NFIB

Finding a Business Adviser
03/ 28/ 2002


It seems that every article you read about starting a small business, or about making significant changes in an existing business, advises you to consult with your accountant, lawyer or business adviser before making any decisions. But what if you don't yet have one?

In this Workshop, professional business writer Jeff Moses gives five key tips to consider when choosing a CPA/accountant, lawyer, banker, financial planner, insurance agent or marketing consultant to help you with vital business decisions.

Don't just pick someone out at random from the phone book. Not every consultant will be experienced in helping with your particular type of business -- or with your unique situation. Ask friends and associates for recommendations. A personal recommendation is probably the best way to find the right person for you. If you can't locate someone this way, try contacting local professional associations. Ask for referrals to professionals that work with small to midsize business owners.

Even when a person you know and trust recommends someone, consider your first meeting as an interview to determine if the person is knowledgeable in your industry -- and to make sure he or she is motivated to work with a business of your size. If an attorney, for example, specializes primarily in working with businesses much larger than yours, he might not want to spend much time working on your needs. (By the way, make sure that you're not charged the professional's regular hourly rate during this initial interview. Let them know that you haven't yet hired them, and are setting up a meeting specifically to get to know them.)

At the meeting, ask them what type of clients they've had before in your field. You might ask for referrals, to see if their previous and former clients have been happy with services received.

Don't be afraid at this first meeting to mention some specific problems or needs that you have -- and encourage them to offer some suggestions. Be careful not to ask for free advice (this in itself is very unprofessional), but if you're about to embark on a long-term relationship, you should determine as well as you can how experienced and effective your consultant is.

Ask for their hourly rates, and determine when they will bill you. Ask if they bill in hourly or quarter-hour increments, and if their invoices and statements provides details of billable charges. You don't want to get caught short with an adviser who charges more than you can afford. Then again, don't even think about choosing someone based on price alone. A good adviser will save you money in the long run.

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