Part of running a business means ensuring you have the necessary funds to make sure everything is operating smoothly. While hiring less-qualified consultants can save money in the short term, there are some experts that you absolutely need the best of if you want your company to run effectively. Here are five professionals your company can’t afford to underpay.
Running a business includes significant financial responsibility. Every day brings in credits and debits that need to be balanced, payroll to manage, and taxes to calculate. It should be staffed by people who can do more than work their way around a spreadsheet. An accounting degree is the very least you need in your chief accountant. You don’t want to settle for the minimum, however, so get someone with extensive experience in both accounting, financing, business insurance, and can give professional financial advising. Without the very best heading the management of your business’s funds, you won’t be able to achieve the company growth and prosperity that you want.
Legal counsel is essential for any business. Even if you aren’t a defendant or plaintiff in a case, you should still have one on retainer. Lawsuits can arise at any time, and there are many pitfalls in the legal system that will require professional advice to navigate effectively. Look for lawyers that specialize in business law. While it may be tempting to get someone who practices only general law and doesn’t have much experience (and therefore is cheaper to retain,) you put your company at risk. If your lawyer isn’t able to correctly work within the legal system, either in court or on an advisory basis, you may find yourself needing to hire a legal malpractice attorney to cover up any negligent practice that occurs on behalf of your company. Hiring only the most qualified lawyers at the start will save your company a great deal in the long run.
Getting your name out there is a must in order for your business to succeed. Even if you think you know a few things about marketing, you should still hire a professional marketer to head your marketing department, or even outsource to a separate marketing firm. They can help you come up with a winning marketing strategies that will put you at the head of your industry. Make sure that you have someone who is experienced in performing market research to make sure that your company is on top of all of the industry trends, or else you risk becoming obsolete in an ever-changing market. Don’t think you can set up one marketing campaign and run it forever; your marketing needs to be continuously updated and run by an experienced professional if you want it to be effective.
Your business might not specialize in technology, but you should still have people available who can handle technical issues. No matter what your industry today, technology is the backbone to any company and needs to be updated as advances come to light. This is more than just machinery and computers, however. You need an experienced IT consultant who can direct you in proper cyber security measures to stay on top of keeping your company’s private information, including employee records, safe from hackers and malware. This consultant should have many years of experience working with all kinds of business technology, as well as a degree in computer science and technology.
This is one department that is often overlooked when it comes to essential functions of a company, but it is just as important to the function of your company as any other. A pro-active HR department should be able to suggest and implement company policies that will prevent workplace harassment, as well as ensure that your employees are working under optimum conditions. As needs arise, an HR department handles all sorts of issues that, if left in the hands of an amateur or indifferent manager, can easily escalate into lawsuit and poor employee retention. Get someone with extensive business experience in human resources, and who has relevant education that qualify them to work as your professional employee advocate.
When you have qualified professionals at your disposal, your company can do more than function; it can grow. Settling for second-best looks good on the payroll, but if you don’t have the very best working at the head of your essential departments, you open your company up to financial loss and legal penalty. Take the time to get the very best professionals in each field so that your company is free to focus on becoming the best in your industry.