In the years of interviewing top decision makers throughout the brewing industry, the one piece of advice that has stood out among the rest has been Eric Wallace’s.
Wallace, the founder of Left Hand Brewing in Longmont, Colorado, a top 50 U.S. craft brewery, said in our 2016 July/August issue, that the most beneficial business strategy for his brewery was the development of a board.
His board is comprised of experts in fields of law, banking, etc. Essentially, anywhere in his business he believes could use some strengthening, he finds an expert.
The first step in that movement should be the easiest, but for many business owners it’s very difficult. That is, coming to terms that you don’t have all the solutions and you can’t do everything on your own.
Getting past that barrier can be tough for new business owners, and sometimes takes a humbling experience for realization — just hoping that “humbling experience” isn’t too severe.
While coming to terms with the need of experts at your side is essential, as you own a business I believe there is one crucial personality to your team that is often overlooked — that’s the CPA.
I’m sure my own CPA, if he’s reading this, is laughing at my statement, but it’s the truth. Early on in a business it’s important to ensure you’re within the laws of your city, state and country. At that point a legal representative is highly important, but as you move into the operating years of your business, the insight from a CPA can really save you a lot of money.
Here are a few tips for how to evaluate the CPA for your board:
Regardless if you’ve filed taxes for your first year or 10th year, we can never emphasize enough the power of a strong CPA on your team. Not only can they help save you money, but they can also be a crutch when you’re trying to develop growth strategies and how you can make adjustments for extra cash flow.