The Value of Having an Accountability Network

4-women-laughing-black-and-white

 

En route to achieving business success, your journey will eventually lead to a fork in the road.  Should you choose to continue along the path you’ll be escorted to a treasure chest filled with powerful tenets to help you along the way.  

Well…..that’s if you’ve established an accountability network.

Your company strategy is your formula for success, your modus operandi for money management, handling legal issues, determining financing options, insurance considerations, choosing the proper strategy, and more.  Bolster your business strategy so it gains momentum and continually strengthens in the marketplace, by adding five absolutely essential people to your accountability network.

  1.  Certified Public Accountant (CPA)

Let’s begin with the notion of managing money.  Empires large and small will rise or fall when it comes to the golden rules of money management because the bottom line is every business decision is a financial decision.

A CPA is a trusted financial advisor and acts as a consultant on many issues, including taxes and accounting, “A CPA is an invaluable and indispensable part of an accountability network because CPAs  help chart the paths of businesses,” explains Steven T. Cho, CPA, and Founder of Chosen Financial Services.

  1.  Attorney

“Having an accountability network can be incredibly valuable because the truth is we don’t know what we don’t know. Attorneys have the ability to spot potential legal issues that others may not have even considered. For example, I am in a Mastermind Group with other women entrepreneurs (non-attorneys) and recently one of them shared that she is hosting a live conference with some pretty dynamic speakers. I asked her if she had presented her speakers with a contract that specifies the terms of the engagement and she honestly had not even thought about it. She was quite grateful for me pointing out the importance of having a contract,” says attorney and business consultant Nakia Gray.

  1.  Banker

At some point, financing may become an option to assist with cash flow or perhaps a capital expenditure.  Long before you begin the application process, it’s important to have formed a relationship with a banker – not just a bank.  After all, the relationship business is still the people business.

  1.  Insurance Agent

An insurance agent can save your company a considerable amount of time, frustration, and money in premium and claims costs.  A quality insurance agent will help you navigate general liability insurance, property insurance, errors and omissions insurance, worker’s compensation, and commercial auto insurance, for example, to arrive at a policy that best suits your needs.

  1. Business Consultant

It’s not uncommon for me to uncover crucial problems in strategy, most often those of execution and adaptation.  Whether you’re starting a new company or growing an existing business, a business consultant will work with you on strategy, problem-solving, and planning – effectively enabling your enterprise to leverage specialized knowledge to improve market position.

Now it’s time to take a step forward.  Find the right people to support your genius while holding you accountable.

Written by Tina Montez

Tina L. Montez

Tina L. Montez

Tina L. Montez earned her MBA from Dominican University of California, and B.A. in journalism from Duquesne University. She is a small business expert, award-winning journalist, and former WGBH-TV/Corporation for Public Broadcasting Fellow.

 

Walker's Legacy is a growing global women in business collective founded to establish networks of empowerment and access for women of color in business.

FOLLOW US ON

0 Shares
Share
Tweet
+1
Pin
Share