Running a business is much easier when you have good relationships with staff, customers and suppliers. In fact, many would say business success is largely attributable to the trust and level of service that comes from great relationships.

Relationships with external advisors such as lawyers, business coaches, designers, marketers, mentors and accountants are very important to the running of any business. How would you rate the relationship that you have with your external advisors? Are they proactive in helping you to achieve your financial goals, or do they just sit back and wait for your queries?

For example, did you know that a good relationship with an accountant can save a client tens of thousands of dollars a year? I am an expert in tax planning and I have worked with numerous clients to put their businesses in the best possible position come tax time. But I am only as good as the information I receive. More often than not, the information I get from clients is not black and white. It takes in-depth discussions with the client to understand their position and educate them on tax matters; only then can we get the true benefits of the tax advisor relationship.

You should use trusted advisors to create real value in your business

Successful entrepreneurs and business owners are more likely to turn to their trusted advisors for advice on what they need to do to improve growth, profit and cashflow. And the services of a proactive accountant are at the core of this trusted advice.
You should use trusted advisors to create real value in your business. Ask questions to make sure you are getting what you expect. Ask these questions early on in the relationship and again later if you are still unsure. Do your due diligence before engaging your advisors and keep the dialogue going as you and your advisor develop the business relationship.

The other advantage of maintaining strong relationships with external advisors is the time it frees up in your day so you can focus on the things that matter most to you. As a business owner, you can try and do everything yourself. However, this can be exhausting! It also takes time away from running your business, which is what you are good at, after all.

You need to get on with running your business. Get experienced help and advice for the rest. The outcome should be a better business and a better work–ife for you, as you will remove the stress of trying to do (and know) everything about running a business.

At RTO Accountants we’ll provide you with specialist advice on vocational education business structuring, tax planning, cashflow and strategies for growth and profit. If we can’t answer your question directly, we’ll recommend our trusted external professional partners for further advice. If this sounds like the kind of advisor-client relationship that will work for you, and your business, contact us today.