The opinions expressed by Entrepreneur contributors are their own.
Entrepreneurs feel enormous pressure to achieve ambitious goals and deliver results for their customers, employees, investors and other stakeholders. The good news is that you don’t have to do it alone.
It’s critical to have a strong, strategically positioned network of trusted partners, experts and advisors to lean on as you tackle challenges and reach new heights. While there are numerous examples of outside experts that entrepreneurs can benefit from and learn from, three stand out in my experience.
1. A banker
Bankers are at the center of the business ecosystem and are well positioned to provide strategic guidance, facilitate connections and suggest comprehensive solutions to help you achieve your goals.
Over time, a banker could help provide:
- Expertise in capital structures and solutions: Your banker should be your go-to resource for evaluating and optimizing your capital structure. They can provide in-depth knowledge of the types of solutions available to you – from something as simple as a line of credit to more complex deals on debt and equity and tapping into the public and private markets. Once started, you need to establish a plan for managing your cash flow and liquidity. They can help. Crucially, a banker can also offer guidance on the best financial solutions to meet your current operational needs and achieve your long-term goals for years to come.
- Strategic direction and guidance: In addition to traditional financial matters, a banker can provide detailed information on overall business strategy and help with goal setting. This may include reviewing your long-term plan, discussing your product set to determine if there are gaps, and helping you consider national and global expansion.
- Expert networking: Resulting from those strategic decisions, Bankers can introduce essential partners, investors and other industry experts to help you identify your next large opportunity. In practice, this vital network can help guide you as you seek advice on more dynamic financial situations such as navigating the supply chain, raising capital, entering new markets, structuring a board of directors, implementing DEI practices, and much more.
In short, your banker should help you open doors and see around corners. They can help you tackle difficult problems and solve urgent challenges and will be there to support you in the moments that matter.
Related: If you want your clients to truly appreciate you, you need to be their trusted advisor. That’s how.
2. A lawyer
Like a banker, a lawyer can advise you on strategy and growth plans through a different but equally important lens. In my experience, in addition to legal advice, lawyers bring exceptional industry knowledge and sound judgment and challenge you to think critically about your business.
A lawyer will focus on defining the company structure and will be able to intervene on the following:
- Contracts and agreements: Assistance in creating and negotiating documents such as contracts and non-disclosure agreements.
- Protect what is yours: This includes intellectual property protection through patents, trademark registration and copyright protection.
- Implement risk mitigation strategies: Identify and navigate relevant industry laws, rules and regulations.
- Provide strategic advice: Navigate complex legal contexts, anticipating specific potential challenges and helping to safeguard your interests, while promoting the long-term visibility of your business.
When choosing an attorney, consider someone who specializes in your industry and relevant area of law, has experience with your specific legal needs, and has led businesses through various stages of growth. If you do it right, your lawyer may bring a unique perspective to your company and ask questions you may not have considered.
Related: How to Find a Good Franchise Lawyer
3. An accountant
An accountant is an essential member of your core team. They have a fiduciary responsibility to ensure that financial reporting, accounting and controls are reliable, timely and accurate. They can also provide significant value by implementing processes to prepare your company for key milestones.
By working closely with the banking team, accountants can help to:
- Simplify statements: An accountant will prepare and review your account statements to ensure their accuracy and provide a clear overview of your company’s financial health. They might conduct internal audits to ensure efficient financial processes or external audits for larger businesses seeking external financing.
- Maintain financial compliance: An accountant will work with you to ensure your financial records are up to date, including tracking your income, expenses, and other financial transactions.
- Optimize administrative processes: Your internal accounting team will likely be responsible for all forms of process management, including, but not limited to, financial planning and forecasting, employee benefits, real estate and facilities, and physical and operational security. Engaging an external accountant can provide expertise on these tasks and help streamline processes and workflow.
Related: 5 Tips for Finding a Great Advisor for Your Startup
A strong team for the long term
Throughout your business career, you will lean on and learn from many different experts. These three are just the beginning. Be methodical and diligent when searching for your trusted advisors, and don’t be afraid to leverage your network for referrals, seek out people at industry conferences, or reach out to other entrepreneurs you admire.
Each person on your team should play a critical role, and the success of your business depends on your ability to completely trust them and their unique expertise. It takes time to build a team of trusted advisors, but, if done right, I am confident that this investment will pay dividends in the long term.