February Business Tip

presented by Marcell Hetenyi, Scheckner & Hetenyi, PL | Accounting Services

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Utilize your network of professionals to achieve the most in business and life

There is an old adage that says a lawyer who represent himself has a fool for a client. That actually applies to business and life in general when you try to go outside your field of expertise. Instead of trying to handle everything on your own or forgo handling something altogether because you are trying to save some time or money, utilize your network of professionals and experts to get your life organized. That will help increase your current productivity and prepare to better handle the proverbial rainy days when they come (it is when and NOT if).

Here are some tips of what you should have in place and how you can utilize your fellow professionals and experts in the room to achieve your goals.

  1. Good marketing can go a very long way in differentiating you from the competition.  Have professionally designed and printed business cards. Have a professional website with professional photos.
  2. If you have a business partner it is crucial to have an Operating Agreement and a Buy-Sell Agreement.
  3. Have your contracts reviewed by at least one attorney and have them reviewed at least every 3-4 years. They are a ticking time bomb and at least one is bound to explode in your career.
  4. If you own your own business, you need a CPA on your side not just for tax preparation purposes but also for tax planning and general business consulting.
  5. Insurance may seem like a waste of money but if you have loved ones relying on you financially you must have at least a term life insurance policy and a disability policy.
  6. Almost no matter what field you are in and whether you own your business or not, it is prudent to have an umbrella policy.
  7. Your business bank account should be at a bank where you have a personal banker who you can call instead of just some random person at the end of an 800 number.
  8. Get a Line of Credit when you do not need it. Once you need it badly you may not be able to get approved.
  9. Do not try to invest your own money. After your nest egg grows to beyond the necessary 6 months of after tax income you should hire a well-qualified professional to help with managing the rest.
  10. 1For all other professionals and experts you may need in your life, instead to trying to do it on your own, call for at least 3 different estimates and do not be afraid to negotiate.