When Do You Call in the Expert - By Denise Gluyas

As an owner or manager of a small business it's often tempting to do as much as you can yourself to keep costs down, rather than seeking expert advice. And now, given all the information that's freely available it's tempting to think that with a little time and effort there's money to be saved - whether it's using an online template to draw up a contract or doing the tax returns.

Trying to do it all yourself can be counterproductive. Trying to save a dollar here and there might end up costing you much more if you make a mistake. Also you can spend hours trying to understand something you're not familiar with when two hours with the right expert would save you that time and you would have it right.

Denise says there are four key advisors that all businesses should have:

Lawyer

A lawyer is essential to ensuring all business documents are set up to protect your business such as contracts, trusts or wills. While it's fine to use a template for a contract always check it with your lawyer before you use it with another party. Remember if you do begin to refer to a contract it usually means all trust has gone from the relationship whether it's with an employee, employer, supplier or a client so it's important to have it right. This is also a sign you should seek out your lawyer.

Accountant

Your accountant will keep you up-to-date with your tax obligations and provide advice on the best way to structure your business. Businesses should talk to their accountants at least twice a year. Three months (or more) prior to the end of the tax year, so you are aware of your obligations and at the end of the financial year, so you can learn what you can improve on for the next year. Accountants also often have good ideas on how to free up cashflow because they have an objective view of the business, specifically your profit and loss and your balance sheet.

Business Coach

A Business Coach will help you draw up your business plan, set goals and keep you focussed on why you are in business. They act as an independent sounding board and will often ask the questions that you have not considered, including the best time to seek expert advice. A coach holds you accountable to your business plan and will ensure you are working on making your business successful, not just working in the business.

Financial Planner/Insurance Broker

These can be the same person or separate. A financial planner will help you plan to reach your long term financial goals. An insurance broker will help you consider your risks and decide on protection whether it's professional indemnity, vehicle or equipment insurance or income protection. You may decide not to take all insurance options, but you should make a conscious decision about what you need, rather than making a decision by default.