Using professionals in your business: You get what you pay for
Filed under: Entrepreneurship
When anyone starts a business, one of the main concerns is cost control. Even with the smallest of businesses, your cash is valuable and you want to spend it carefully. But there are certain things which you shouldn't do without, and that's the help of qualified professionals.
I've often heard of new small business owners who have found an attorney or accountant who will help them "for free" or who is willing to barter for services. I'm a believer that you get what you pay for. If you are paying nothing for your legal advice, there's probably little real value that you're receiving from the lawyer.
Let's face it, the good accountants and attorneys get paid for their work because they're worth it. Those who aren't getting paid probably aren't giving advice that's worth much. In the areas of law and taxes, you shouldn't skimp and try to save a buck. It's not worth it in the long run. Find a good professional and pay for their services. It's worth the money!
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
I've often heard of new small business owners who have found an attorney or accountant who will help them "for free" or who is willing to barter for services. I'm a believer that you get what you pay for. If you are paying nothing for your legal advice, there's probably little real value that you're receiving from the lawyer.
Let's face it, the good accountants and attorneys get paid for their work because they're worth it. Those who aren't getting paid probably aren't giving advice that's worth much. In the areas of law and taxes, you shouldn't skimp and try to save a buck. It's not worth it in the long run. Find a good professional and pay for their services. It's worth the money!
Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.
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Reader Comments (Page 1 of 1)
3-04-2008 @ 9:17AM
John C Moore said...
This advice is terrible.
What really struck me about the article is the words "for free" and the statement "you get what you pay for". Nothing is free. A person that is bartering is paying with their own goods or services. How is that "free"?
When I started my first business 20 years ago I didn't have the funds for promation materials. Exchanging the service I provided allowed me to get 20,000 flyers printed and delivered.
Every year at tax time I exchange services with my Chartered Accountant.
Also bartering for entertainment such as restraunt gift certificates, tickets for plays and stays at expensive B&Bs seems to keep my wife quite happy.
But hey...I guess these things hold no value as I received them "for free".
Ask Google if they thought the acquisition of You Tube for 1.65 billion dollars in Google stock was "free". That barter agreement seems to have worked for both parties.
That's what reciprocal bartering is, a win win situation.
Regards
John C. Moore
Founder
http://www.u-exchange.com
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3-10-2008 @ 11:30AM
Debbie DeSousa said...
As an adviser that business oners come to for advise you should learn the benifits of barter.
I find it very interesting that many businesses will choose to go broke and close their doors instead of barter. They think they can only accept cash. Because they do not understand how to use money (all forms of money) they go out of business. During these slow economic times barter becomes even more important for business owners. Just like people in third world countries that barter for survival business owners can barter for their survival also. Don't wait until it's to late learn how to grow your business through barter and stay ahead of your competitors.
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