The right professional advice can help you avoid costly mistakes and make better decisions as your business grows. But what advice is worth paying for? The answer to this question depends on the kind of business you run.
For example, if you’re an accountant running your own business, you know your way around a profit and loss statement and understand the difference between capital gains tax and payroll tax. You might need help with web design, marketing or creating the perfect advertisement to attract new customers.
On the other hand, if you’re a digital marketing professional, you’re likely to be up to date with the latest changes to algorithms but might need professional help to lodge your tax return or Business Activity Statement (BAS).
The key is to know your strengths and to consider paying for expertise where don’t have the skills, experience or qualifications to get the best result for your business. Here are some general areas where it may be worth consulting a professional.
Tax advice
Tax rates are always changing and tax deductions can be confusing to the untrained eye. If you’re paying someone to lodge your tax return or BAS, it’s important they’re a registered agent. This means they are fully qualified, bound by a code of conduct and the documents they lodge on your behalf will be protected under their professional indemnity insurance.
Using an unregistered tax agent could put your business at risk. You can check whether your agent is registered by looking for the registered tax practitioner symbol and use the Tax Practitioners Board’s online register to search for your agent. Contact the Tax Practitioners Board if you discover the agent you’re using is unregistered.
Financial advice
You might decide to consult an accountant or financial adviser for help with different aspects of managing your business. An accountant can help with company structures, financial reporting, budgeting, cash flow and understanding your business’s financial position. A financial adviser can provide advice about areas such as managing your finances, investing or planning for the future.
It’s important to find a certified accountant or financial planner, which means they have a licence to provide financial advice. Not all financial advisers work in the same way. Some depend on commissions through banks or financial institutions and will only recommend certain products or solutions, while others are more independent but might have a different code of ethics or pay structure.
Read our guides on choosing an accountant or financial lender for more information.
Legal advice
There’s no doubt the world of business law is complex. A lawyer can help you to review and negotiate your business contracts, leases and other documents to to help you understand your legal obligations and protect your interests.
For advice on how to find the right lawyer read our guide: Choosing a lawyer.
Cyber security
Cyber security vulnerabilities can have a significant impact on your business, customers and suppliers. With more businesses using cloud based software and portable devices to store and access information, it’s important that your systems and data are protected from theft, damage, corruption and accidental or illegal access.
A cyber security professional can help you identify vulnerabilities in your systems, improve your security practices and put measures in place to protect your business from cyber threats. This can be particularly valuable if you store sensitive customer information or rely heavily on digital systems.
Marketing advice
If your idea of branding is throwing something together in Word or PowerPoint, you might benefit from sales and marketing advice. You can find a range of expertise on branding, web design, copywriting, graphic design, digital marketing, social media marketing and more from a growing number of agencies or independent freelancers. If you need advice on the creative elements of your business, take a look at our tips for finding the right contractor.
Before you engage a professional
Getting the right advice can make a big difference to the way you run your business. But professional advice isn’t always the answer. Before outsourcing a task or engaging an expert, do some research to understand what you need help with, what the professional will provide and how their advice could benefit your business. This could include:
- Attending one of our low cost small business workshops can help you get the insights you need into areas such as financial management and marketing.
- Accessing our practical information guides.
- Making use of our free business advisory service.
