Advisory Team

Today TaxMama hears from Edward in PA, who asks, “Can you address the ins and outs of building a personal financial team?

Who are the key players needed on this team?”

Hi Ed

As it happens, Chapter 1 of Small Business Taxes Made Easy talks about building an advisory team, as one of the very first business set-up steps.

Who should be on it?

TaxMama thinks these are the important players for any business:

Your tax professional, your attorney, your banker, your insurance broker, at least one of your principal vendors – the one you probably get your most important materials or supplies from. If you have any corporate/large group accounts, consider having an officer from there join your advisory team. If a major component of your business is shipping, I’d get an executive from your shipping company on board, too. You have no idea what a wealth of contacts and resources they can be!

If you have an experienced business coach, keep your discussions private and objective – and out of the fray of a group meeting.

Limit the group to no more than 10 people, to make in-person meetings easy to manage.

Though, these days, you can hold meetings online rather inexpensively.
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Ask me about that.

Think about including your office manager. Why? They usually work their soul out for the company and knows more about what’s going on in the office and with the staff than anyone. Include them in your vision and planning.
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They will know the possibilities available with your resources – and be able to point out limiting factors that you can correct in order to grow.

And remember, you’ll find answers to lots of questions, about business growth and other tax information, free. Where? At

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