Owning a business can be a thrilling adventure and an outlet for your most creative ideas. But behind the scenes of creativity and ambition, there's a practical reality that every business owner faces. To succeed, you need more than ideas and drive—it's about having the right team in place.
We’ll explore three critical roles that are essential to your business's success and how the support from these individuals can make all the difference between a business that fails and a business that achieves sustainable growth and progress.
Let’s get started.
01 | A Well-Trained Bookkeeper
When it comes to making decisions for your business, knowing where your finances stand is key. From day one, a well-trained bookkeeper can set up your financial systems and establish a robust foundation for your business. With the right systems in place, they track your income and expenses, maintain updated financial statements, support you in managing cash flow, and categorize your expenses so you can maximize your tax deductions.
As your business grows, your bookkeeper can provide crucial insights into your financial health. They help you make informed decisions about scaling, investing, and budgeting. A good bookkeeper can be a meticulous record-keeper and ensure that every transaction, expense, and revenue stream is accurately documented.
By doing so, your bookkeeper will be able to help you see how much revenue your business is bringing in, and what your expenses are, and, with the right understanding, you can use that information to determine when you should invest in the tools, systems, and people that can bring your business to the next level.
The key to working well with a bookkeeper is to understand how to find the right bookkeeper, ask for what you need, and meet with them monthly to review your books. If you would like support to find or learn how to work with your bookkeeper, we can help.
02 | The Trusted Personal Tax Advisor
Taxes are the number one biggest expense for most high-income earners and business owners, but with a trusted personal tax advisor, the relationship becomes an opportunity for strategic financial planning. The right tax advisor plays a pivotal role in minimizing your tax liabilities while keeping your business in full compliance with tax laws.
Your tax advisor can be a proactive partner who understands your business inside and out. They assist by supporting us to structure your business in a tax-efficient manner, optimizing deductions, planning for a future exit, and short and long-term tax savings. A trusted tax advisor is far more than just a tax filer but can work with us to help you make the wisest financial decisions as your business grows.
03 | Your LIFTed Business Advisor
As you navigate the world of entrepreneurship, it's essential to make sure your business is built on a strong legal foundation, and that your Legal, Insurance, Financial, and Tax matters remain coordinated and in sync. From choosing the right business structure to protecting your personal assets from business liabilities, having the right lawyer on your team - one who can help you hold all the pieces of your Legal, Insurance, Financial, and Tax matters - can mean the difference between eyes-wide-open decisions that lead to more strategic growth, and getting trapped in conflicts and struggles that can keep you from doing the good work you are here to do.
Ideally, the lawyer you choose to work with shouldn’t be someone who just pops in and out of your business preparing documents reactively. Instead, we believe your business goals are best served by a strategic partner who can coordinate the setup of your Legal, Insurance, Financial, and Tax systems in the best way possible and support the ongoing maintenance and coordination between the other advisors who support your business vision.
As a LIFTed Business Advisor, my commitment to you doesn’t end with the initial setup of your business entity. I offer ongoing monthly strategic support to ensure that your business has the necessary support structures and systems to carry you through wise decisions at each stage of growth, and I can even act as the key point of contact and strategist coordinating all of your other LIFT professionals.
A Unified Team for Your Success
The saying, “teamwork makes the dream work” might be cliche, but it’s true. As your LIFTed Business Advisor, I believe it’s essential for your team of professionals to collaborate and communicate with each other to develop the best outcome for you and your business.
When you have a bookkeeper, personal tax advisor, and LIFTed Business Advisor working in coordination as part of your team, you create a powerful force to drive your business forward. This collaborative approach ensures that your business is not only financially sound but legally secure as well. With this team by your side, you're not just navigating the entrepreneurial journey – you're mastering it.
To learn more and learn how we can help connect you with other professionals we know and love, schedule a call with our office using the button below.
We’re ready to be part of your business’s professional team.
Contact us today to get started.
This article is a service of Debbie Babb Law. We don’t just draft documents. We ensure you make informed and empowered decisions about life and death, for yourself and the people you love.
The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.