You need trusted advisors, but finding the right ones can be challenging. Here’s how to build a solid team.

As a business owner, you understand the significance of having the right team — and this extends beyond your immediate staff and freelancers. Savvy leaders recognize the value of assembling a trusted group of professionals to help steer your business, akin to having a personal board of directors.

Today, this need is more pressing than ever. The 2023 State of Women survey reveals that 60% of small and mid-sized business owners are feeling uncertain about the U.S. economy's outlook for the next year. It's precisely during such times that seeking expert guidance becomes crucial. Receiving timely advice can significantly reduce stress.

Expanding Your Network

While nearly 59% of small business owners identify a financial advisor as one of their top three trusted resources for investment knowledge, 47% rely on family and friends. While family support is valuable, experts emphasize the necessity of a broader, more diverse circle. Shea Treadway, a senior vice president at a leading financial group, notes, “Casting a wider net allows you to gain insights from varied experiences and expertise — there’s no downside.”

This approach seems straightforward, yet many misconceptions hinder progress. Entrepreneurs often feel time-crunched, particularly in the startup phase. They may delay engaging advisors, doubting the size of their business or the urgency of their inquiries. However, like retirement planning, starting early is key. “Assembling a trusted team sooner can lead to better pathways for your business, improve employee retention, and prepare you for future challenges,” Treadway advises.

Key Professionals to Consider

CPA: A CPA is essential for any business. “Business taxes are complex and differ greatly from personal taxes. Misleading online information can lead to costly tax errors,” warns Brian Preston, a certified financial planner and author. A knowledgeable CPA can guide you to make sound decisions and maximize tax advantages.

CFP: A financial planner is indispensable, according to Preston. “A skilled financial planner acts as a quarterback, bridging the gap between your business's success and personal financial growth. They assist in decisions related to business reinvestment, diversification for financial independence, and optimizing retirement and estate plans.”

Top financial advisors excel at having meaningful conversations to uncover their clients' true challenges and aspirations, Treadway adds. They help clarify your hurdles and future ambitions.

Attorney: An attorney is crucial for asset protection. Their role extends beyond contract negotiations; they provide guidance on new ventures, hiring practices, real estate, and more. They serve as your initial line of defense during emergencies. “Having a reliable legal expert brings peace of mind and ensures you have dependable answers tailored to your business needs,” Preston states.

An Expert for Your Weak Points: Recognize that you can't excel at everything. As you build your advisory team, pinpoint your weaknesses. “If you're venturing into a restaurant but lack marketing skills, or you excel in sales but need distribution guidance, seek an expert to address those gaps,” Preston suggests. Finding knowledgeable individuals to enhance your strengths is vital.

Where to Connect with the Right Professionals

Every professional knows the importance of networking, Treadway insists. “Don’t hesitate to enter unfamiliar spaces and say, ‘I’m here to learn.’” Confidence and a willingness to step out of your comfort zone are essential.

LinkedIn is a powerful tool; have you explored it recently? Ask connections for introductions to new contacts. Utilize this platform effectively, and offer to treat them to coffee or lunch as a gesture of appreciation.

Consider joining local and national organizations for small business owners. “I belong to a business network that provides structured meetings to discuss both current and long-term challenges,” Preston shares. “Diverse sectors minimize conflicts of interest, allowing for genuinely helpful advice.”

Friends and family can also be great resources. Instead of only asking for immediate connections, inquire if they can introduce you to more distant contacts.

Most importantly, when meeting new individuals, be open about your needs, Treadway encourages. “People are drawn to those who express vulnerability and a desire to learn. Don’t hesitate to share your goals — others want to assist eager learners.”

For more insights on building your team, visit principal.com.