Feb
2022
Building Your Small Business Avengers Team
Avenging the Analogy
Beneath the lore and storyline, the Avengers are a group of uniquely qualified individuals. They each have their own story, but when the world is in dire need, they come together to form the Avengers: an unstoppable force of personality and skill. An entrepreneur is an impressive force, just like Iron Man or Black Widow fighting evil solo. However, nobody can deny the benefits of assembling the Avengers team to combat the greatest challenges.
Admittedly, small business owners today will not likely face large-scale alien invasions. Yet,
the challenges they encounter may be just as tricky. That is why it is a good idea for every entrepreneur to build their “Avengers Team.” Iron Man is talented, especially when the fight is in the air, but he cannot be in two places at once. That is why he has a plethora of teammates covering him on the ground.
What an Attorney Brings to the Team
For a small business, the optimal Avengers team includes an attorney. Business attorneys can help entrepreneurs make practical decisions. In addition, prevention and foresight are essential to small business success. These two skills are in every competent business attorney’s arsenal. Below are a few of the other “superpowers” attorneys may bring to the small business Avengers team.
Choosing an Entity: Attorneys advise clients what form of business is best suited for each startup. For example, there are pros and cons to selecting a partnership, limited liability company (LLC), or corporation. A business attorney explores those options, makes reasoned recommendations, and files the necessary legal paperwork. Other startup protocol includes obtaining a business license and providing notice of your intent to start a business- this varies by state. Thus, an attorney guides clients through all the relevant business considerations unique to their situation.
Contracts: Business attorneys frequently review contracts. This process protects small businesses by spotting contractual risks and ensuring the entrepreneur receives sufficient value from the terms of the agreement. One could say attorneys have X-ray vision, at least when seeing through legal jargon.
Hiring Employees: Employment is a specialized area of state and federal law that creates compliance requirements for employers. Working with an attorney to build employment practices protects small businesses against lawsuits. It also ensures your business is compliant with relevant laws. Even preparing a handbook has more nuances than one might imagine, and an attorney can help with that too.
Intellectual Property: If the business involves trade secrets, patents, trademarks, or copyrights, a business attorney can offer advice on maintaining the intellectual property rights associated with each. Additionally, consulting an attorney is essential to properly manage situations where another business or individual infringes on those intellectual property rights.
For more information on selecting a small business attorney, check out the following articles: “How to Choose an Attorney for Your Small Business” and “Finding the Right Lawyer for Your Business” located on the Penn State Dickinson Law Inside Entrepreneurship Law Blog.
What an Accountant Brings to the Team
Certified accountants are wizzes with numbers. They make sure no one overlooks the financial details and fine print. Small businesses are often strapped for cash as-is. Therefore, protecting capital from expensive accounting mistakes can help an entrepreneur in the long run. Some of the “superpowers” an accountant will bring to an Avengers team are highlighted below.
Tax Expertise: Taxes are one area that can run an unnecessarily large bill if done improperly. Accountants ensure that financial filings are complete and accurate. This function is crucial for complying with relevant tax laws and federal regulations.
Financial Statements: Financial statements provide snapshots and overviews of the state of the business. These are crucial for internal planning, budgeting, growth forecasting, and understanding how the business performs. Financial statements are also important because banks and investors often require them before small businesses can access financing. Relatedly, accountants create financial forecasts for personal use and financing requests.
Making Decisions: An accountant who understands the business is an asset to the team when considering opportunities and growth avenues. Accountants can evaluate the business’s financial position and determine the viability of new product or service ideas. Managing cash is often a problem for new businesses, and accountants guide clients to savvy spending practices that help entrepreneurs sustain their businesses long-term.
For more information on the “powers” of an accountant, check out “Dynamic Delegation: When to Use your Accountant Versus You Attorney,” located on the Penn State Dickinson Law Inside Entrepreneurship Law Blog.
“A” is for Accountant and Attorney. Anyone Else?
Yes! “A” is also for anyone else who can serve the entrepreneur and small business. Fortunately, some excellent organizations and professionals want to be part of the small businesses’ Avengers team. Business owners should consider connecting with a banking professional who can provide them with the best advice regarding financing and loan options. Additionally, maintaining business bank accounts is very important. Thus, the relationship with a banking institution is an excellent addition to the team.
Entrepreneurs should also consider connecting with SCORE. SCORE is a nonprofit organization that provides free services to entrepreneurs, including one-on-one mentoring with a dedicated volunteer. SCORE also offers connections to valuable business planning resources, financing advice, licensing guidance, and more. In addition, entrepreneurs may familiarize themselves with the Small Business Administration website, which offers numerous resources and helpful information. Ultimately, there is no limit on finding valuable additions to a small business Avengers team. However, starting with these few key members is a great way to ensure a small business is ready to tackle any challenge.
Sources:
https://www.score.org/blog/does-your-small-business-need-lawyer
https://www.kamlawfirm.com/10-reasons-hire-small-business-attorney-for-startup/
https://mileiq.com/blog-en-us/do-i-need-lawyer-start-small-business
https://www.freshbooks.com/hub/accounting/why-is-accounting-important
https://www.score.org/about-score
Photo Credit:
https://www.amazon.com/Birthday-Place-Avengers-Edible-Cupcake/dp/B008VUPQKK
https://covid19relief.sba.gov/
Foday Turay
February 12, 2022 at 6:25 pm (3 years ago)Hi Savannah,
I enjoyed reading your article, and by the way, great hook. It was nice reading a different style of writing. Your article can serve as an excellent tool for any entrepreneur looking to decide what team to assemble, and I totally agree, as a business owner having the right team is imperative for a successful business. Sometimes an employer has to have the right information on specific individuals in order to make the right decisions. I believe your article is very insightful and also engaging.
Abbie
February 13, 2022 at 9:21 am (3 years ago)Hi Savannah,
Well done! I really enjoyed reading your article. Your ability to take a concept (such as a business team) and put it in terms that most people can understand (the Avengers) is phenomenal! The comparison you made not only help catch my attention from the beginning, but helped sustain it throughout the read.
Also, the information you shared is relevant and important for entrepreneurs to read. It can be easy for them to want to do everything on their own, but there is so much value added when they can expand their team and bring on additional people with other areas of expertise. I think you did a great job explaining what those areas are and the stakes involved if the entrepreneur decides not to bring on other people.
Again, great job!
Abbie
Taylor Mosley
February 14, 2022 at 11:00 pm (3 years ago)Great post! Your title drew me in! I really like how you breakdown what the attornery brings to the team. Your description of each subheading was easy to read and understand. I think you did a great ob of highlighting what the account brings to the team. I enjoyed reading your post.