The management of a small business is a formidable task. It requires the establishment and oversight of the financial and operating systems and procedures that the business will utilize. It involves marketing skills, financial skills, and people skills. It requires concern about and attention to detail, while delegating those matters to employees.
Consequently, the owners of most small businesses could benefit from the assistance and insight of an experienced business lawyer and of an experience certified public accountant.
However, such professionals are often too expensive to put on the payroll as full time employees. Their effectiveness is diminished by the fact that the business owner has only sporadic contact with the professional over the phone, or at the professional's office when the professional has an opening in his or her busy schedule. This kind of relationship often results in the professional not really being familiar with the specifics of the business, and with the professional being contacted only when there is a problem or a crisis. It diminishes the ability of the professional to provide counsel and advice that could help the business run with fewer crisis and problems.
Some businesses have found that the best way to get that counsel and advice is to contract with the lawyer or certified public accountant to work out of the office of the business for a set time each week (e.g. from 1 to 5 p.m. each Thursday). Under such an arrangement, the professional's time is dedicated exclusively to the business owner, and the business owner can have the benefits of a "Chief Legal Officer" or "Chief Financial Officer" one afternoon a week. The business owner can set an agenda of things he or she wants to cover with the professional in a setting where the professional's undivided attention is available. This arrangement disciplines the business owner to set aside a few hours each week to review how the systems of the business are operating and whether they need to be changed. It provides a time for the business owner to think about and deal with a variety of issues with a trusted business advisor.
