consider a "trusted advisor".  You don't want this meeting to be a sales presentation or networking opportunity.

 

All these professionals provide valuable business services to you each and every year.  Why not increase that value by having them all focused on your business needs at the same time?  You and your business will be the beneficiary. Contact your trusted Rea advisor today.

 

-by Jim Hensler, CPA (Marietta)


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