The value of an advisory team when starting and growing your business

When starting or growing a small business you may have many questions. Getting the right answers to these questions, at the right time, is essential to building a successful business. Having an advisory team that consists of business professionals with the right expertise, could provide the answers, guidance, information and support you need to make the right decisions for your business. Lawyers, accountants, business consultants, industry specialists, and subject matter experts are some professionals who can add value as part of your small business advisory team.

During the start-up of your business, lawyers and accountants are especially valuable. They will be able to offer recommendations on what type of business to register, such as a sole proprietorship, partnership or incorporation, and advise you on any government regulations and/or licenses that may be required for your business. Lawyers can provide guidance and services which may include buying and selling companies, trademarks, commercial contracts and other various legal agreements. Accountants can offer advice and services including developing and managing an effective bookkeeping system, filing of income and other business taxes, and helping with payroll.

Business consultants are valuable as an advisory team member as they can offer strategic guidance and services such as writing a business plan, developing operation strategies, sourcing funding and grant opportunities, and assisting with staff requirements.

Industry experts are valuable in that they may be able to offer advice on what steps you need to take to get started and answer questions that may be challenging to your business; for example, how to import, export, or manufacture a specific product. Subject matter experts are often brought in on an as-needed basis to support specific projects that are essential for the development of your business and outside your area of expertise. For example, a subject matter expert may be a technology expert that can advise you on how to launch a mobile application. Or, if you are taking your business to the international marketing, you may have someone advise you on how to do business in that country.

In addition to putting together an advisory board, there are other supports available which includes resources from the Federal, Provincial and Municipal governments. The City of Mississauga’s Mississauga Business Enterprise Centre (MBEC) is an available resource to support the development and growth of Mississauga businesses. MBEC is a central place to get the guidance, resources and information you need for your business. MBEC offers support to help you navigate government requirements, including help in registering your business. Other services include low-cost or free workshops and seminars to help develop essential business skills, such as sales, business planning, and digital marketing; entrepreneurship programs with training and grant opportunities; and one-on-one consultations and business plan reviews. If you have business questions and not sure where to start, MBEC staff is available to help!