Getting helpful advice and taking action on it is something I highly recommend for all business people.
The good news is that there is a surprising amount of helpful business advice all around us. (Including from your accountant.)
Here are three of the many ways that accountants might be of help...
1: An accountant can help you to find great suppliers
If you ask your accountant they can usually give you the names of some really good business suppliers to deal with.
These could include professional advisors as well as normal trade suppliers.
I discovered this myself when I wanted to find a great printing firm to use.
I went to my accountant and asked "do you know a really good digital printer that you could recommend?'
My accountant suggested I talk to a particular printing business they knew.
This has been one of the best business recommendations I've ever had.
I've now used that business for a huge amount of printing and I've given them a lot of referral business as well.
2: An accountant can help you make your business more valuable
A popular reason for owning a business is to enjoy a good income and have more freedom and control over how you live your live.
Another reason for owning a business is to make it a valuable asset that can potentially be worth hundreds of thousands of dollars (or more) when you sell it.
What many business owners forget is that it takes at least 2-5 years to make a business super valuable for a potential buyer.
And that's where your accountant is so useful.
Let your accountant know that in a few years' time you want to make your business immensely attractive to a potential buyer who will pay you a lot of money for it.
Schedule a regular meeting with your accountant several times a year and have the focus of the meeting on making your business more valuable.
Ask your accountant "What do I need to do to make my business more valuable if I choose to sell it in the next few years?"
Your accountant will advise you on some of the steps you need to take.
This might involve working with outside experts like business brokers, sales and marketing consultants, mentors and many others.
You will be amazed at the difference this makes to your current profits and revenues when you have this focus.
(The right advice here can also put tens of thousands of dollars more money in your pocket when it comes time to actually sell your business.)
3: An accountant can help you to grow your wealth
One of the big advantages of owning a business is that when it does well you can earn an excellent income from it.
And that's where the advice of your accountant is so useful.
Your accountant can often show you how to channel a small amount of your hard earned money into productive investments that will pay you income and grow steadily over time.
I was speaking with Kanu Patel the owner of Patel Pike & Associates recently.
Kanu explained how he has helped many of his business clients to purchase and pay off their own commercial premises. (The end result is they end up owning a substantial income producing asset.)
Kanu said this was possible for many business owners to do if they received the right advice and help.
The bad news is that we may not always take advantage of the helpful advice that is already available to us.
So I recently wrote a 16 page business guide called 'Solid Gold Business Advice- 11 proven ways your accountant can help you to quickly improve your business results'.
It's available at no charge to Herald readers from this link.
This guide explains how your accountant can help you to increase sales, slash expenses; boost your profits and much more.
You may like to download and read this guide. (There is no registration required.)
There are many ways to improve your business results.
The starting point might be something as simple as talking to your accountant more often and asking them for some helpful advice.
"To accept good advice is but to increase one's own ability" - Johann Wolfgang von Goethe
What advice or help could your accountant give you that you may not be taking advantage of right now?