My Lawyer, My Banker, My Accountant

My Lawyer, My Banker, My Accountant- by far the three most important people in my business life. They are the first three people on speed dial, on my office phone, but what makes them a vital part of what any entrepreneur does? Money comes in, it goes to the bank. The accountant analyzes every single number that is connected to an entrepreneur and their business. The lawyer minimizes trouble. Or handles issues that need to be screened.

First let me discuss about why it is good to invest in a strong law firm to back you up. In business law, there are way too many things to keep track of and laws are constantly changing, so it is virtually impossible to work without a lawyer for me. I personally believe lawyers cost less when they are working with you before you have a problem and they send you a big bill. Entrepreneurs are usually trying out a bunch of new ways to grow a business and it's just good to have a lawyer review what you are doing because it can save you from a big mess. Other times people are just looking to shut you down in any way they can, so it is better to have a lawyer deal with your issues, than you having to take on a big battle.

I keep my bankers extremely close. While any investor has their banker keeping an eye on their wealth, I believe they only keep a close eye on your wealth, when you keep a close relationship with them. Getting the best interest rates for money in the bank, helping invest funds, whatever it may be, your banker has to have an excellent relationship with you. In my opinion, I don't really think it matters whether you have a billion in the bank, or a dollar, stay close to the people who hold your money.

Out of the three, I probably communicate the most with my accountant. Lets face it, my lawyer "takes" my money, my banker "makes" me money, but my accountant saves me a lot of money. If anyone doesn't manage their numbers correctly, they can probably spending more than they should. If I made $100 and I spent $100, I'd be back in the same spot. With the knowledge of an experienced and smart accountant, it usually benefits most entrepreneurs save money.

Everything I just stated might be common sense. But I haven't gotten to the point yet. The MOST important thing is; the fact that everyone communicates with each other, probably more so than I communicate with each of them. I think the accounting firm probably is more connected with my law firm and my bankers than the bankers and law firm are with each other, but nonetheless, they all have to work together. If they didn't work together and communicate, I'd be doing a lot of unnecessary "middle-man" communication, which would be a waste of time.

How good do your "important three" work together?