Starting a business can be intimidating. You need money to live on, money to buy equipment and money to pay staff; all while finding customers and complying with the relevant laws. Lawyers and accountants are expensive, which can make it tempting to forgo these services to reduce your costs.
This would be a terrible mistake. You see, running a successful business requires you to leverage the skills of several professionals. Accountants and lawyers are almost always necessary, and depending on the type of business, you may need help elsewhere.
The Importance of an Accountant in Small Business
According to an MYOB survey of SME owners, nearly half the participants said their accountant was the first person they speak to when their business is in financial difficulty.
But accountants play a far bigger role in small business than they once did. Rather than just being called up during tax time or during times of crisis, they offer a constant source of financial insight and advice throughout the year. This helps businesses grow and remain profitable.
Running a business is difficult, especially during the early periods. An accountant can keep track of tax changes and other financial implications for your business. If you’re buying a business, an accountant can offer important advice about its financial health and how to structure it going forward.
The Importance of a Lawyer in Small Business
While many new business owners understand the importance of an accountant, some think a lawyer is unnecessary. This results in avoiding legal help until it’s too late. By too late, we mean they are in legal trouble that could otherwise have been avoided.
Australia’s judicial system can be complex. A business owner rarely has the time to examine and reflect upon every legal consideration. The right lawyer can do that for you. They should have experience in your industry and take the time to educate you about the legal matters of your business.
A lawyer also offers security and protection. You need to protect your intellectual property, including your business’s logo, name and brand through trademark and copyright protection. A lawyer can take care of these issues while you concentrate on other important tasks relating to your business.
Engage an Experienced Business Broker
Most mistakes made by new business owners could have been prevented if they’d gotten the right, expert advice. The consequences of these simple mistakes can be devastating in the business world. Avoid the risk and use professionals for important tasks.
If you’re thinking about buying a business, you should get in touch with an experienced business broker. They can provide valuable information about the businesses they are selling, as well as offering advice, and helping to find a good fit for you.
LJ Hooker Business Broking is Australia’s leading business broker. Based in Sydney, we have extensive experience buying and selling quality small businesses and franchises like Dominos and Michel’s Patisserie.
Call 02 9552 1111 or contact us online to find out more today.