The help of the trusted business adviser has never been more in demand than it is today. From sorting through the multitude of government financial incentives (think: paycheck protection program, employee retention tax credits and a host of others) and complying with government health mandates, to dealing with unscheduled business interruptions, proposed major tax legislation and ongoing political turmoil — the word change does not begin to cover it. Now layer in the global shift in the economy, supply chain issues, not to mention employee retention concerns layered on top of the major shift to hybrid and at-home work, and it is hard to imagine a more tumultuous time.
A team approach — working side-by-side with private companies and their community of advisers — is critical. It’s the only way to find solutions to so many complex issues. So, the question of the day: Do you have the right team of advisers in place? Many business owners will say, “I think so,” or “I’m comfortable with my team; they know me and they’ve been my advisers for a long time.” But how do you know if your team is really as effective as it could be? How do you build the right team or know you have the right advisers already on your side?
Now apply the points above to you and your business. Start by taking a hard look at your current advisory team by asking yourself these basic questions:
The fully integrated interaction described above is important, because, moving in unison, your advisers can be infinitely more effective. For example, your investment adviser needs to know your anticipated tax brackets to properly evaluate if tax-exempt investments may make sense for you, just as your accountant should know if your attorney is setting up an insurance trust so the proper gift or trust tax returns can be filed.
If the answer to any of the questions is no, it doesn’t necessarily mean you have the wrong team, but it does mean that you have an opportunity to improve the interaction between your business and its advisers — increasing their effectiveness in helping you achieve your goals.
Take a few moments to think about your answers to these seven questions. Be honest with yourself, and if you don’t like what you uncover, make a point to have an open conversation with your external team to work on tangible areas of improvement for the coming year (and hold them accountable for any agreed-upon changes).
If they aren’t open to change, (hard to imagine in the current business environment) you might want to start looking for advisers willing to adapt to an ever changing economic and business environment.
Contact a member of your service team to discuss this topic further.
Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.