Engaging professionals with different skills and proficiencies to help your business thrive is essential for success. Strong credentials, the right resources, and glowing references are important. But when you build relationships with them, they become trusted advisors with whom you’ll spend a good bit of time, so a personality fit is also crucial. “A personal connection is a must,” said Jeannine P. Birmingham, CEO of the Alabama Society of CPAs.
Every business owner can benefit from strong relationships with a banker, an accountant, and an insurance agent.
When it comes to your company, you’re the expert. You have the vision, the strategies, and the industry-specific knowledge. But business success requires more. Day-to-day operations involving taxes, payroll, cash flow, liability issues, and compliance considerations are on every business owner’s to-do list, so it pays to enlist the aid of three principal professionals to help you handle these tedious but critical tasks: a banker, an insurance agent, and an accountant.
We asked leaders in each industry why you should lean on their expertise and how to get the most out of your working relationship with each.
Banker
According to Stacey Davis Thompson, Vice President and Market Manager at Valley Bank, a true connection with a banker is always better than simply conducting transactions at a bank.
- Building a personal relationship with a banker gives you one-on-one contact with a financial expert, where you can pick up the phone or visit in-person and get the answers or direction you need in the moment. And when your banker knows you and your business, you’ll receive tailored advice to meet your unique business needs.
- It’s not just where you are and what you need right now, but they can also give insight into what you hope to achieve in the future and help you plan and set financial goals.
- Your banker is there to help, not judge, so sharing details about challenges and opportunities will create a strong understanding.
- Your business banker will be able to inform you of new offerings and programs as they come available and know specifically how they could fit you. Relationship banking is about the long-term partnership, not just a one-time sale.
Accountant
There are multiple accounting software options available, but Jeannine P. Birmingham, CEO of the Alabama Society of CPAs, makes the case for forming a relationship with a flesh-and-blood CPA, pointing to their prowess in an always-changing tax landscape.
- CPAs stay up to date on the latest tax laws and regulations and can help prepare and file taxes accurately and on time. Their expertise also allows them to provide guidance and advice that can save a business money; CPAs are trained to find deductions and credits that might otherwise be missed.
- A CPA is the most trusted financial advisor and connects to many areas of a business\’s growth and success.
Warren Averett Office Managing Member Sandy Coaker echoed Birmingham.
- An experienced accountant, with the right qualifications, can contribute industry-specific knowledge to help you achieve your company’s objectives.
- They can assist you in establishing valuable banking and vendor relationships and can help you foster other financial and business contacts to best serve your needs.
- By asking questions and sharing your goals and action plans, your accountant can effectively apply their insight, resulting in both time and cost savings, while enhancing their role as a strategic partner.
The ability to relate to real-life situations in real time is just one reward of taking your association with an accountant to the next level, according to Coaker. “Building a genuine relationship with your accountant allows them to come alongside you as you work to build a strong company,” she said. “With a deeper relationship, your CPA gains a better understanding of your business’s unique financial needs, which allows them to bring greater levels of resources through their other relationships.”
Insurance Agent
Running any business right in today’s world requires insurance. Depending on the nature of your business, multiple policies might be necessary. With almost countless insurance companies offering an array of coverage options, determining what you truly need and securing it at a cost-effective price can be daunting. Enter an independent insurance agent.
As Jennifer Hill, Vice President at Harmon Dennis Bradshaw, Inc., explained, they can be a valuable part of your team.
- An independent insurance agent has access to many different insurance companies, usually dozens, which allows them to negotiate the best coverage at the lowest rates on behalf of the business owner.
- Additionally, having an agent is advantageous when a business has a claim, as the agent helps as their advocate to resolve the claim swiftly and equitably.
- An honest and open relationship between a business owner and their insurance agent is crucial to make sure the agent is up to date with the business’s operations and any changes that might be occurring that might require a modification on their policy.
- Hill recommends touching base with your insurance agent at least once a quarter to ensure you are provided the best coverage at the best premium.
Find the Right Fit
Our experts outlined why to establish relationships with the pros to know, but they also shed some light on how to identify the right one for you.
Look for convenience and flexibility. You want a bank that offers locations close to your business with a banker who has deep knowledge of your market and industry who will be able to provide impactful advice and options to manage your finances. They should be able to offer access to competitive rates and fees, too.
Banker: Stacey Davis Thompson
Vice President and Market Manager, Valley Bank
There are three areas to consider: their credentials, experience, and client references. Ensure they hold the certification of a Certified Public Accountant (CPA), possess relevant experience and expertise within your specific field of business and have strong client testimonials from organizations like yours. These criteria will help you identify an advisor who can offer the greatest benefit to you.
Accountant: Sandy Coaker
Office Managing Member, Warren Averett
A business owner should look for an experienced agent, preferably one with experience in their particular industry. Many agencies now offer non-insurance services for no additional charge that could benefit the business owner, such as human resources, loss control and fleet and worker safety programs.
Insurance: Jennifer Hill
Vice President, Harmon Dennis Bradshaw, Inc
Cyber Crimes: Are You Protected?
Business insurance has evolved in the last 20 years. Needs continue to change as technology marches ever forward and our reliance on it increases, pushing the frequency of cyber-crimes to new highs. Today, cyber insurance is the fastest-growing type of insurance, and your business likely has some level of coverage. But, according to Jennifer Hill, Vice President at Harmon Dennis Bradshaw, Inc., your cyber policy may not fully protect your interests.
- \”Many businesses don’t realize that most cyber and crime policies don’t include or provide a reduced limit for what’s known as social engineering coverage, which is when hackers manipulate employees into disclosing sensitive information or voluntarily parting with funds,” she said.
- Since these types of claims are on the rise, ensuring your agent provides an option for this coverage is crucial.
When to Walk Away
Relationships often change, and sometimes they end. Our experts shared when to say goodbye and get to know a new pro.
“When you are treated like an account number instead of a partner, head for the door.”
Banker: Stacey Davis Thompson
Vice President and Market Manager, Valley Bank
“It is important to receive responsive, timely and good communication with your chosen CPA. It is also imperative to seek a partner who aligns with your core values.”
Accountant: Sandy Coaker
Office Managing Member, Warren Averett
“Any deceptive or unethical conduct of your agent is certainly a reason to walk away from them, but also, if the agency isn’t there to advocate for you when you have a claim, you should start searching for a new agent.”
Insurance: Jennifer Hill
Vice President, Harmon Dennis Bradshaw, Inc
Plus One: Marketing Advisors
There’s an additional pro that can help you bump up your business’s bottom line. Get to know a marketing advisor. Pam Mashburn, President and Chief Strategy Officer at exploreMedia, explained the value of their expertise.
- Marketing advisors skillfully craft plans to enhance your business\’s income streams with revenue-boosting strategies.
- They have the know-how and experience to navigate ever-changing digital options wisely while avoiding an unproductive spend.
- Marketing advisors concentrate efforts on identifying clients that generate revenue, optimizing your marketing initiatives for maximum impact.
- Unlike other protective roles, a marketing advisor becomes your partner in business expansion, propelling your brand forward strategically in today\’s dynamic market.
- Looking to scale? Marketing advisors can pinpoint those products with the least acquisition costs and the highest ROE (return on effort).
