Most of what I learned about Small Business came after starting my own. good creative writing source site example introduction paragraph expository essay que pasa si tomas dos viagras changing essay common application https://www.getthereatx.com/capstone/disadvantages-of-internet-use-essay/7/ viagra popups is roman sildenafil safe vergoeding cialis vgz pah treatment pediatric sildenafil fda https://willcoxwinecountry.org/linkedin/persuasive-essay-steroids/47/ creative writing quotes and sayings research paper on business communication printable 4 line english writing paper viagra side effects hiccups charivari margaret atwood atwood essay here exploratory essay music essay on dna replication and structure https://lawdegree.com/questions/research-paper-topics-japanese-history/46/ https://lowerbricktown.com/sample/kamadravenditaon-line/15/ go ambien or seroquel https://www.cuea.edu/cueapress/?paper=disorderly-conduct-essay see https://lowerbricktown.com/sample/conseguir-cytotec-en-cochabamba/15/ watch viagra super active forum assign a static ip address follow link enter site One of the best pieces of advice, however, came from my mother. She was never a Small Business owner, per se, but she had several rental properties over the years which involved regular business transactions. We call my mom Naych (which rhymes with the letter “H”), as in Mother Nature. (My father thinks this is incredibly disrespectful.) Since I was a teenager, Naych has drilled this into me: “There are three people with whom you need to develop a strong relationship: your banker, your lawyer, and your accountant.” My experience as a Small Business owner has added insurance agent to the list.
Most Small Businesses need these professionals to get started, but they can also be powerful assets and invaluable resources for the duration of your Small Business adventure if you cultivate these relationships early on. Before you launch your Small Business, or right now if you already have one, you need to have each of these professionals on your side as a ‘go to’ person when needed. Read on to learn why:
1. Know your banker: (Naych would add make sure the tellers know your name, as well.) Hopefully your Small Business will make money, but you may need money to get it started. Knowing an actual person at the bank can help with that. A good commercial lender can give you guidance in preparing your Business Plan and loan application in order to make your business a more attractive loan candidate. Calculated growth in your business, such as buying a building or more equipment, may also involve bank financing. The unexpected financial calamity occurs as well. When we moved our business about five years ago, our largest client entered our new address into their accounts payable system incorrectly. It took them six months to correct it. In the meantime, we kept providing services on behalf of this client, but were not getting paid anything. Zilch. Nada. Overnight we lost our biggest source of revenue. In a few months our cash reserves were getting lower and lower, and finally we were at the point that we could not make payroll. After one phone call enough funds were deposited into our account to cover us. If the commercial account manager wasn’t someone I had fostered a relationship with, it would not have been that easy, or even possible, to get a loan so fast. But he knew us, knew our character, and knew our business. Two weeks later our client got us back on line, and the bank had its money back. That was an extreme episode, but having a personal connection at our bank has helped us in less dramatic situations as well, such as to get better rates on loans and lower account fees. Following Naych’s other advice, knowing the tellers makes it easy to gain access to the many little services you will need in the course of doing business, like securing notary signatures and wiring funds. Having a solid relationship with your bank can help you weather the unexpected and get the best deals for your business.
2. Know your attorney: Lawyers get a bad rap, and a lot of business people associate them with someone you need if you get sued. There are many other reasons to have an attorney on your speed dial, however. In a nutshell, your attorney’s job is to watch your back. He looks out for your best interests. No one else does that – not your customers, your employees, your suppliers, or your competition. Bottle Washer and I have used our attorney to handle the purchase of property for our business, review a lease, draw up employment contracts, form a corporation, and handle customer collections, all of which are standard business activities. However, we have also called upon him for advice when we suspected a former employee of wrongdoing and when a patron turned into a stalker. We have found that our attorney is a trusted, wise counselor when we encounter a situation that we aren’t sure how to handle.
3. Know your Accountant: Of course, accountants do the taxes. A good accountant, however, is a vital resource for the operation of your Small Business. Bottle Washer and I bounce almost every major financial move off our accountant before making a final decision. Bottle Washer tends to get emotionally vested in new ideas; I tend to be skeptical. Our accountant is a neutral third party who can look at the objective financial data and provide a balanced opinion. Usually we follow his advice. Sometimes we don’t. Most often he reinforces the decision we were already leaning toward, but gives us more confidence in it. I will also shoot him an occasional email with a quick question: “Am I understanding the new payroll tax rules correctly?” “Does this new legislation mean what I think it does?” Just last week I called him to ask the depreciated value of a piece of equipment we are donating to a non-profit organization. Because we have a continuous dialogue with him, he always gets back to me immediately.
4. Know your Insurance Agent: All businesses need general business liability insurance. If you have employees you will also need workers compensation insurance. Professionals, depending upon the field, may need professional liability insurance. Most insurance agents can provide the first two policies at fairly standard prices. Professional organizations in your field can usually recommend a specialty agency to handle the professional liability insurance. A great insurance agent can get answers to questions that may come up during the course of your doing business, such as “If I add this product or service, will I still be covered?” If you want to be able to react to market changes quickly and allow your business to be flexible, a good agent will be able to find a plan that suits your new needs in a timely manner.
Establishing and fostering relationships with these four professionals is essential. They should be considered ongoing partners in your business, not individuals that you consult at the launch of your business and then never again.
What outside help do you consider essential to running your business?
Useful information, many thanks for sharing them in A Small Business Owner;s Four Best Friends | Chief Cook and Bottle Washer.