This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2020/04/24/these-3-people-can-ruin-your-business-or-help-it-flourish/
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by Domenic Aversa, author of “Corporate Undertaker: Business Lessons from the Dead and Dying”
I have worked with hundreds and hundreds of companies on the brink, and here’s what I’ve learned: weak companies have weak advisors. These three people can either ruin your business or help it flourish: your accountant, your lawyer, and your banker.
What makes them weak?
It’s not how much they charge you per hour or where their office is located. It’s not about which college they went to or where they trained. What makes them weak is when they start thinking that they are entrepreneurs. Accountants, lawyers, and bankers spend a lot of time around businesspeople, so they think they know how to run a business and manage employees, suppliers, and customers. They don’t.
What does a strong adviser do? They stay in their lane.
Accountants should only be giving you advice on tax matters.
They’re very good at minimizing tax burden and tallying up numbers from the past. As a business owner, you understand that the past does not necessarily equal the future. The future is about finance. It’s about cash flow. Don’t let your accountant convince you that he/she knows finance. Let them stick to past issues and taxes.
Lawyers should only be giving you advice on legal matters.
Be very frightened of the lawyer that starts giving you advice on what markets you should be expanding into and what products you should be selling. Senior lawyers tend to be the worst offenders. They’ve spent decades reviewing business contracts (that the junior lawyers drafted) and they feel that they are gurus of all things commerce. They’re not. They should be focused exclusively on helping to protect your business from a … Read More
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