As business owners, we are always looking for ways to make our companies more efficient and cost-effective. However, as any successful owner or CEO knows, “most cost-effective” does not necessarily translate to “cheapest.” This is particularly true when thinking about the professional services that any small (or large) business needs. Certainly, you can make low rates a priority for basic tasks (data entry, bookkeeping, etc.), but it has always paid off to look for the best of the best in other areas, such as legal advice and financial consultation. Though you will pay more for the input of seasoned professionals, their expertise will often pay off through generating additional cash for your company.
For instance, a good attorney will be able to help you find the additional 5% or 8% value in a merger. A $400/hour rate should ultimately be a better invest than someone at $150/hour who will take longer and may not maximize your value. Or take taxes, which is on the minds of many as the April deadline approaches. Top-notch accountants and financial planners can help you find ways to limit your corporate taxes and keep money in your business. For example, your tax professional can make sure you understand new regulations such as the Small Business Health Care Tax Credit for small employers and non-profits in the Affordable Care Act, which provides a tax credit for employers who have fewer than 25 full-time equivalent employees, pay an average wage of less than $50,000 a year and pay at least half of employee health insurance premiums. (And if your accountant did not mention this tax credit, you can find more information on the IRS web site, including how to file an amended return to claim the credit.)
Ultimately, seeking out top-of-the-line professional services is an excellent investment in your business that can help you optimize your financial, tax and legal strategies for the long term. While these services will cost more up-front than other options, working with the best-of-the-best will pay dividends for your business.