Select Your Professionals
Research and select your professional service providers and describe your professional services.
At a minimum you will want to consider the following professionals for your team: lawyer, accountant, bookkeeper, Industry expert, business advisor, and graphics designer.
Selecting Professionals
Take some time to research and select your professional team. You may be getting married for a long time, assuming your business will be successful. Changing professionals can be disruptive and costly.
Questions to Ask Your Banker
- What services do you provide for small business?
- Under what circumstances would you lend money to a new business?
- What interest rate and what fees would I pay on a term loan or an operating loan?
- What are your policies regarding to security and collateral?
- When lending to a small business, what do you consider to be the minimum and ideal percentage of owner equity or investment?
- What is your experience or impression of the business (restaurants, tourism, service, etc.)?
- What size of loans do you make the decisions on before having to refer the package to a higher authority?
Questions to Ask Your Accountant
- Describe your services for small business.
- What are your rates for accounting? What are your rates for bookkeeping?
- For a business of my type and size, what are the annual accounting and bookkeeping costs?
- Can you tell me how much it would cost to set up my chart of accounts?
- If necessary, would you be able to prepare financial projections for my business?
- What accounting software do you use? Do you use email?
- What are your payment terms?
- Who would you recommend as a banker or lawyer for a business like mine?
Questions to Ask Your Lawyer
- Please describe your services for small business.
- Can you tell me what area of law you focus on (seeking experience with corporate and contract law).
- What are your hourly rates?
- Can you tell how much it will cost to set up my proprietorship, corporation, etc.?
- What word processing software do you use?
- If necessary, can I communicate with you via email?
- What are your payment terms?
- Who would you recommend as an accountant for a business like mine?
Questions to Ask Your Bookkeeper
- Please describe your services for small business.
- Do you have the ability to provide monthly draft financial statements?
- How many and what types of small businesses do you currently provide bookkeeping services for? Can you provide me with three references?
- What training or background do you have as a bookkeeper?
- How many years’ experience do you have providing bookkeeping services?
- What equipment do you currently have in your office, and what accounting software do you use?
- If necessary, can I communicate with you via email?
- What are your hourly rates?
- What are your payment terms?
View the Example: Professional Services
Action
If you have set up a working copy of your business plan using the Shell™, this information will be entered under section 4 “Operations” under the heading 4.6 “Professional Services.”
To complete this Element you will need to do some networking to get name referrals; then:
- Prepare in advance by determining what you wish to learn from each professional.
- Within the business network in your area, ask for names of recommended professionals.
- Contact the professionals you wish to consider and arrange a meeting to discuss your needs.
- Decide which advisors you will engage and enter their information into a table in your business plan.